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Bitcoin Gold: A big failure?

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Bitcoin Gold (BTG), suffered difficulties when the software became available as Users reported issues about connecting their computers nodes on the network.

What is Bitcoin Gold (BTG)?

It is a new cryptocurrency that is known as BTG or it is called bitcoin gold, It is a part of the original Bitcoin, which was the first launch in the year 2008 by Satoshi Nakamoto.

Bitcoin Community definition for bitcoin gold

“BTG is a community activated hard fork of Bitcoin to make mining decentralized again.”

The inventor of bitcoin gold is a team of developer’s miners and their head Jack Liao, the CEO of the LightningAsic, A hong-kong based mining manufacturing company. The team have one another lead developer of Bitcoin gold who named as h4x3rotab, he/she gave a definition

“Bitcoin Gold is also called a real blockchain to Upgrades pilot Bitcoin.”

Why this bitcoin gold was created?

The reason behind its creation because of it’s without any consensus voting, it was being driven by a few people who believe that the original bitcoin mining system has become centralized and monopolized by a handful of mining companies.

The founders of bitcoin gold have believed all these things because of ASIC miners, which have made almost impossible for GPU miners like you and me to mine Bitcoins.

And after this, these hard fork supporters want to make Bitcoin mining decentralized by hard forking the existing bitcoin i.e. creating a new bitcoin using an algorithm

Features of Bitcoin Gold

Bitcoin Gold (BTG) has following features given below

1. Bitcoin Gold will always base on Equihash which means that it will be GPUminable.

2. Bitcoin Gold is a direct fork of Bitcoin, which means that it will have an inbuilt replay projection.

3. Bitcoin Gold will have a variable difficulty that will change per block, which is a good thing for GPU miners.

4. Bitcoin Gold will have a pool of pre-mined coins for around 16,000 blocks

Apart from this, there will be no changes.

It is also important to that Bitcoin Gold will be following this suit of the original Bitcoin core developers for the future perspective of their coin.

 

Reasons  why “Bitcoin Gold” failed miserably

1. Bitcoin Gold (BTG), suffered difficulties when the software became available as Users reported issues about connecting their computers nodes on the network.

2. After published this software, some users claimed that they received emails containing links to fake email clients.

3. According to some sources, there are lots of issues in the codes of BTG programming, as Bitcoin Gold does not have completely formed consensus code, implemented replay protection, auditing, and testing.

4. Though Bitcoin Gold does offer comparatively low fees this, unfortunately, that is not enough justification to use an altcoin when there were already so many other alternatives that offer similar or lower fees.

5. If we talk about use cases, bitcoin gold has so far been unable to find or attract any specific businesses or partners with which to work. While the other currencies are supported by a number of instant exchange services like shapeshift, it has not seen much adoption elsewhere.

6. As there were huge development issues just after the launching of BTG, which down the rating & working processes and this is also becoming the cause of BTG failure.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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