The One Thing That Can Save Bitcoin Gold
It’s pretty easy to understand why the recent BitcoinGold (BTG) fork was met with many a collective eyeroll by the crypto community. The documentation and marketing strategies left a lot to be desired. Quite simply, the dev and marketing team didn’t do a lot to muster up much demand for the new coin. At least not yet.
The stated purpose of the Bitcoin Gold fork was to return an element of democracy to the Bitcoin universe. To take mining power away from the hands of the few mega-miners and ASIC-based machines and return it to the greater user community. Bitcoin Gold mimics Bitcoin in many important ways: block size, maximum number of coins, and transaction structure. The primary difference is in the hashing algorithm. BTG has chosen to employ Equihash, the same ASIC-resistant algo utilized most notably by Ethereum and Zcash. This will make Bitmain and all Antminers useless in the pursuit of mining BTG.
There is one thing that may yet make BTG popular and ensure mass adoption. Ethereum mining has become increasingly difficult in recent months. To further complicate matters, Ethereum has begun to pivot away from Proof of Work (PoW) mining and moving towards a modified Proof of Stake (PoS) concept. This further diminishes the role of miners in their future. There is a very real possibility that BTG becomes the prime beneficiary of all of those GPUs that desperately need something to mine.
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DISCLAIMER: These are my opinions and not to be construed as investment advice. All investments in crypto carry substantial risk and should only be undertaken with money that you can absolutely afford to lose. Consult your investment adviser and/or significant other before making any investment in anything.
One thing I think will hurt Bitcoin Gold is the fact that their poor rollout caused a lot of exchanges to not support it at the fork. Also a lot of folks don't know how or can't access it even if they have the private keys. A key is pretty useless if you don't know where the "door" is.
My guess is a lot of Bitcoin Gold will simply be "lost". Which makes adoption much less likely. However, if adopted it will go through the roof as the supply will be small.
In short their poor roll out has left a bad taste in my mouth. It has endangered the good name of Bitcoin and unlike Bitcoin Cash is not acting like a "dividend" for a lot of Bitcoin holders. I personally hope it goes to zero and is forgotten about. Except for a lesson learned.
It was certainly far less well developed than Bitcoin Cash from a technological perspective. I am not in favor of all of these forks from both a technological and brand destruction points of view. But I will take every opportunity to use them to add to my longterm BTC holdings.
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very nice article..
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