Bitcoin Cash

Bitcoin Gold

Kinesis Gold

Gold

Trezor, the makers of a popular hardware wallet, have revealed that the source code for Bitcoin Gold (BCG) has been publically released and so they will add full support for the new currency in the coming weeks. The Bitcoin Gold hard fork was originally expected to occur late in October, intended to provide a new system where mining is more decentralized across a larger community by closing the gap between GPU, CPU and ASIC miners. The launch of BCG was delayed by many weeks and so the development team struggled to give an exact date for when the hard fork would be executed. After weeks of delay, the developers behind BCG have released their source code, making the project’s initialisation official. Back in August following the Bitcoin Cash (BTC) hard fork, leading cryptocurrency exchanges took up BTC relatively quickly. However, this time around, the lack of community and industry support behind BTG means that major trading platforms are reluctant to integrate support for BTG. The majority of the reluctance towards BCG comes from the development team’s decision to include a premine mechanism that allows developers to mine BCG before the miners in the market can begin to produce it. This means that the general consensus of the industry is that the miners control too much to allow BCG to be truly successful in the short term. Following the Bitcoin Cash hard fork, the price stabilized at around the $300 mark. The cancellation of SegWit2x caused BTC to surge as high as $2,600, before settling at around the $1,100 mark. Even with the support of the largest operators in the industry, BTC still debuted at $300. The lack of support within the wider community for BCG makes it highly unlikely that the altcoin will debut higher than Bitcoin Cash’s initial value of $300. More importantly, BCG is severely lacking in market and liquidity support as only a handful of companies including Trezor will add support.

Trezor wallet integrates Bitcoin Gold

Crypto Daily™

Other articles published on Aug 13, 2023

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