Bitcoin.com
✔️ Why Fork to Bitcoin and Bitcoin Gold?
The Bitcoin community is looking to completely decentralise the Bitcoin network because of feelings that it continues to be monopolised by the bigger mining companies within the industry.
The feeling is that they exert too much control over what is meant to be a decentralised asset and this fork will allow for a mining process similar to Ethereum.
✔️ What Is a Hard Fork?
A hard fork is where the blockchain splits, or forks off from a single line of transaction history.
This means that each side of the fork will have the same history but will start printing a new future, separate from one another.
✔️ What is SegWit2x?
Bitcoin actually has another upcoming fork planned, this time called SegWit2x. SegWit will double the size of the Bitcoin blocks (the 2x part) and speed transaction speeds up as a result.
Bitcoin is already seen as legacy technology by many, simply because it takes so long to complete a transfer. SegWit2x will go a long way to alleviating this concern.
✔️ Who will Control Bitcoin Gold?
With the whole idea of this hard fork being to take control away from the big mining corporations who essentially have the ability to hold Bitcoin to ransom, this will actually have a further decentralising effect.
Bitcoin Gold will make it possible to mine with Graphic Processing Units (GPUs) and will allow more minters to join the fold. Essentially, it's going to take away some of the hash power from the bigger miners who have cornered too much control.
✔️ How do you Receive Bitcoin Gold?
If you are currently holding Bitcoin in your portfolio, then you are going to automatically receive Bitcoin Gold.
Each Bitcoin holder will receive an equal amount of Bitcoin Gold associated with their private key.
✔️ What do the Bitcoin Technicals say?
As you can see on the BTC/USD daily chart above, price certainly isn't acting nervous about the Bitcoin Gold fork. With new highs on the horizon, the Chinese driven FUD is long in the rear view mirror!
✔️ Should I Buy or Sell Bitcoin Heading into the Fork?
With the market currently a sea of red except for the massively bullish Bitcoin, it certainly looks like people are taking this approach. I mean who doesn't like free shit?!
You can essentially see receiving Bitcoin Gold as almost a dividend payment and dump it for more Bitcoin as soon as you get it. Just beware the buy the rumour, sell the news trade.
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