Bitcoin Gold is coming – what is it and how will it affect Bitcoin?

[zycrypto]

Bitcoin is both a currency and the name of the actual protocol that governs the rules of that currency. As a protocol, Bitcoin users, developers and miners can assert their power in choosing what set of protocol rules the majority adopts and uses.

Recently, on Aug 1st, a user activated-soft fork (UASF) known as Segwit2x, allowed the network to adopt segregated witness, a controversial update that enabled a fix for transaction malleability and will enable a new settlement layer built on top of Bitcoin known as the Lightning Network.

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[hendra147]

i think the first effect is "new free money" people who have bitcoin will receive the bitcoin gold as free money and i dont think the price will be rising as bitcoincash, the most prominent advantages is the bitcoin price will be rising by forking event, people will buy bitcoin to get bitcoin gold free.
i think i must prepare my mining rig to mining bitcoin gold too.

[exstasie]

i think the first effect is "new free money" people who have bitcoin will receive the bitcoin gold as free money and i dont think the price will be rising as bitcoincash, the most prominent advantages is the bitcoin price will be rising by forking event, people will buy bitcoin to get bitcoin gold free.
i think i must prepare my mining rig to mining bitcoin gold too.

It's only "free money" if there is buying demand. Who's going to be buying? What exchanges will even be supporting it? The thing is, Bitcoin Cash has Bitmain. It's in the Copay wallet; Bitpay is supporting it. All the Bitcoin Unlimited guys are promoting it. And exchanges like Bitfinex are offering trading.

Bitcoin Gold looks like it will lack the same hype. And it will certainly lack the financial backing. Miners are wasting a lot of money keeping Bitcoin Cash afloat. Who's going to do that for Bitcoin Gold? If we're lucky, it'll be offered on altcoin exchanges like Poloniex, and a lucky few may be able to dump for some BTC. I doubt the project will survive for long.

[NorrisK]

Sounds like an altcoin on top of the bitcoin protocol.

This shouldn't have a huge impact until people really start adopting it.

[dimastegar]

I think Bitcoin gold will be profitable when released later. It's the same as the release of Bitcoin Cash. This will make the Bitcoin price even more expensive and make the Bitcoin holders happy.

[Herbert2020]

please for the love of god stop making new articles

your knowledge of bitcoin and the things that are going on is very limited and full of mistakes. and you fail to do proper research each time you make an article and post it here!

for example here:
* UASF has nothing to do with SegWit2x
* the creation of ASICs and being SHA256 has nothing to do with bitcoin having high hashrate, it has that because it is profitable to mine bitcoin. so as a miner you see investing in buying an ASIC to be more profitable than mining anything else.
* bitcoin gold does not have replay protection, it is not a possibility it is the code!

[exstasie]

* bitcoin gold does not have replay protection, it is not a possibility it is the code!

Do you have a source suggesting that replay protection won't be implemented? It's pretty clearly a "spinoff" and won't be competing for the name "Bitcoin." I naturally assumed they would be adding replay protection. Why wouldn't they? It's not going to be easy to get exchanges to support their coin if it has identical address/transaction format and can be replay attacked.

This isn't like Segwit2x, where the developers believe they can hijack the name "Bitcoin" and the ticker symbol "BTC." The Bitcoin Gold developers could probably make some money on pump-and-dumps -- that's all it's good for -- but not without replay protection. So the only reason they wouldn't add it IMO is if they are too incompetent. That's a good possibility.

[Shreek]

this news makes me happy ,, with the coming bitcoin gold ,, I think the value of bitcoin currency will increase ,, like a few weeks ago in wacanakan that the value of 1 bitcoin will be equal to 1 car lamborghini ,,,
dn looks like i have to prepare mining to mine the gold bitcoin as well ..

[DaMut]

I think Bitcoin gold will be profitable when released later. It's the same as the release of Bitcoin Cash. This will make the Bitcoin price even more expensive and make the Bitcoin holders happy.

the only reason Bitcoin Cash has a value because it's supported by Bitmain.
what happen with Bitcoin Gold ? do they have a supporter behind them ?
do not put your hope to much on it bro,because i can not see any value from its existence.
slowly but sure it will be forgeted by people in the future,it's created by another split and has zero value.
just treat it as another newly born alternative coin,and never trust your life on it.

what is the reason behind this statement ? 'because of it,Bitcoin price will increasing a lot in the future'.
so,right now every alts will determine the price of the king ?

[Herbert2020]

* bitcoin gold does not have replay protection, it is not a possibility it is the code!

Do you have a source suggesting that replay protection won't be implemented?

you can check the code on GitHub if you know where to look (i don't really). https://github.com/BTCGPU/BTCGPU
or check the changes creators made: https://github.com/BTCGPU/BTCGPU/commits?author=h4x3rotab
https://github.com/BTCGPU/BTCGPU/commits?author=TheSorrow1

or see the open issues
https://github.com/BTCGPU/BTCGPU/issues/18

I naturally assumed they would be adding replay protection. Why wouldn't they?

for incompetence maybe!
and it is too soon, maybe they add this before the launch eventually!

[blockchainmarketus]

Will there be new airdrop from bitcoin gold? If yes, it is risky or not to store in the exchanger, If the case like BCH the exchanger will be crowd with bitcoin gold. How many holders of bitcoin will receive btc gold. it is a huge amount of free cash, that make holders richer and richer to buy more BTC.

[greeklogos]

So it's going to be Bitcoin Gold after the next fork and everybody will get it free, the same amount like bitcoin, which is in a wallet. I use Blockchain.info wallet and now I wander will this wallet support this action?

[Jovovich]

So it's going to be Bitcoin Gold after the next fork and everybody will get it free, the same amount like bitcoin, which is in a wallet. I use Blockchain.info wallet and now I wander will this wallet support this action?

Well the hash that they would use is not the SHA that bitcoin is using so probably not all who supported BCC will support BTC Gold. But i am not sure of this because it is just what i read earlier. So it also supports replay and wipeour protection but i think if it would use UAHF instead of UASF then that would mean old blocks can still be mined?

[DoublerHunter]

It is a bit strange for a cryptocurrency to have 2 forked coins because it is now a bit of unusual scenario and i think it will have a huge effect in the price of bitcoin because people will think that bitcoin is just degrading and its price will not become high because the community might be divided into 3 which is not a good thing because the demand will be divided also.

[Nahl]

for me it's simple no matter the results of hardfork more likely i expect bitcoin and bitcoin gold will succeded together even the price will higher soon and if i have free coin just like segwit and bitcoin cash i think would not deny it because it's free money and only stupid person don't want free money

[TravelMug]

Sounds like an altcoin on top of the bitcoin protocol.

This shouldn't have a huge impact until people really start adopting it.

They are good until people started to buy it. But the question is who are going to buy another altcoin? They said BCH will kill bitcoin but nothing happens right? And those that are holding it are really speculating that the price could go up in the future. However, I don't see it happening soon. This will be the cause for Bitcoin Gold, you want in to go high, but there are no demand because investors are going to stick to bitcoin market.

i think the first effect is "new free money" people who have bitcoin will receive the bitcoin gold as free money and i dont think the price will be rising as bitcoincash, the most prominent advantages is the bitcoin price will be rising by forking event, people will buy bitcoin to get bitcoin gold free.
i think i must prepare my mining rig to mining bitcoin gold too.

Exactly its another free money that people can earn. But once you got it, they will quickly drop it and we don't know how will it end up in the market. It could take the route as BCH has, still in circulation but the price is not that increasing because the demand is no longer there. And its really hard to be trap inside. Need to have your own exit strategy if someone is thinking of putting their cash on it.

[giveen]

There is still many disadvantages the most important one as mentioned in the article also is 1600 blocks will be pre-mined this might not cause the demand it will need. I even read in another article that you will need 10.5 btc in your wallet to get 11 btc gold it wasn't mentioned here not sure if it was missed or they changed this rule.
Bch had a good start not gonna lie but saying the same for this can be hard because this is the second hard fork in this year they should have waited for next year to implement this.

[talkbitcoin]

why should bitcoin gold even affect bitcoin? is it just because of the name? do you think if they called it goldcoin it wouldn't have mattered? because it is an altcoin with a big ICO in the start of it.

and it is a pointless effort in my opinion too because there is no such thing as ASIC resistance really and when the price of it declines the difficulty will decline too since mining will be unprofitable and with that GPU mining will become an option again without even changing anything!

[HeRetiK]

It is a bit strange for a cryptocurrency to have 2 forked coins because it is now a bit of unusual scenario and i think it will have a huge effect in the price of bitcoin because people will think that bitcoin is just degrading and its price will not become high because the community might be divided into 3 which is not a good thing because the demand will be divided also.

Apparently forking Bitcoin is the new way of alt coin creation. Why just fork the codebase if you could fork the blockchain as well?

Same as with the alt coin rush of 2013 I'm sure the novelty will soon wear off and we'll be back to business as usual. I think the impact on Bitcoin will be negligible, especially if there's little community support for Bitcoin Gold to begin with. Given the timing it almost looks like they are just trolling SegWit2x.

[Wendigo]

Bitcoin Gold is going to be GPU-mineable so it will be accessible not only to big whales with huge mining farms but also to average Joes mining at home with small-scale hardware. I think Bitcoin Gold will garner a considerable interest from the small independent miners.