A Second Bitcoin Fork Is Looming and Battle Lines Are Being Drawn

A second Bitcoin fork looms on the horizon

  • Within the next 12 hours, if all goes according to plan, techies and investors will be able to choose between Bitcoin (the original version), Bitcoin Cash, and the latest, soon-to-be-created iteration: Bitcoin Gold.
  • Read More: Yet Another Bitcoin Fork Aims to Take Power Away From Big Miners – – While Bitcoin Cash focused on increasing transaction throughput, Bitcoin Gold aims to tackle the problem of decentralization.
  • However, it won’t be until November 1, or even a bit later, that the code will be released to the public and the first block is mined on the new blockchain, the Bitcoin Gold developers told me in their official Slack channel.
  • Bitcoin Cash’s first block was mined hours after the fork, and it’s currently humming along at $315 USD per coin compared to Bitcoin’s nearly $6,000 value.
  • Despite all of the confusion, it still looks like the fork will be going ahead at block 491,407, at which point there will be three version of Bitcoin: Bitcoin, Bitcoin Cash, and Bitcoin Gold.

Bitcoin, Bitcoin Cash, and soon… Bitcoin Gold.

When a group of Bitcoin users and companies split the digital currency into two different versions in August, it was an unprecedented event in the technology’s nine-year history. Now just four months after that “hard fork,” as such splits are known, yet another version of the world’s most popular digital currency is scheduled to be created.

Within the next 12 hours, if all goes according to plan, techies and investors will be able to choose between Bitcoin (the original version), Bitcoin Cash, and the latest, soon-to-be-created iteration: Bitcoin Gold. As the deadline looms, Bitcoin companies and exchanges are taking sides on whether to support Bitcoin Gold or not.

Read More: Yet Another Bitcoin Fork Aims to Take Power Away From Big Miners

While Bitcoin Cash focused on increasing transaction throughput, Bitcoin Gold aims to tackle the problem of decentralization. The algorithm that governs how Bitcoin and Bitcoin Cash “miners” create new digital coins for a reward has been monopolized by specialized (and expensive) hardware. Because of this, the average Joe or Jane has essentially no chance of making any money mining these currencies with their home computer. But Bitcoin Gold will use an algorithm known as “Equihash” which is designed so that people can effectively use their graphical processing units, or GPUs—common computer gaming hardware—to profitably mine the coin for the foreseeable future.

At Bitcoin block 491,407, Bitcoin Gold will…

A Second Bitcoin Fork Is Looming and Battle Lines Are Being Drawn