Bitcoin’s hard fork continues to spark all sorts of reactions. As of block 491,407, we’ll see another permutation of the cryptocurrency, Bitcoin Gold, a project meant to make it more difficult for large companies to have monopoly over the mining process, informs Futurism.
The aim is to make the cryptocurrency truly decentralized once again, to seize the control the larger companies have over the network. More accurately, the shut down the use of powerful mining systems known as application-specific integrated circuits (ASICs).
Big endorsements received by Bitcoin Gold
Although the team behind the project insists that a total of twenty exchanges and wallets have promised their endorsement for Bitcoin Gold, there are some big ones, including Coinbase, that publicly announced that they won’t support BTG, at least not yet.
The main reason is that Bitcoin Gold is set to be created before its source code is made available to the public, a decision considered a “major security risk” by Coinbase. But the exchange company can change up its mind once BTG handles its lack of transparency. Considering that Coinbase was just as skeptic when it came to Bitcoin Cash and eventually plans to offer this capability by January 1, 2018, a change of heart wouldn’t be the biggest surprise.
Are Bitcoin owners actually happy with this situation?
Users in possession of Bitcoin will be issued Bitcoin Gold at a rate of one BTC to one BTG, but we don’t know how happy they actually are. The launch of this fork was marred by a distributed denial-of-service attack that took its website offline and the price of Bitcoin Gold fell harshly in the first hours of trading.
Of course, there is room for improving, but not everyone sees this fork as a good idea. Some think that is a way of “choking” the market and that Jack Liao, LightningAsic CEO and the father of BTG, is only trying to better sell his GPUs and other hardware that can be used to mine Bitcoin Gold.