Bitcoin Gold

Before the dust has even settled on Bitcoin’s civil war, which saw an acrimonious disagreement about how Bitcoin should handle its scaling debate, the major digital currency could be splitting again.

Bitcoin Cash was threatened, laughed off, created, boomed, and them fizzled out as Bitcoin carried on its merry mooning way, now with more capacity because of SegWit. Bitcoin Cash was the alternative to SegWit where blocks were blown up to monstrous proportions.

Bitcoin Gold, as the new potential hard forking currency will be called, is now an attempt to wrest the lucrative mining component of Bitcoin out of the hands of the giant firms that have monopolised the creation of the digital currency.

The people’s fork?

The new fork, set to reach landfall on October 25, is aiming to democratize mining. Mining farms and pools hold all the cards within Bitcoin, both as a voting demographic and as manipulators of things like price and fees.

Bitcoin Gold wants to see at-home enthusiast miners back in control. The project was apparently co-founded by Jack Liao, CEO of Hong Kong-based Bitcoin mining company LightningASIC. LightningASIC also conveniently sells the hardware that this new market of miners will need.

This fork seems to be a reaction to the general hatred that is flung towards Chinese mining giant Bitmain who, along with their controversial leader Jihan Wu, had a big part in the creation of Bitcoin Cash.

It must also be noted that Bitcoin Gold is different from another fork that is scheduled for November: Segwit2x. The November fork is aimed at increasing the capacity of the network where as the Bitcoin Gold split is looking to cut more people in on the mining pie. <Continue Reading>

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