In case you didn’t know, Bitcoin is about to go through two more forks:
-- On October 25, Bitcoin will fork with BitcoinGold;
-- Sometime in November, Bitcoin will fork yet again, creating the Segwit2X version of bitcoin.
Most experts in the industry seem to be focusing on the Segwit2x hardfork because they believe it will be the bigger deal, the more profitable fork, and potentially the next evolution of Bitcoin. There is an argument to be made, however, for the virtues of BitcoinGold.
BitcoinSegwit2X is being developed with the support of many central bank insiders, and could represent a central bank takeover of Bitcoin. BitcoinGold, however, aims to decentralize mining and give the power of mining Bitcoin back to the people.
The main difference between Bitcoin (BTC) and BitcoinGold is that BitcoinGold will be removing the requirements of ASIC in order to mine bitcoin, replacing it with programming that will allow anyone to mine BitcoinGold using a computer with a graphics card (GPU)!
What this means is that, instead of having bitcoin mining centralized and in the hands of giant corporations (or even the Central Banks), anyone with a graphics card in their computer will be able to mine BitcoinGold. This will allow potentially hundreds of thousands of BitcoinGold enthusiasts to benefit by becoming BitcoinGold miners, without having to spend thousands of dollars on dedicated mining equipment.
So what effect could decentralized mining have on BitcoinGold?
- It will create a network of grassroots miners who currently cannot mine Bitcoin, BitcoinCash or the, soon to be released, Segwit2X versions of Bitcoin.
- Those miners will sing the praises of BitcoinGold wherever they go, creating awareness and demand.
- Having hundreds of thousands of miners all over the world could also allow faster processing of transactions.
When BitcoinGold forks on 10/25, anyone who holds the private keys to their Bitcoin will automatically receive an equal amount of BitcoinGold for FREE.
Many people plan to sell their BitcoinGold so they can buy more Bitcoin and receive more Bitcoin Segwit2X when it forks in November. Not me. I intend to hold my BitcoinGold and, if the price drops to BitcoinCash levels, I’ll become a buyer of BitcoinGold, because I believe, long term, people will move away from the Bankster controlled Segwit2X and toward the decentralized mining structure offered by BitcoinGold.
Please up vote. :)
@cryptostoday - back in 2009 they were mining with nothing more than our CPU's, then they started mining with graphics cards. Eventually they went to ASICS due to competition to try to get more block rewards. Right now most of the mining happens in China due to the cheap electricity. ASIC mining became necessary to keep up with large centralized electricity companies dumping their excess power in China. At the same time the difficulty had to be increased to ensure no cheating was happening on the network.
Mining pools can be formed to try to compete with the large miners and distribute part of the reward to all participants. Right now ASICS are necessary if you're doing this on your own because the power users will very quickly snatch up the block rewards before you even get past the first series of hashes in SHA256.
The central banks have next to no possibility of ever taking over bitcoin. They can try to fork away without consensus, but the consensus rules punish severely in terms of cost. Who do you think is going to join FedCoin? I most certainly won't. The reality is that central banks will not be able to fork bitcoin away and create their own rules that make it like national fiat. If they do, the SOV (store of value) will be destroyed and the currency will be worthless.