Bitcoin Gold Price, Expectations And Future Potential

The cryptocurrency market is busy determining the potential value of the new cryptocurrency- Bitcoin Gold. Although it will be open for trading in November, yet the market is adrift with expectations and skepticism related to the recent Bitcoin Gold Hard Fork Split. Traders and exchanges are spending sleepless nights, monitoring all the developments to the bitcoin gold arrival. So, let’s take a look at the bitcoin gold price, expectations and future potential.

Bitcoin Gold Price, Expectations And Future Potential

Bitcoin Gold Price, Expectations And Future Potential

The bitcoin hard fork of October 25 gave birth to a new cryptocurrency, sending ripples across the market. While bitcoin gold may not have been officially launched or distributed to the users, people are busy determining its potential value. And therefore, thoroughly Understanding Bitcoin Gold And The Philosophy Behind It is essential.

Many analysts believe that the launch of bitcoin gold will encourage other developers around the world to clone bitcoin’s blockchain. This will enable them to gain profits from the potential to appeal to bitcoin’s humongous user base. But many contradict that these gains are for a limited period of time.

Premining and its launch

These contradictions were realized when BTG tokens traded for a high of $2,900 on Bitfinex but dropped by 96.64% to $97 the next day. It did gain some grounds on August 25th and prices were looming around $130-140. Even when its price improved, the order books were filled with sell orders in all the available markets.

If this trend continues, the value of all bitcoin gold (at release) would not be more than 43 percent of bitcoin cash and around 2 percent of BTC. In these circumstances, no one expects bitcoin gold to exceed the value of these two currencies in the near future.

Currently, not many exchanges are supporting bitcoin gold trading. Bitfinex, HitBTC, Yobit, Bleutrade, Bitstar and Coinnest are the only ones supporting BTG/BTC and BTG/USD trading pairs.

The clouds shrouding the development team

Bitcoin Gold

Jack Liao, CEO of Hong Kong-based LightningAsic, is the one to conceptualize the idea of bitcoin gold. The team started out as a small group of developers but has grown in numbers since the beginning of summer this year. A pseudonymous h4x3rotab is now the lead developer of bitcoin gold. On top of this, five volunteers are working on developing and promoting the cryptocurrency.

The biggest question that is bothering everyone right now is whether the team would deliver the tokens to all the users. In addition, the fact that the development team would be premining the cryptocurrency as a part of their payment has also raised eyebrows.

What does that mean for users?

For now, one needs to calm down and hold their horses. As we saw in case of bitcoin cash, market shifts are common when judging the price for a new asset.

Bitcoin cash started to trade at a high rate of almost $1,000 but soon dropped to trade around $300 and $400 range within a month of its release.

But the fact that the new protocol wants to bring back the old idea of cryptocurrency is highly tempting and promising. Do you know What Are The Best Alternatives To Bitcoin And Its Derivatives?

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