Bitcoin Gold: The price is low but the spirit is high
The world of Bitcoin is becoming more interesting for investors by the day. Bitcoin Gold is the latest fork that is all set to capture the imagination of crypto enthusiasts in 2019. Bitcoin Gold is a hard fork that splintered off the original blockchain on October 2017. Innovation is the watchword in the cryptocurrency world, and forks of various types have become legion, with several branches and iterations coming along. Hard forks are created for many reasons, including scaling of a cryptocurrency as the customer base grows. The stated goal of Bitcoin Gold was to make Bitcoin more decentralized.
The time to buy Bitcoin Gold is now
Many Bitcoin Gold advocates state that this is the time to invest. So, if you are wondering how to buy Bitcoin Gold, you should visit a website that gives you guidance on the procedure to buy Bitcoin Gold and comprehensive review of the various exchanges on which you can buy it.
It would be interesting to know why the time to buy Bitcoin is now. As already explained, Bitcoin Gold is a fork that was spun off from the original Bitcoin. The closest parallel we can draw from the equity world is a stock split. In case of a stock split, the original share is split into two or more shares. However, we can say the comparison is more metaphorical since the differences between a stock split and a cryptocurrency fork are glaring. A stock split happens when the price of the share is so high that it is out of reach of an ordinary investor. Therefore, to make the share more affordable and increase its turnover, a company splits the stock. A cryptocurrency fork, however, is a completely new product with a new price. In the case of Bitcoin, the need to create a fork arose because of mining issues. Bitcoin mining is carried out using custom-built application-specific integrated circuits (ASICs). Thus, mining became a very specialised and concentrated industry. Bitcoin Gold is an upgrade on the Bitcoin blockchain with an alternative mining algorithm that moves away from the SHA 256 algorithm to Equihash to make a cryptocurrency that is resistant to ASIC mining. A lot of these technical terms may seem mind-boggling, and investors should not worry that it is complicated because the entire blockchain is an overwhelming process that is unfolding in bits and pieces every day.
Suffice to say, Bitcoin Gold is a chip off the Bitcoin block (or blockchain!). Or, to explain in marketing parlance, it is a brand extension of Bitcoin. In short, Bitcoin Gold has its roots in the original Bitcoin. Crypto enthusiasts are gung-ho on Bitcoin for 2019. Bitcoin has gone through a terrible period in 2018 when its value and market cap slid. However, an emerging, supportive regulatory landscape, the entry of big financial institutions in this space, and the introduction of new and innovative products such as Bitcoin futures are factors that are likely to bring about a paradigm shift in the cryptocurrency market. Bitcoin, the leader, is head and shoulders ahead of others, and there is no doubt that it will continue to maintain the lead. Bitcoin is stabilising and is poised for big gains as we move into 2019. Hard forks created from the Bitcoin brand display the same characteristics of long-term sustainability. Thus, Bitcoin Gold is all set to reap the double whammy — the brand recognition of Bitcoin and an upbeat outlook for cryptocurrencies in the year ahead. The time to buy is now, when valuations are low (at $11.14 as of December 16 on CoinMarketCap), but spirits are high.