Bitcoin Gold Hard Fork – What You Need To Know!

[Music] what’s going on guys why ogv here and today we’re going to be talking about the next Bitcoin hard fork Bitcoin gold that is coming on the 25th of October and what you guys need to know what you guys are currently looking at if you guys aren’t aware what you probably are this was the last Bitcoin hard fork that occurred on August 1st that we all experienced Bitcoin cash next up is going to be Bitcoin gold and what people are or what at least I’m seeing is gonna happen from all this is over time we’re just going to keep getting more and more variations and forks Bitcoin I saw an image maybe a month or two back and it basically had stuff such as Bitcoin than Bitcoin cash Bitcoin gold Bitcoin dollars Bitcoin this Bitcoin that there’s going to be so many different versions of Bitcoin which I can definitely see happen at this point with all these hard Forks this is going to lead to other cryptocurrencies going and having their own hard Forks done as well with this following it’s going to seem at least in my mind that every time is a hard fork unless there is a lot of backing behind it from the start the net ones that keep coming the hard Forks that keep coming are going to get less and less support Bitcoin gold from my knowledge doesn’t have nearly the amount of support that Bitcoin cached it obviously it doesn’t have the amount of support that Bitcoin itself does and I think it’s going to open up at a lower price point we’re gonna see the same thing to happen with Bitcoin cash it will get released somewhat at a low point it’ll get released people start selling it just to get that immediate profits get more Bitcoin as you get Bitcoin gold for free basically 1 to 1 depending on the amount of Bitcoin that you’re holding people gonna sell it off then it’s gonna have its random skyrocket such as that Bitcoin cash I wear once around 800 900 then dumped basically the next day after that and then we’re gonna see it eventually study out a certain price we’ve been seeing Bitcoin cash staying around the 400 to 500 dollar mark pretty much that’s where it’s been sticking around we can even look at the chart down here it’s been remaining relatively steady over the past few months we saw it early in the like $600 range it’s been going down a bit but it’s been remained steady at least for this line for the most part now today we’re going to be talking about Bitcoin gold and some things that you guys need to know about it and just some basic information on Bitcoin gold and the Bitcoin hard fork Bitcoin gold aims to follow a similar launch plan as Bitcoin cash so as I said before this is going to be by the way of a hard fork and the idea of the Bitcoin gold project is to release an improved protocol similar to what Bitcoin cash is going to do in their mind they think they are released an improved protocol to make Bitcoin better and to follow the initial vision that Satoshi Nakamoto had so led by Jack Lyle hopefully I’m pronouncing that correctly who is the CEO of Hong Kong mining firm lightning ASIC Bitcoin gold is slated to launch on October 25th and it’s cryptocurrency is going to be opened and to be able to be traded on exchanges on November 1st so Bitcoin gold is going to implement a proof-of-work change from bitcoins sha-256 to equal hash a memory hard algorithm that is ASIC resistant and optimized for GPU mining so this way you’re going to be able to mine Bitcoin with your graphics card instead of using the sha-256 algorithm and having miners you’re going to be able to use it straight on by using GPU mining Bitcoin goals Lee developer h4x has said that the project is still evolving and details such as exact Bach I of the hard fork is still up for discussion Bitcoin gold has been a little disorganized in my opinion at least when comparing it to other cryptocurrency teams out there and Bitcoin cash we’re getting closer to the release of Bitcoin gold and there’s still a lot of stuff that they haven’t figured out and some flaws that they have to deal with which I’m going to get into near the end of this video but Bitcoin gold is going to implement the user activate hard fork proposal and this is going to be to accept as I explained before the GPU mining miners can choose the size of the blocks that they want to mine with default being one megabyte and it’s going to include replay and wipe out protection now the original website it said that bitcoin gold was planning to offer an initial coin offering ICO and this was going to have 1% of Bitcoin gold coins would go to the developer team but these details have been removed from the Bitcoin gold site which I’ll throw the link down to the site in the description below so obviously that is not going to be happening and that’s another thing that calls just a little bit of confusion in my mind as I thought mostly it should just be distributed to everyone who’s holding Bitcoin so if you want your free Bitcoin gold just by up on your Bitcoin before the October 25th date so the one thing is clear though about the Bitcoin gold funding and because of the nature of the split as I said before every Bitcoin user at the time is going to have an equal amount of Bitcoin gold associated with their private key a lot of people bought up Bitcoin cash one epoch on cash a lot of people bought a Bitcoin once they really realized what is there to be worried about I can just be getting free money basically if you guys don’t recall the period before the first hard fork to Bitcoin was causing a lot of confusion and a lot of pandemonium people were selling off the Bitcoin nervous about bitcoins future and a few days prior to when I thought the prices go up we saw a Bitcoin just skyrocket back up in price and the reason for this was because people wanted their free Bitcoin cash they wanted to buy 2/3 for Bitcoin and to be able to get for Bitcoin cash and if you look at it now first of all the price of Bitcoin is up from where it was at that time second of all if you would have for Bitcoin then you got you for free Bitcoin cash you’re basically getting four hundred and twenty-two dollars times four for free so what is that guys this is round two four hundred that’ll be $1,600 for free basically just for holding Bitcoin and buying it before the activated hard fork so the Bitcoin gold protocol if you guys aren’t aware is available on github for review and they have multiple social media accounts such as Twitter Facebook and a slack channel currently they have over 250 members in the slack Channel and the people who visit there obviously are excited about the fork they go there to ask questions and to get help and to get information that they may not have known about the for before and just simply learn more about the project now a lot of people surprisingly have been viewing this somewhat as a joke or I guess you could say trolling and one of the things is that the project as I said before has just been extremely unorganized for a horde fork that is coming up very soon the end of the less than a month away is when we’re going to experience it’s hard for there’s just a lot of details that haven’t been ironed out yet there’s a lot of information that is not known about Bitcoin gold that I haven’t even found stuff that I would just like to know stuff such as like the definite block size and things of that nature a lot still has yet to be seen what is going to be the details of Bitcoin gold so a lot of people a little weary of it so here are the flaws I was talking about before so one of them is that the team currently does not have a testament of the network created so miners who would be using GPU mining would be using Bitcoin gold and the Eco hash algorithm can’t even test it yet also unlike the Bitcoin cash network the Bitcoin gold project still implements the same per block difficulty adjustment as Bitcoin does in its code and currently also has no signs of emergency difficulty adjustment that has been one of the problems with Bitcoin and its problems with scaling and it’s block size and transactions costing way too much with Bitcoin gold obviously they are essentially keeping the same per block difficulty adjustment and that’s going to be another problem as what is it it’s not changed anything about that aspect they’re going for other changes but it’s one of the things that I think they should be changing and they are not going after in this project whatsoever there’s also another hard work that’s going to be coming in November and right now Bitcoin gold is simply under the radar not too many people are caring about it there’s a lot of people that actually don’t even know about it and it’s going to be interesting to see what price it opens up at and exactly who is going to be buying and who’s gonna be buying up Bitcoin to get some free Bitcoin gold I know I’ll take my free Bitcoin gold and I’m gonna hold it for a while unless it goes up and had one of those great bull runs like Bitcoin cash had that it hasn’t reached since if it opens up at a really low price let’s say one hundred two hundred dollars whatever opens up at I’m not going to be selling it there but if it opens up maybe around a three to four hundred level mark and it skyrockets up also most of it there and buy back when it comes down cheaper but let’s see what kind of support it gets it might not even get that high the support I think is going to be far there’s gonna be a lot far less support for a Bitcoin gold than there was for Bitcoin cash so I don’t think we’re gonna see the price even at this 422 dollar mark that we are seeing for a Bitcoin cash here if you guys enjoyed the video and it gave you even a little bit more information on Bitcoin gold and the hard for coming up on October 25th please leave a like and a comment down below and make sure to subscribe thank you guys so much for watching check me out on Steam a Facebook and Twitter thank you guys so much for watching and I’ll see you all next video