What I’m Doing With My Bitcoin Gold

right so building on Bitcoin gold let’s go out the way I feel like I’m obliged to at least make one video about this but as you can probably already tell this isn’t but something I’m particularly interested in or enthusiastic about I spend literally about 5-10 minutes kind of researching Bitcoin gold knowing what it is and I have to say that honestly I wasn’t particularly impressed do I think it’s gonna steal BT C’s crown and become V Bitcoin absolutely not and so what I expect is gonna happen when the hard fork occurs is that everyone who can actually get hold of their Bitcoin gold so I know that many many wallets out there aren’t even kind of bothering to you know do the work to allow people to get hold of a Bitcoin goal they’re not doing all that extra effort those people who are able to get hold of it I think they’re all going to be in a desperate rush to sell to get hold of some of their free money that everyone kind of assumes these folks are and what this is gonna mean is that the price of Bitcoin gold is in all likelihood probably going to crash down to the floor as you have all of these you know huge amounts of sellers and absolutely no buyers at all because I don’t think there are many people out there at all who seriously think that this is gonna be a thing like several weeks or months from now and so yeah as far as I’m concerned I guess I think this is just gonna be another fork or another fad in bitcoins history will we even remember this 12 months from now you know a year from now probably not at all with all of that being said am I gonna sell my Bitcoin gold but I can get hold of it no the reason I say that is because first of all I really really do genuinely think that everyone is gonna be in a desperate rush to sell it straight away and so unless you could get in incredibly incredibly early I just don’t think it’ll be even worth it if you know if the price really really does crash or collapse you might say to me well Luis if you’re so sure that the price is gonna collapse in the Bitcoin gold isn’t gonna be a serious threat or contender to Bitcoin then why don’t you just sell it anyway interests get whatever little you can Fred my response to that would be just because you never ever know for sure what’s gonna happen in the future there might be an absolute teeny tiny chance you know a fraction of a percent that somehow someway due to whatever circumstances that you and I can barely even think of right now BTC might fail in some way Bitcoin cash might fail in some way and for whatever reason Bitcoin gold might become be leading kind of cryptocurrency in the space it might be the Bitcoin in which case its value goes from whatever dollars you would get for it on October 25th you know it might go up to the kind of 6,000 dollar level that we have right now for Bitcoin and so maybe I am being a bit over-the-top and a bit too extremely conservative about this but I just think you know what if there’s like a less than 1% chance that this might actually overtake Bitcoin somehow then I might just want to hold onto it for for the time being just to see how things unfold the way I see it is that if Bitcoin gold fails if the collapses and got a zero then I haven’t actually lost anything at all because I still have my BTC and whatever Forks come out of in the future so no loss in that sense and alternatively if Bitcoin gold really does take off and somehow does manage to kind of steal the crown or overthrow BTC then I’ll have held on to it and all those people who sold it for just a handful of dollars and just kind of disregarded it they’d probably live with intense regret about doing so and so I think the settled position that I’ve come down to now with all of these Bitcoin Forks both previous present and in the future as well is I’m just gonna hold on to every single one at firm no matter what there is a little part of me that regrets not selling Bitcoin cash when it was way up I can’t remember the height was it like six hundred seven hundred eight hundred dollars something along those lines you know people did sell it at that point and they were able to scoop themselves up some BTC very profitable move for them but I think most of me you know that other part of me really is just glad I’ve held on to it just in case and I’m always gonna hold on to the ones in the future just in case as well even if all of them only ever have a a 1% chance of overtaking it’s just I feel it’s comfortable and I feel more secure knowing that I will hold every possible vision or every possible iteration of Bitcoin I will always hold the Bitcoin whatever it is because I’m never gonna sell any folks at all I’m probably gonna make another video in the future discussing what I’m gonna be doing with these cigarettes wex coin whenever that gets called eventually and sometime in mid November and it’s gonna be pretty much exactly the same as this video because there’s nothing else or nothing more I have to really say of course none of this is financial advice you can do whatever hell you want to do with your money and in all likelihood I think most people will probably profit or be better off from just selling all the forks so they get just to buy back into BTC you know that will probably I’d say a good 90% plus chance that will serve them well always in the future as far as I’m concerned just for that very very small what-if chance I just want to hold on to it every single fork that I’m ever gonna get out of my BTC that’s what makes me feel good that’s what helps me sleep at night and so you know that’s the reason I think it’s worth it so to condense everything I’ve said in this video basically bitcoin gold I think it’s a fad I don’t think it’ll last even weeks in all likelihood you know we’re gonna forget about this in a year’s time but does that mean that I’m gonna sell my Bitcoin gold no I’m just gonna hold onto it just in case what are you guys gonna do with your Bitcoin Gold you’re gonna hold on to it you’re gonna sell it or any of you actually going to buy it I’d be really really interested if any of you actually are gonna buy it and why you think it’s a good investment for the future I know yeah thank you so much for watching and I’ll be back with more videos very soon Cheers [Music]

Bitcoin Gold in a Nutshell

what’s up everyone my name is Michael and welcome back to box mining today I want to talk about Bitcoin gold that’s right you heard it right another version of Bitcoin called Bitcoin gold I’m gonna talk about the objectives of Bitcoin gold the mechanics of how to trying to do this and also when it’s gonna happen and what I think about this whole project overall so let’s start off with what they’re trying to do here they’re trying to fork Bitcoin so that is they’re gonna use the transaction history of Bitcoin but after a certain point of time right now it’s designated to be October 25th they’re gonna create a variant a fork in the road and what seconds gonna do is what’s different about this fork is it gonna try another type of mining for it so what we do know is that with Bitcoin mining right now we use something called a six so that’s very dedicated computer chips that are specifically for that the Bitcoin Agra from known as sha-256 what they’re trying to do here is they’re trying to say alright Asics is controlled by a few big companies and what we want to do is you want to instead of you of using ASIC based mining wanna change the algorithm to something called equi hash which is something similar to what aetherium uses and that’s gonna use graphics processors so instead of using a six instead of using these specialized ships we’re gonna use something that’s gonna be more akin to GPUs to mine so it’s gonna be like Bitcoin it’s gonna have a lot of the similar properties a Bitcoin but it’s gonna use GPU mining and it’s gonna be a sick resistant because we know that aqua hash is Jacek resistant the reason why some people don’t like Asics is because that it can be controlled and more centralized by one party right now there’s a producer called bit me which is very popular and they make the fastest and cheapest Asics and as a result they have a huge amount of market share and that results in people just all buying from them and they can also have a huge more portion of the market as well so the project is headed by the Hong Kong company lightning Isaac and they’re trying to replace it with GPU mining what are gonna try to do is they’re using something called a hard fork so a hard fork is when you change bitcoins code the code is very easy well kind of easy to change because it’s open-source you can just readily we need the code right and it’s made the alterations they’re trying to make these alterations on the code and they’re gonna make it incompatible with the current version of Bitcoin that is what a for hard work is known as a hard work is when you implement something that’s not backwards compatible and this results in the chain rejecting each other so one part of the clients would say hey guess what and we’re running this version of Bitcoin and then the other one called Bitcoin gold what say yeah we want to run our version we’re gonna keep our transaction history so anything before I ask before October 25th will be the exactly the same but stuff afterwards would be different so as a result what we’re gonna see is we’re gonna see this chain split it’s gonna become two versions and if you have Bitcoin prior to October 25th you’re gonna have bitcoins of both branches big plain gold and Bitcoin well now dude what value do they have do they always have the same value no well people most likely accept Bitcoin to be the real Bitcoin and the most valuable either and the new for called Bitcoin gold will have some value how much value that is we don’t know I mean it took a while for Bitcoin cash a similar project to find its value and it’s gonna be exactly at the same thing for a Bitcoin Gold the thing is of course Bitcoin cache proved a 14 Bitcoin is successful people will use it even though there’s other all currencies out there people will still use Bitcoin cash and a result this is why Bitcoin gold has such a strong drive forward that also means that anyone who possesses Bitcoin it holds a lot of Bitcoin will also have a lot of Bitcoin gold as well so that’s gonna be a motivation and a drive for these people to want the value of Bitcoin code to go up however that said there are projects like this done in the past and I see it said famously I’ve seen famously at the Bitcoin cash round table that they’ve talked about you know these clones a Bitcoin not being successful two or three years down the road it’s because if everyone keeps doing this it’s gonna be a flood of whatever Bitcoin go Bitcoin cash but Queens over Bitcoin Rio there’s gonna be tons of these fake clones of Bitcoin and that’s why they’re gonna be less and less in value and over time it might be a very little value they don’t they don’t even hit the top charts anymore for a quite market cap the other argument of course is that big goal might offer other advantages that’s not seen in Bitcoin because the mining algorithm is different there might be an alternative it might be an incentive for – to want to do that especially if you’re doing a theory of mining you might move something for hash power over to Bitcoin gold so we’re going to see what’s gonna happen so the summary of what’s gonna happen is that there’s gonna be a new topic coin and if you hold Bitcoin prior to August of 25th you’re gonna have both Bitcoin and Bitcoin gold of course Bitcoin is gonna have the most value and it’s gonna be another for coming up code sake with 2x coming up so there’s gonna be a lot of confusion in a market that’s for sure but the thing is we survive one of these and we did create a new Bitcoin cash out there which does have value so maybe this one won’t you have to guys what do you guys think of Bitcoin gold in this project do you think a different algorithm is something that’s interesting and that you might look towards what do you think thank you guys so much for watching this video remember to subscribe and hit that notification button to be part of the notification squad guys thank you guys so much for watching see you next time