Nov 13, 2018 00:30 UTC
Nov 13, 2018 at 06:17 UTC
What is The Future of Bitcoin Cash and Bitcoin Gold?
Ever since Bitcoin was launched as a successful form of peer-to-peer, decentralized currency almost a decade ago,it has had both takers and haters. However, many developers have chosen to take the middle path by building on Bitcoin’s primary vision while improving upon its many faults as well. They have therefore introduced forks of Bitcoin, built around the original, open-source Bitcoin Core client but improved in terms of scalability, cost and even security. Two such forks, or altcoins (alternatives to Bitcoin) in this case are Bitcoin Cash and Bitcoin Gold. Both of these attempt to build upon Satoshi’s original vision. If you take a look at the main difference between Bitcoin and Bitcoin Cash (BCH), for example, you will understand how much this altcoin has tried to enhance the basics of Bitcoin. Bitcoin Gold (BTG) is no different. It too has tried to work on the problems of Bitcoin, especially focusing on decentralization of the blockchain. However, with the rise of numerous competitors in the crypto market, where do these two forks of Bitcoin stand? Are they ready to stand the test of time or are they on the brink of collapse? What is the future of Bitcoin Gold and Bitcoin Cash? Let’s find out, one by one.
What Lies Ahead For Bitcoin Cash?
With its fork looming on the horizon, Bitcoin Cash seems to stand somewhat wobbly. Although its large block size, low-cost transactions and high security using the SecureSigs system do put together a titillating offer, certain factors make it lose out to many competitors. One major problem remains the issue of centralisation. Since BCH has a few mining pools controlling a large chunk of its mining power, the promise of decentralization that lies inherent in a blockchain seems shaky. Moreover, the outspoken developer of BCH, Roger Ver’s controversial opinions and earlier attempts to call BCH the same as Bitcoin itself cast a pall over the coin’s credibility as well.
Having said all of this, it must be noted that Bitcoin Cash has been doing quite well in the market of late. After a 26% leap back in September, we saw Bitcoin Cash record a surge before the impending hard fork earlier this month itself. Clearly, its future does not look all too gloomy despite concerns around centralisation. While making issuing guarantees in a market as volatile as crypto would be foolhardy, we can sure see BCH headed in a positive direction in the near future.
The Future of Bitcoin Gold
When it comes to Bitcoin Gold, several factors are expected to drive the growth of this Bitcoin fork. The fact that like Bitcoin, it too has its total supply capped at 21 million is expected to have a positive impact on prices. Moreover, its increased efficiency owing to the integration of the Lightning Network technology stands to benefit this coin to a great extent. What makes this altcoin so incredible is the fact that it was developed with a vision to attain the highest level of decentralization. Its mining decentralization, the fact that it is listed on so many crypto exchanges despite being new and because it was distributed amongst earlier BTC users at a 1:1 ratio makes the rate of awareness rather high.
Despite all these advantages, the fact that 100,000 BTG coins were pre-mined by the developers raises worrying questions of centralisation. The high rate of competition from other altcoins and forks also makes the situation precarious. Even so, the pros seem to heavily outweigh the cons, making sure the future of BTG looks bright. Is Bitcoin Gold a good choice to invest in 2018? Sure, as long as you are mindful of the small but significant cons.