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

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