Okay what is happening with all these Bitcoin forks. Are you confused AF?
In today’s video I explain what’s been going on with all the different Bitcoin hard forks, namely Bitcoin Gold, Bitcoin Cash and Segwit 2x (happening around 12-13 Nov).
The reason all these versions of Bitcoin are happening is because developers do not see eye-to-eye.
Here’s the deal:
Bitcoin was the original cryptocurrency and as more people started using it, it turns out the technology could not handle all the transactions happening. It’s like a 8-lane highway full of cars funneling into a single lane, it won’t work.
Segwit 2x is a proposed solution to patch up the original Bitcoin, doubling the amount of transactions Bitcoin can handle.
Certain developers thought this was a less than ideal solution and would only be a temporary fix, that’s where Bitcoin Cash came about, which can handle 8x the amount of transactions Bitcoin can, rather than Segwit’s 2x.
Bitcoin Gold is a strange fork because all I can see about it is that the purpose of it is to make mining easier and “decentralized”. To me it seems that Bitcoin Gold is a way for a select group of developers or individuals to create their own Bitcoin chain so they can profit off mining it, and it does not seem to have any technological advantages on Bitcoin itself.
Here is the official Bitcoin Gold roadmap:
Disclaimer: This is NOT financial advice, and I’m not associated with Bitcoin Gold in any way, shape or form.
This is purely my opinion about the subject for educational purposes and may or may not be factually accurate.
Please do your own research.