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Bitcoin Gold (BTG) Gets A Close Look

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Bitcoin Gold
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Today, we are going to discuss about another altcoin that has very recently delivered outstanding returns to coin holders.

We are referring to Bitcoin Gold (“BTG”), a new “hard fork” of the Bitcoin (“BTC”) that started trading in October 2017.

For those who don’t know, a “hard fork” occurs when coin developers need to add new features to a cryptocurrency that create incompatibilities between previous blocks and the new ones.

This means that a new cryptocurrency is generated and it will not be able to execute transactions with the previous version.

BTG and Bitcoin Cash are considered “hard forks” of the Bitcoin.

The following image from Investopedia explains very well the “hard fork” concept.

Have a look at it:

Hard Fork from https://www.investopedia.com

Hard Fork from https://www.investopedia.com

For those looking for the economic sense of things, a “hard forks” generally is intended to increase the amount of supply in the coin market. The new rules usually open new mining opportunities so that the amount of cryptocurrencies increases in the medium term. As a result, the price of “hard fork” coins is lower than the previous version.

But, the increase in supply does not mean that coin returns cannot be obtained from the new coins generated. In our experience, sometimes they are even more profitable than the previous versions. The BTG is a clear example.

Since its inception on October 23, 2017, its price has increased from $120 to hit at some occasions the resistance of $420. This means that some market participants could have received more than 300% returns in less than one month.

Amazing returns, don’t you think?

Please have a quick look at the following analysis before we discuss its main points:

Chart for BTG from https://www.tradingview.com

Chart for BTG from https://www.tradingview.com

As it always happens in the market, the top has been announced by large spikes in volume. When the price touched the resistance of $420, we could see that big sellers are shown up in the market pushing down the share price. This pattern was seen on November 10, 2017 and on November 25, 2017.

The same rationale applies to bottoms. When the coin price touched a low point close to the $100-$140 range, the buyers lined up.

So, what will we be looking for in the future to identify price reversals? Spikes in volume.

Now, we move to the current situation; as of November 30, 2017. The coin price tested the resistance of $420 once again, but sellers showed up and the coin price declined. In our opinion, the price may continue falling down until the level of $290 is reached. We expect demand for coins to appear at that price, which could again send the price higher.

Be careful readers if you don’t appreciate buyer demand in the lows of $120. If buyers are weak, the coin price could continue its downward trend and create a lot of pain.

Why was BTG created?

The initial idea of Bitcoin was having a decentralized system. Satoshi Nakamoto, the founder, believed in a BTC system, wherein each CPU has one vote. The fact is that, as it happens most of the times in financial markets, most Bitcoins are nowadays controlled by a few big entities that are sometimes using “abusive practices” against members with no bargaining power.

Changing the algorithm from SHA256 to Equihash to create BTG will offer new opportunities for people around the world to be part of the mining community.  As noted by the official BTG’s website, the new project builds “a more decentralized, democratic mining infrastructure, which is more resilient and more in line with Satoshi’s original vision.”

Demand – Many Exchanges are supporting the new coin

We were glad to find out that there are many exchanges that became interested in the BTG. Have a look, the list of institutions seems to be large:

Exchanges dealing with BTG from https://bitcoingolde.org

Exchanges dealing with BTC Gold from https://bitcoingolde.org

The fact that many exchanges are working with BTG is something we appreciate much. We believe that this demand and market recognition of BTG should positively affect the coin price in the long term future.

Conclusion

Currently trading with a market cap of $4,969 billion, BTG is an exciting story among cryptocurrencies. The fact that the market capitalization is so large means that market participants are expecting the growth and acceptance of the BTG to be large.

We believe in the future of this project, but we also expect a lot of volatility in the market, which will be reduced as more miners join the team and more coin holders are willing to accept BTG.

We will be updating our subscribers as soon as we know more. For the latest updates on BTG, sign up below!

Image courtesy of Marco Verch via Flickr

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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