Bitcoin Gold (BTG) Gets A Close Look - Global Coin Report
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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.

Bitcoin

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to…

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Bitcoin

CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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CoinFlip
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Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans…

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Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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