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The Fork: Bitcoin Gold and Diamond

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Bitcoin forks are intrinsically tied to the main cryptocurrency.

The major objective of Bitcoin (BTC) is to provide access to cryptocurrencies worldwide. This includes the multitude of cryptocurrencies in the global market that are forks of other well-known blockchains.

Bitcoin’s hard forks include Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Bitcoin Diamond (BCD). However, we will beam our searchlight on both BTG and BCD.

Bitcoin, as a brand, is stabilizing the crypto market at the moment. The altcoins created from Bitcoin’s hard forks are showing how sustainable Bitcoin truly is. Based on this, the future is bright. The Bitcoin hard forks will consolidate under one brand. Eventually, different tech companies, as well as blockchain giants, will own them. Alternatively, they may become decentralized.

In the cryptocurrency world, Bitcoin will always enjoy recognition as a brand. So, what will be the performance and viability of its Gold and Diamond forks?

Breakdown of BTG

As of August 27th, 2018, Bitcoin Gold has a market capitalization of $339,371,700 USD. It also has an exchange rate of $19.73 USD and circulating supply of 17,201,3864 BTG out of the total supply of 21,000,000. Almost $5M BTG is tradable on major exchanges every day. BTG recorded its highest price of $474.40 USD on December 20, 2017.

BTG is tradable on some exchanges such as Binance, Upbit, HitBTC, and Bitfinex. It is easily paired with BTC and tradable for fiat cash, cryptocurrencies, ETH, and USDT. It is easily mined using Equihash algorithm instead of the usual SHA-256 used by Bitcoin.

Breakdown of BCD

Similarly, Bitcoin Diamond has a market capitalization of $187,392,289 USD as of August 27th, 2018. Its circulating supply is 153,756,875 BCD out of the total supply of 210,000,000, and its exchange rate is $1.22 USD. Unfortunately, less than one million BCD is tradable on major exchanges around the world. BCD hit its highest price of $99.19 USD on November 25, 2017.

BCD is tradable on Huobi, Binance, OKEx, and several other exchanges, but it’s not accepted as BTC or Bitcoin Gold. It uses Segwit and Lightning network support to improve on transaction security and privacy.

Similarities between BTG and BCD

Despite the obvious differences, the two of them come from Bitcoin. Though, many see a Bitcoin fork as just an improvement on the original. Both of them have their wallets. However, their performance in relation to the original, each other, and other altcoins, is up to the free market to decide.

What’s the Essence of the Bitcoin Forks?

Bitcoin forks are easily exchangeable for Bitcoin despite the fact that they cannot be easily spent on the retail market. Good enough, their value is forever tied to Bitcoin value, and Bitcoin is the most valuable cryptocurrency on the market.

Although Bitcoin forks look like a scam from some quarters, they have a value that connects to the original blockchain forever. Bitcoin Gold and Bitcoin Diamond both introduced one after the other following the Bitcoin Cash launch in November 2017. They continue to strengthen Bitcoin by solving problems.

 

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