Trade Shocker: Bitcoin Falls By Over $1000 In 48 Hours

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Bitcoin cash has managed to assemble this infrastructure, but some analysts believe investors and traders will experience "fork fatigue" as subsequent altcoins fork away from the main blockchain.

There are now more than 1,200 different tokens in existence according to CoinMarketCap.

The idea behind bitcoin gold is to decentralize mining operations, which are now in the hands of large companies that can afford expensive processing chips.

Thankfully, explaining how the new Bitcoin Gold altcoin works is simple.

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According to the "Bitcoin Gold Community" mailer, the team plans to launch the BTG network this Sunday.

CoinDesk reported that Bitcoin miners and entrepreneurs lamented the move, and said it would "inspire others to migrate to blockchains more accommodating to their ideas and ideals". This is why they have cloned the blockchain and set new mining rules on their own version, ones which restrict how easy their new blockchain will be to monopolize in the same way.

Arguably, Japan, and to a lesser extent South Korea, are viewed as countries with the infrastructure, regulation and consumer mindset most amenable to accepting cryptocurrency as a means of exchange, and therefore there may be more appetite for the potential transactional advantages of BCH with its bigger block size.

In a similar split to bitcoin cash earlier in August, all current users of the cryptocurrency will be credited with a number of BTG tokens equal to their bitcoin stash. At present, three wallets exist and are endorsed by both cryptocurrency communities, which people can use to swipe existing Bitcoin private keys and claim balances.

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SegWit2x was initially expected to speed up the transactions made within Bitcoin's platform.

But now money is pouring out of bitcoin and into bitcoin cash. In fact, Bitcoin Cash today holds equivocal value to what Bitcoin itself did just a year ago in 2016. That anticipation could have been the reason for the high price of Bitcoin recently. Bitcoin's market cap fell to 119.96 billion.

Does Bitcoin Gold & Bitcoin Cash have a Viable Future? You can't, after all, just keep cloning Bitcoin forever. At the moment, it seems that the upcoming implementation of the hard fork created a fresh wave of bids, taking the price to the skies, and it the coming days we should see bitcoin reaching new record prices.

Bitcoin dropped below $7,000 on Friday to trade more than $1,000 down from an all-time high hit on Wednesday, as some traders dumped it for a clone called Bitcoin Cash, sending its value up around a third. The message, in this case, is simple. The only question is, are you going sell fast? If this holds up, 1 BTG would be worth nearly $250, and Bgold would immediately become a top-5 altcoin on websites likecoinmarketcap.com.

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