find out If Decentralizing Cryptocurrency Bitcoin a fluke?2 min read
The world’s leading form of cryptocurrency Bitcoin- seem to be putting contemplating questions in the mind of its users. Are we crashing or decentralizing? The digital currency which has more users than any other type in the world has, in earlier August, had Bitcoin Cash breakaway and now the recent news outbreak of Bitcoin Gold doing the same.
There are indications that there could be as many as four cryptocurrencies to bear the bitcoin name if a certain group of miners and developers carry out a planned fork of the Bitcoin this month. This group is rumored to be led by Jack Liao, the Executive head of a Hong Kong mining firm LightningASIC. It is to be named bitcoin gold and expected to be launched on October 25, while November 1 would mark it cryptocurrency commencement.
Seen to many as a sort of rebellion following a similar launch plan of cryptocurrency bitcoin cash in August christened ‘hard fork’. The central aim of bitcoin gold is to challenge its cash counterpart by releasing an improved protocol. This may be partly attributed to the fact that the Bitcoin Cash (BCH) experience a rapid rise and fall after launching. Having as high as $7.6 billion in market cap only cut to half of it in preceding days. Partly also that bitcoin cash produced a smaller bitcoin worth, coupled with its cryptocurrency that equals just 12% of bitcoin. This yet still births the needing question of if the gold is needed as most people only view the plan as another distraction proving the division of the community. Remarks of Jiang Zhuoer and ViaBTC CEO Haipo Yang shows they are expected members of this view as they regarded bitcoin gold as insignificant. There is also strong prove that many miners do not support the bitcoin gold.
It is however ironical that this is happening to Bitcoin in 2017 the same year it hit a record high. As at May 2017, bitcoin had added significant accolades as it increased to a record high as never seen.
Still, there is still plenty of time to determine if the decentralization(s) is(are) a fluke or not as the 21 million benchmark has only 16 million in circulation while observing that it will take 100 years to mine the last 1 million Bitcoin.