September has now come to an end. And we are taking a look at Bitcoin Gold. Is it slowly dying off–or preparing for a comeback?
In case you are new to crypto, Bitcoin Gold (BTG) is a “friendly” fork of Bitcoin. This means it shares some of the core fundamentals with Bitcoin, but they aren’t fighting to be the “real Bitcoin.” The key difference is the approach to mining. The Bitcoin Gold community believes that mining could be more decentralized by supporting GPU miners over ASIC miners.
Currently, you could be earning an 8% yearly return on Bitcoin Gold deposits with Celsius Network. It has one of the highest interest rates for crypto on Celsius, most likely fueled by the following activity on Bitfinex:
There has been an extremely high level of BTGUSDLONGS on Bitfinex. This activity sparked around Aug 20 of last year (2018) and has been growing exponentially since then. Activity on BTGUSDSHORTS also picked up around that same time. With the increased number of longs, prices at all-time lows, and shorts back down to the lows we saw around the beginning of June (before the price ran up to around $32USD), it makes me wonder if history will repeat itself. I’m not going to give you any Bitcoin Gold price prediction, but I think we could be preparing for another run-up in the next month or two.
Some recent updates include a listing on CODEX.ONE and a partnership with CoinGate (a payment processor). You can also use BTG on the Coinomi wallet to purchase gift cards and pay with crypto at Amazon and Walmart.
The Bitcoin Gold project is alive and developing its underlying tech and use cases, as seen in this neat video demonstration. If you’re like me, you might not always want to wait for the waiter to return with your card; or you might be worried about what they are doing with your card when you can’t see them. Paying directly from the table by scanning the QR code printed on the receipt is something I am looking forward too.
Some cool things to anticipate, according to their roadmap:
- Research support for user-issued assets on mainchain
- Crosschain Atomic Swap support
- Private Transactions
- Decentralized Mining Pools
In the stock markets, hundreds of companies get delisted every year. Many of these companies stay in business and are even relisted after some time (like DELL). With news of exchanges delisting projects, it may seem like a scary time for altcoins. But as long as the team is still active and the fundamentals are there, there is always hope.
Disclaimer: I do not hold any Bitcoin Gold at the moment; but with the current price levels at all-time lows, I might be picking up a bag.