However, those who could afford them, quickly realised that ASICs were powerful tools that could give them an advantage, and so more people started purchasing them, and taking over the BTC mining industry. As mentioned, a portion of the community did not like this, and they thought that this would be Bitcoin's doom, which is why they decided that a hard fork that would change Bitcoin's Proof-of-Work algorithm from SHA to Equihash was the solution.
This marked the birth of the Bitcoin Gold coin — a new cryptocurrency that still, to this day, allows users to mine with GPUs, thus restoring decentralisation of Bitcoin. One look at Bitcoin Gold's chart is enough to see that the coin has not been doing as well as it was expected to. However, the following Bitcoin-led rally allowed it to reclaim its original price and even go beyond it. The downtrend continued with occasional, short-lived surges.
The price has never changed much over time, but somehow, the coin managed to remain relatively high-ranking. Bitcoin Gold's largest advantage over Bitcoin is the fact that it has changed the paradigm regarding mining. While Bitcoin has been impossible to mine with a GPU alone for years now, Bitcoin Gold offered miners who cannot afford expensive equipment an opportunity to get back into mining.
Essentially, the project's purpose was to create a network where anyone and everyone can be a miner, and use only the basic hardware to do it. As such, Bitcoin Gold also brings greater decentralisation, as its miners are not limited to a handful of people and entities who can afford to buy ASICs. It should be noted that, while Bitcoin Gold did fork away from Bitcoin, it is not its competitor, like Bitcoin Cash attempted to be. When Bitcoin Cash emerged, it actually managed to take some of the Bitcoin miners with it.
Bitcoin Gold price prediction will BTG reach $ again?
Bitcoin Gold, on the other hand, is a competitor to other anti-ASIC projects, while Bitcoin continues to attract only those who can afford to mine with heavier machinery. Bitcoin Gold saw the most activity in the first few months of its lifetime. However, as of early , the coin's price had been continuously dropping until it reached the bottom. There were occasional hikes, when the largest market rallies did manage to pull its value up a bit.
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However, those fluctuations have become more and more insignificant as time passed. Even Bitcoin Gold news has been extremely scarce, as if nothing of importance happened to it this year. Looking at how passive the project has been throughout , however, this is not that surprising. As for the Bitcoin Gold price prediction , there are various forecasts that expect different things from the coin. TradingBeasts, for example, gave a relatively optimistic Bitcoin Gold forecast, where the coin is predicted to continuously rise starting from Even when it comes to their predictions for and , BTG is expected to keep climbing, albeit slowly.
The most optimistic by far, however, is CryptoGround, which expects that the coin will climb rather rapidly in the future. As for what will actually happen — it remains to be seen. BTG did not present itself as a coin that would take the initiative over the past few years, and its price has mostly remained flat, compared to its more popular counterparts in the Bitcoin family. It is likely that not one Bitcoin Gold prediction that we mentioned is entirely accurate.
However, it is very unlikely that the hike will just continue throughout the next five years.
As we have learned from crypto history, stellar growth is always followed by steep corrections. With that in mind, WalletInvestor's pessimistic prediction for next December might be the one that got it right.
But, if BTG continues to ignore the rest of the market, it could very well keep climbing very slowly, as TradingBeasts says, progressing on its own. For now, there is no way to know, other than to wait and see what happens. Have you already decided whether you should buy the coin? One of the ways to try to profit from the market volatility without having to own an actual cryptocurrency is to trade BTG through contracts for difference CFDs at Capital.
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Trading CFDs gives the opportunity to capitalise on both bullish and bearish price action. Note that CFDs are a leveraged product. Therefore profits, as well as losses, are magnified. Once you are ready, create a trading account at Capital. Open a free practise account in less than 3 min. Falling birth rates have inverted population pyramids, which means that shrinking younger generations will increasingly be unable to shoulder the growing debt burdens e. In Japan, this demographic challenge is best illustrated by the fact that more adult diapers are sold in a year than baby diapers.
Putting the COVID goggles back on, the pandemic is bringing this dance with debt closer to its inevitable finale. The Keynesian standbys of increasing spending and lowering taxes have become threadbare and haggard. While the third and final lever, cutting rates, is out of bullets because short-term interest rates are already at or below rock bottom negative in some instances.
At the risk of mixing metaphors, there will be no choice but to face the music.
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The younger generations will awake to the generational plunder that has been bestowed upon them and be forced to atone for the sins of their mothers and fathers. When the day of debt reckoning comes, governments will have several options available to reduce their debt, none of which are pretty. They can choose to i not pay some portion of their debt i. When a central bank elects to pursue a soft default strategy, it targets a particular inflation rate and proceeds to print enough money to hit it.
And while the stated reason for the COVID money printing spree may have been economic stimulus, its input and end result will be the same; a rose by another name. Regardless of the rationale, an increase in the money supply relative to the available goods will always lead to a rise in prices, which is to say inflation. If the government is the recipient, then the soft default is considered debt monetization or the nationalization of debt. Regardless of what channel the central bank uses to inject money into the economy, the winners and losers are the same: borrowers will be rewarded at the expense of lenders and depositors.
Investors and entrepreneurs will be more able to adapt to rising prices, while those who are tied to fixed cash income e. Ultimately, inflation damages trust and will make it harder and more expensive for a government to borrow the next time around. Depending on how long or short memories are, this trust could take generations to rebuild. Central banks have seen this coming for some time and have been bracing themselves.
If there ever was a time to hedge against systematic fiat currency risk, that time has come. Oil is no longer a reliable store of value.
Technological advancements in fracking have dramatically increased the supply of oil and have called into question the Hubbert peak theory and other peak oil theories. It turns out there is much more oil underground than anyone ever thought. In addition to oil becoming more plentiful, there are global forces at play reducing its global demand, such as the push for renewable energy and the political pressure in many countries to reduce carbon footprints.
When demand dries up, oil that would have otherwise been consumed, must be stored. Because storage is so inelastic, such a scenario can lead to a gnarly game of musical chairs. Demand for oil dropped so precipitously that oil holders suddenly found themselves scrambling for storage depots. When storage ran out, those still holding barrels had no choice but to pay people to take their oil , causing the price of oil to go negative.
Currently, gold is a reliable store of value and the classic inflation hedge. The supply of gold is actually unknown. Similar to oil, demand-driven innovation expands its supply. Clearly, mining technology has come a long way from panning in a riverbed. And what is not possible or profitable to mine today, may be in the future. There is gold in the ocean. The National Ocean Service estimates there is 1 gram of gold per million metric tons of seawater.
Extracting gold from seawater is currently cost prohibitive, but if energy costs plummet enough, or the price of gold appreciates enough, or some combination thereof ensues, it could become economically feasible. There is also gold on the ocean floor. This has caused concern among environmentalists who worry that the findings could catalyze a deep-sea mining gold rush and transform the ocean into a new industrial frontier. Terrestrial sources of gold are just one part of a much larger picture. Scientists believe that asteroids contain a plethora of metals, including gold , and have compiled a database of over , asteroids and their compositions.
If technological advancements progress over the coming decades to allow for practical and reliable access to near-Earth asteroids, it could lead to a massive, positive supply shock in the market for gold. Elon Musk already plans to put humans on Mars including himself and recently won the contract to launch the aforementioned NASA Psyche mission.
It seems entirely plausible that Elon Musk, the founder of a private aerospace company SpaceX and a tunnel construction company The Boring Company , will be able to put a machine on an asteroid, drill a hole, and retrieve the extractions back to earth within his lifetime.