The second major Bitcoin fork, the Bitcoin Gold (BTG) altcoin, quietly launched into an industry that was largely confused by the ongoing events surrounding Bitcoin Cash. Bitcoin Gold was largely shunned by the cryptocurrency community as a whole. As Bitcoin Gold is not directly affiliated with the original Bitcoin blockchain, the community felt that BTG was lacking the technical robustness that they have come to expect. Since that rocky start, however, the currency is now mineable. However, prices are yet to show the significant support from the community that Bitcoin would have been hoping for.
Over the weekend, the currency showed a major downturn, but prices tracked by Coinmarketcap did start to show a slight uptick by early Monday morning. The price of Bitcoin Gold had peaked on the 11th November at just under $500 per coin, which coincided with the all-time high of Bitcoin Cash at just under $2,400.
Come the end of the weekend and Monday morning, however, and both of Bitcoin’s major forks had taken a knock. Bitcoin Cash has been hovering around the $1,100 mark; in terms of Bitcoin’s usual value, that is a loss of about 70%.
The launch of Bitcoin Gold was complicated by a scam that had originated on Twitter. The malicious scam used a Twitter account that was specifically set up in order to trick users who were migrating to Bitcoin Gold into handing over their cryptocurrencies.
Bitcoin Gold (BTG) has been plagued since the very beginning. A major DDoS attack paralyzed the network that appeared to have been an effort to disrupt the planned launch of the altcoin. Fortunately, the team behind the Bitcoin Gold network managed to get it back up and running; even if it was a little later than originally planned.