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Bitcoin reaches $4500 again, rising fast for the fork

Bitcoin continues past the $4500 mark, with a lot of optimism ahead
By: Anthony Garreffa | Cryptocurrency & Mining News | Posted: 1 week, 1 day ago

Bitcoin has reached the heights of $4500 once again, for the first time in a month, and right now it has no signs of stopping. Bitcoin is headed towards a hard folk, which in very simple terms is a software upgrade that "introduces a new rule to the network that isn't compatible with the older software. You can think of a hard fork as an expansion of the rules. (A new rule that allows block size to be 2MB instead of 1MB would require a hard fork)", explains CoinDesk.

 

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At the time of writing, BTC was trading at $4576 USD, with a high today of $4626. The Bitcoin fork takes place on October 25. We could see the price of BTC rising past $5000, or higher, as owners of 'altcoins' begin selling or trading their currency for BTC, wanting to ride the high. Altcoins are also taking a hit in price already with many on Facebook groups that I follow worried about the downtrend in altcoin pricing, but the big uptick in BTC pricing.

 

There are a few things happening on October 25, with the Bitcoin hard fork leading us right into the arms of Bitcoin Gold (BTG). BTG is the result of the Bitcoin fork, with BTC holders to receive the same amount of BTC as you have in BTC on the day that the Bitcoin blockchain snapshot is being taken, October 25 in this case.

 

BTG will be something very interesting for miners, because it's based on Equihash it can be mined on consumer GPUs. Bitcoin was like that at first, but moved towards ASIC specific hardware and into the control of mega miners who spend millions on gigantic setups with ASIC hardware and professional cooling, sometimes even underground.

NEWS SOURCES:Businessinsider.com.au

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