Luno Will Not Support Bitcoin Gold
The State Bank of Vietnam (SBV) has amended its monetary regulations to make Bitcoin and similar virtual currencies illegal. At any rate, the changes of the Bitcoin’s price are far faster than the changes of the real GDP or money supply in healthy, fiat-money-based economies, so whether the number of the Bitcoins is bounded by 21 billion or whether the number would be allowed to increase by a few percent a year is absolutely irrelevant because a few percent is negligible relatively to 500% that expresses a typical change of the Bitcoin per year (e.g. the most recent one).
If that’s anything to move off of, it method that bch is in all likelihood to observe btc at least for the following little even as. till it’s in a position to differentiate itself from its older sibling, there’s simply no motive why it ought to benefit on bitcoin or different, extra mounted cryptocurrencies.
Satoshi Nakamoto’s idealistic vision of one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in abusive practices against individual miners and the Bitcoin network as a whole.
We also have a lot of models that implement money in a more reduced-form way: money in utility (i.e., people get happiness just from knowing that they have some green pieces of paper under their pillow), cash-in-advance constraints (i.e., there is a law of the universe that stipulates that a certain currency must be used to buy certain goods), shopping time, etc.
As CCN previously reported , SegWit’s activation on both the litecoin and bitcoin networks enables cross-network transaction swaps between the two cryptocurrencies, facilitating a host of other innovations, making it clear that, in the future, the problems that currently haunt the cryptocurrency won’t be there anymore.
If your Bitcoin is on an exchange, some Bitcoin exchanges such as Kraken in Europe does not plan on supporting Bitcoin Gold, of course they might change their minds if it becomes more prominent, but if you don’t control your own keys it might be difficult for you to get to a Bitcoin Gold after the split, but if you have your own private keys, for example in a hardware wallet or something like co-pay on your phone, then you will be able to claim your Bitcoin Gold at a later date at least in theory.
If I hold a dollar, I’m at risk only from someone physically taking it. With cryptocurrency, the risks are numerous: the exchange could get hacked (see: MT Gox), it could lose half (or more) of its value overnight, or the government could just cut the cord and push Bitcoin back into the depths, making it once again viable only for drug dealers, human traffickers, and shady underground characters.
So, if you had started off with $1,000 invested in it when it debuted, you’d now literally have millions of dollars if you’d held it. Even so, a lot of respected people believe Bitcoin is nothing more than a bubble, and Jamie Diamond, the CEO of JP Morgan Chase, says it is an absolutely worthless currency.