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New Cryptocurrency Bitcoin God Will Not Repeat Bitcoin's Explosive Success (Article and Video)

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New Cryptocurrency Bitcoin God Will Not Repeat Bitcoin's Explosive Success



New Cryptocurrency Bitcoin God Will Not Repeat Bitcoin's Explosive Success

The new altcoin (an offshoot of the bitcoin network) Bitcoin God will not be able to grow as much in price as its "progenitor" - traditional bitcoin (BTC, Bitcoin Classic), the interviewed experts believe.

On Thursday night, another hard fork took place (introducing a new protocol, resulting in the formation of an altcoin) in the bitcoin network. The new cryptocurrency's total supply to be launched, Bitcoin God (GOD), is 21 million tokens. We also recommend reading Why can cryptocurrency become a thing of the past?.

The new cryptocurrency is expected to become fully functional in the first quarter of 2018. But experts emphasize that few market participants know about this project. And without support from the crypto market and in the absence of significant technical features of this cryptocurrency, there are no prospects for the development of Bitcoin God, they believe.

According to Roman Tkachuk, senior analyst at Alpari, market participants do not have high hopes for the new altcoin. "There are no breakthrough technologies in it, and there is not enough information on its website. We expect that its rate after the hard fork will go down, as it happened with Bitcoin Gold earlier," he said.

According to the expert, this is very typical for the current moment - new bitcoin hard forks occur almost every day, but their significance is not great.

"Now anyone can announce a hard fork, a fork of the classic bitcoin - this reduces their value and undermines bitcoin's credibility. The first bitcoin hard forks - LiteCoin and Bitcoin Cash were of the greatest importance. They had an idea - a solution to the scalability problem", - he noted.

"The community does not have any consensus on the new fork. There is no massive support for Bitcoin God, and there is no strong PR either. Accordingly, rapid growth and no struggle for the first places with Bitcoin Cash and traditional Bitcoin is foreseen," notes Dmitry Matsuk, founder of the Blockchain.ru group of companies.

He pointed out some of the characteristics of the new cryptocurrency indicated on the project website. However, they are not of great value for the crypto market, he believes. In particular, the project is declared as charitable, since 4 million of 21 million tokens received during mining will be donated for these purposes.

Gleb Kostarev, head of the Waves Platform press service in Russia, took an even tougher stance. According to him, the declared charity is most likely a PR stunt.

"The fork is unlikely to receive any special development, and it will not become another one in a row with Bitcoin Gold. It must be understood that financial motives partly drive the forks' creators," the expert also noted.

In turn, Mansur Huseynov, Investment Director at the CryptoLife investment fund, noted that the project has a website and an ambitious development program.

"To do this, a serious team and a lot of work are needed. And if they have it, I see no reason to implement the project in the form of a fork. It would be worth launching a new currency. Project code on GitHub, "he concluded.

Article and video on the topic: New Cryptocurrency Bitcoin God Will Not Repeat Bitcoin's Explosive Success.

Author: Jonathan Burroughs

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