What to Expect in Bitcoin Gold Hard Fork?
What Should You Expect During the Upcoming Bitcoin Gold Hard Fork?
For anybody investing in cryptocurrency, if you are not aware, Bitcoin will hard fork into Bitcoin Gold (originally scheduled for October 25) which means whomever has Bitcoin in their wallet, they will receive the same amount of Bitcoin Gold hard fork coins in their wallet.
Now how is this affecting the overall Bitcoin market?
Bitcoin and cryptocurrency is a market that is currently starting to gain momentum and "go mainstream". What this means is there are a LOT of fresh faces to the cryptocurrency investing world, many "limping in" with their investments; more or less because they see positive results of someone else, news, celebrities talking positive or perhaps even an ad (or many) on their social media feeds.
With the previous (and first) hard fork for Bitcoin which was Bitcoin Cash, many weren't sure what would happen and didn't expect it, so in return, many didn't realize that if they had invested in Bitcoin at the time, they would have gotten the exact same amount of Bitcoin Cash as the amount of Bitcoin in their wallet. It was a nice "Christmas Present" to say the least, in general. The Bitcoin cash has since then gone up to over $300 a coin so that was technically "free money" for whomever had Bitcoin in their wallets.
Since then, many more people have seen the news, seen the increase in Bitcoin and have seen many major conglomerates and billionaire investors put large stakes in Bitcoin. This is increasing trust in the coin and trust = higher coin prices.
Now that people know and expect to get the split of Bitcoin Gold, they are looking to invest and hold stake in Bitcoin while the fork happens so they can cash in on extra "free profit".
What I think will happen is, since so many "fresh crypto investors" are starting to invest, they will follow the lead of intermediate and veteran crypto investors. And if those investors know what's going to happen and are the type to invest in AltCoins frequently, they will likely only hold Bitcoin to gain the free Bitcoin gold then exchange for the "dirt cheap" AltCoins which were "abandoned" in order for everybody to hold the Bitcoin.
What does this mean?
It means that if speculation holds true, then Bitcoin will hit new all time highs but then will fall dramatically to a correction while investors move towards AltCoins to try to gain higher %'s from their new investments; many ditching Bitcoin, thus Bitcoin price falling in correction.
However, one thing to know is the Bitcoin Gold team's website is extremely lacking in any information. And what investors know about lack of information is lack of trust. And lack of trust means they may just ignore it, even though they will get "free money".
Will this happen for sure?
Nobody can tell the future, but just make sure to have your stop/losses set and trigger fingers ready just in case, so you can minimize losses.
It might be more profitable to ignore it and continue trading in AltCoins. But then again, who really knows what will happen? Maybe it might be better to just hold off and gather free currency...
Who can really know until it happens? Only time will tell...
What are your thoughts? Leave them in the comment bar below.