The Bitcoin Gold (BTG) snapshot of the Bitcoin blockchain was taken back in October, but the actual network for it wasn’t up and running until recently. This is the network that allows for trading, usage, mining, and other common activities for crypto currencies. The team of people who were behind Bitcoin Gold were pushing their ideals of ‘making bitcoin decentralized again.’
Given all the drama surrounding SegWit2x, Bitcoin Cash, and other things in the industry, BTG really couldn’t have launched at a better time. In the initial time after the network was running BTG spiked up to about $500 per coin, which is quite impressive. It has since died down to around $200, which is still more than many people expected it to go.
There is Still Hope for BTG
Just because this coin isn’t getting the attention its backers were hoping for, however, doesn’t mean the coin will fizzle out. Many people who own BTG coins due to the fork don’t actually have access to them yet. CoinBase, for example, hasn’t yet enabled support for these coins. Once they do, it will give many people the ability to move their BTG coins around more easily, which could cause an increase in demand.
While this may be possible, it seems unlikely that they will receive more than a brief spike up in trading when the coins are more readily available. While the intention is good on the part of the BTG backers, it just doesn’t seem like people are ready to move away from Bitcoin today, and they may not be ready for a very long time.