CRYPTOCURRENCIES LATEST NEWS: Bitcoin God will not repeat the explosive success of bitcoin, experts say
The new altcoin (an offshoot in the bitcoin network) Bitcoin God will not be able to grow as much in price as its "ancestor" - the traditional bitcoin (BTC, Bitcoin Classic), are sure experts interviewed by RIA Novosti.
On the night of Thursday, another hardcore took place (the introduction of a new protocol, resulting in the formation of altcoin) in the network bitcoin. The total volume of the new cryptocurrency issue, which should be launched, Bitcoin God (GOD), is 21 million tokens.
Controversial project
The new cryptocurrency is expected to begin operating fully in the first quarter of 2018. But experts say that few participants of the market know about this project. And without the support from criptornka, and in the absence of significant technical features of this cryptocurrency, there are no prospects for the development of Bitcoin God, they believe.
As the senior analyst of Alpari, Roman Tkachuk, said, market participants do not place high hopes on the new altcoin. "There are no breakthrough technologies in it, and there is not enough information on its website, and we expect that its course after the hard-core will rush down, as it happened with Bitcoin Gold earlier," he said.
According to the expert, this is very typical for the current moment - new bitcoins are happening almost every day, but their significance is not great.
"Now anyone who wishes can declare about the hard-core, a branch from the classical bitcoin, it reduces their value and undermines the confidence in the bitcoin itself." The most important were the first bitcoins of Bitcoin - LiteCoin and Bitcoin Cash, they really had the idea - the solution to the problem of scalability, " - he noted.
"The community does not have a single opinion on the new fork, there is no mass support for Bitcoin God, there are no strong public relations either, so there is not expected to be a rapid growth, and especially for the first places with Bitcoin Cash and traditional bitcoin," the founder of group of companies Blockchain.ru Dmitry Matsuk.
He pointed to some characteristics of the new cryptocurrency, indicated on the project site. However, they do not carry much value for cryptology, he believes. In particular, the project is declared as charitable, since 4 million tokens of 21 million, received during the mining, will be transferred for this purpose.
The head of the Waves Platform press service in Russia, Gleb Kostarev, took an even tougher stance on the project. According to him, the declared charity is most likely a PR move.
"The fork is unlikely to develop very much, and it will not be one more in the row with Bitcoin Gold." It should be understood that forfeits are partly motivated by financial motives, "the expert said.
Mansur Huseynov, Director for Investments in the Investment Fund of CryptoLife, in his turn, noted that the project has a website, an ambitious development program.
"To do this, you need a serious team and a lot of work, and if they have it, I do not see the sense to implement the project in the form of a fork." It would be worthwhile to launch a new currency. "About the team, by the way, nothing has been heard, code of the project on GitHub ", - he concluded.
