Restoring Bitcoin's decentralized nature was the goal of the hard fork that took place on October 24th, 2017 (with the coin officially released under a month later). It may appear counterintuitive, considering that BTC's decentralized nature still allows for its issuance, but the hard fork's developers set out to create a crypto in which large mining operations are not given an unfair advantage. In essence, to make mining accesible for everyone and not just large companies with huge networks of computers. They aimed to merge Bitcoin's decentralization and stability with the potential for new forms of decentralization and exploration. To address Bitcoin's scalability problems, BTG encourages developers to participate in the network's governance and development.
A Bit About Bitcoin Gold
Hang Yin, Martin Kuvandzhiev, and Franco Niebles created Bitcoin Gold (BTG) in 2017 as a more 'accessible' Bitcoin option. This blockchain-based network aims to alleviate the scalability issues of Bitcoin (BTC) and decentralize the mining sector by using an open-source digital currency based on Bitcoin's (BTC) foundations. Among the many hard forks of bitcoin, the original open-source crypto, Bitcoin Gold's blockchain ranks among the most significant. There are a maximum of 17 513 924 BTG tokens in circulation.
Making mining accessible for all once again.CryptoLists.com
Bitcoin Gold's proponents sought to restore the blockchain's decentralization by abandoning the processor-intensive technique used to mine Bitcoin (BTC), which would have limited the number of people who could contribute to the mining procedure. Bitcoin Gold's proof-of-work technique, called Equihash, is memory heavy and can be handled by a normal Graphics Processing Unit (GPU) found in common PCs and smartphones, while Bitcoin's is energy intensive. This means that anyone with access to a computer can join the mining community if they so choose. Therefore, the Bitcoin Gold ecosystem may always have a sizable group of miners (or peers) who collectively maintain the blockchain's decentralized nature.
Utility of Bitcoin Gold?
Among the many potential uses for BTG are: the finalizing of business transactions such as purchases, sales, swaps, etc; a medium of exchange in the crypto market; a decentralized means of exchange similar to other forms of digital currency; open-source computer software connecting networks; electronic contracts; and as a payment method.
The ongoing and steady price increase of Bitcoin Gold (BTG) can be attributed to the growing number of places where this cryptocurrency is being used.
Bitcoin Gold Price details
Advantages of Bitcoin Gold
+ BTG offers fast transactions with 27 transactions per second.+ Bitcoin Gold allows GPU mining, unlike BTC, which requires ASIC rigs to mine.
+ BTG restores Satoshi's ambitions of BTC.
+ This coin is easier and more pocket-friendly to mine.
+ BTG's fungibility makes it replaceable, identical and convertible.
Disadvantages
- BTG was termed a scam with a delay in releasing the source code.- Bitcoin Gold came out as a scandal immediately after the fork.
- Unclear statements regarding mining in the first stages invoked doubt among users.
- The BTG blockchain could still be a victim of the 51% attack.
- Like other crypto-coins, Bitcoin Gold is a risky investment.
Costs
▪ Rated at 8.1/10The mining cost for BTG transactions is 0.5% of the total transaction value. Many people will see this rate as negligible, especially if the amount you transact is substantial. Coins will incur additional fees when purchased through exchanges or brokers on top of the network charge. The fees incurred here are quite method-specific. You should expect to pay anything from 3% to 7% when using a credit card, while wire transfers may incur fees of 0.25% to 0.5%. Investors that prefer bank transfers will be subject to fluctuating fees, with higher fees for cross-border transactions than domestic ones. In the grand scheme of things, these costs are minimal.
Reputation and Buzz
▪ Reputation rated at 8.3/10▪ Buzz rated at 7.5/10
For investors seeking dramatic price spikes, Bitcoin Gold (BTG) is not the most popular cryptocurrency. It may not be a surefire win in the short term, but it has some promising innovations and sound foundations. Hence it's steady increase in market cap since inception.
FAQ
When did the first implementation of Bitcoin Gold begin?
In 2017, a hard fork in the Bitcoin network created Bitcoin Gold.
Bitcoin Gold: Who Created It?
Bitcoin Gold was created by Alejandro Regojo, Jack Liao, Robert Kuhne, Franco Niebles, Martin Kuvandzhiev, and Hang Yin.
Can we trust Bitcoin Gold?
Yes. Even though Bitcoin Gold has been the subject of controversy and fraud claims in the past, the currency is legitimate.
In what ways are Bitcoin and Bitcoin Gold dissimilar?
The 'equihash' algorithm is used by Bitcoin Gold (BTG). That way, anyone with a graphics card or GPU can take part in the mining process. As a result, Bitcoin Gold is even more widely used (on a day-to-day basis) and decentralized than Bitcoin itself. Almost nobody has access to the kind of powerful hardware required to mine bitcoin.
When using Bitcoin Gold, are smart contracts supported?
Bitcoin Gold is not connected to Ethereum, and nor does it employ or support smart contracts at present time of writing.
History of Bitcoin Gold
October 2017 – Bitcoin Gold was a product of the Bitcoin hard fork at block height 491407.
May 2018 - Bitcoin Gold was hit by a 51% hashing attack by an anonymous culprit. Approximately $18m worth of BTG was stolen during the hack.
July 2018 – Bitcoin Gold began using a new mining algorithm.
Screenshots from Bitcoin Gold
More sites where to buy/sell/trade Bitcoin Gold
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this coin. Click on the logo to read our review.
Never speculate with money which you can not afford to loose. Cryptocurrencies exhibit significant volatility and remain largely unregulated within numerous European Union nations. They are not covered by European Union protections and do not fall under the purview of the EU's regulatory framework. Please be aware that investments in this sector are prone to market risks, which may include the total loss of the invested principal.
