What is Bitcoin Gold (BTG)?
Future of BTG Cryptocurrency and know how to buy BTG

#1 - What is Bitcoin Gold?

Bitcoin Gold is one of the newly launched cryptocurrencies that is attracting crypto enthusiasts because of its increasing usability. The coin is gaining traction because of its branding as a version of Bitcoin.

Bitcoin Gold: The Basics

  1. Bitcoin Gold is a hard fork from the Bitcoin blockchain, but with a more decentralised and democratic mining infrastructure than Bitcoin. The Bitcoin Gold cryptocurrency is denoted by the symbol BTG. Its total supply is 17.1 million BTG.
  2. The Bitcoin Gold mainnet was launched on 12th November 2017 after running a successful testnet.
  3. Bitcoin Gold uses a PoW algorithm running Equihash, minable with general purpose computer hardware (GPUs). It cannot be used by ASICs designed for Bitcoin, which limits competition over limited resources from Bitcoin.

Bitcoin Gold Development

  1. Bitcoin Gold was founded by Jack Liao, CEO of LightingAsic and BitExchange and 5 more people. The team is backed by a robust team of veteran software developers who regularly post updates. It is a community-led project that offers its users a fair opportunity to mine with ubiquitous GPUs.
  2. Bitcoin Gold was designed to decentralize mining and to verify and validate Bitcoin transactions. All transactions of Bitcoin before the hard fork were retained and all Bitcoin holders before block 491406 were awarded an equal amount of Bitcoin Gold.
  3. The team claims to be working to develop Equihash as a new proof-of-work algorithm and to convince the mainstream Bitcoin network to adopt it as well.

Bitcoin Gold Technology

  1. Bitcoin Gold uses SIGHASH_FORK_ID replay protection. It enforces a new algorithm which calculates the hash of a transaction & provides a two-way replay protection mechanism. It also invalidates Bitcoin transactions on Bitcoin Gold blockchain and vice versa.
  2. Equihash algorithm, a memory-hard algorithm allows GPU mining and prevents centralisation of currency’s value with smaller groups of wealthy investors. This makes the currency price more stable. Bitcoin’s ASICs can no longer be used for Bitcoin Gold.
  3. Bitcoin Gold uses DigiShield V3, a difficulty adjustment algorithm to monitor the time that has elapsed between the most recent block and the median of a set number of preceding blocks. It maintains a 10-minute interval between blocks  to adjust difficulty.

Features

  1. Decentralization: PoW algorithm decentralizes mining on Bitcoin Gold’s blockchain & restrict the use of certain specialized chips for mining. Users can mine BTG with GPUs and make it truly decentralised.
  2. Replay Protection: This protects users from malicious attacks. It prevents transaction replay & funds loss by making transactions on one chain invalid on others.
  3. Protection against big swings:  Deviation in the total amount of hash power is prevented by the difficulty adjustment algorithm & protects against big swings in hash power.
  4. Unique Address Format: Bitcoin Gold has changed the format of its addresses to prevent confusion with Bitcoin address. This prevents the unintended transfers of Bitcoin to a Bitcoin Gold address and the consequent loss of coins.

 

#3 - How to Buy and Store Bitcoin Gold?

How to buy Bitcoin Gold/ How to buy BTG

BTG coin is available to trade on multiple exchanges like Bithumb, Bitfinex, Binance, Gate.io, etc. But with the BTG cryptocurrency being available over many exchanges, it can get difficult to get the best price for your transactions. This is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the BTG cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for BTG. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for the Bitcoin Gold crypto. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

Bitcoin Gold Storage

Bitcoin Gold Core Wallet v0.15.1is Bitcoin Gold’s full node wallet which can be used to store the blockchain. However, it takes up more space and memory than the third-party wallets. Alternative third party wallets that support BTG are Windows (64 bit & 32 bit), Mac and Linux (64 bit & 32 bit) & ARM Linux (64 bit & 32 bit). BTG coins can also be stored in following walets:

  • Trezor Wallet
  • Ledger Wallet
  • Coldlar
  • Exodus
  • Kasse, etc.

Soon a fork of the Electrum Wallet tailored to Bitcoin Gold will be released.

 

#4 - What is the future of Bitcoin Gold?

Also Read: Complete Analysis of Bitcoin Gold | Live Bitcoin Gold (BTG) Price Charts And Predictions

As of June 2018, its market capitalisation stands at $441 Million USD. The maximum supply of the Bitcoin Gold cryptocurrency (BTG) is 21 million BTG.

Despite weak performance in the last 3 months, Bitcoin Gold seems to be set for a long run on the markets because of altered block time and democratic mining. Priced at around $475 at its launch in October 2017, it came down to touch around $100 in January ’18.

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

44.33

44.80

42.78

43.90

13,487,000

755,344,000

May 01, 2018

73.28

73.43

69.17

71.70

20,320,400

1,244,080,000

Feb 01, 2018

156.89

158.49

122.87

127.57

51,720,700

2,635,290,000

Jan 01, 2018

261.63

297.17

255.76

272.91

143,836,000

4,379,180,000

 

#5 - How is Bitcoin Gold different from other cryptocurrencies?

As discussed earlier, Bitcoin Gold has multiple standout features making it unique from most other cryptocurrencies.

  1. All wallets and transactions on the Bitcoin Gold blockchain are pseudonymous. The blockchain does not show the identity of wallet owners but still owners can check where the coins came from and where they went.
  2. Despite being new, Bitcoin Gold is more accessible because of its availability on multiple exchange platform.
  3. Anyone with a computer with GPU graphics cards can mine BTG. Bitcoin Gold is more democratic than others like Bitcoin Cash.
  4. Lightning Network integration has decreased the transaction gee and increased the number of transactions per second through dedicated side channels.

 

#6 - Should you invest in Bitcoin Gold/ invest in BTG?

  1. Bitcoin Gold could soon dethrone Bitcoin mining companies by releasing an alternative mining algorithm which is less susceptible to ASIC-based optimization. This should increase the amount that Bitcoin Gold users earn with their spare computing cycles.
  2. Bitcoin Gold claims to be democratizing Bitcoin mining which should encourage more investors to put their money as their transactions are pseudonymous.
  3. New investors should be drawn to BTG coins as it offers a widely-available consumer hardware for mining which is manufactured widely-available consumer hardware that is manufactured.
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