What is Bitcoin Gold (BTG)?

What is Bitcoin Gold (BTG)?

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Bitcoin Gold was launched in 2017 as a more user-friendly Bitcoin alternative. The BTG network attempts to combine the Bitcoin blockchain's security and sturdiness, as well as its qualities, with the ability for experimentation and evolution.

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BTG strengthens and expands the crypto space by using a blockchain that is highly interoperable with Bitcoin but does not rely on Bitcoin's hash power or compete for the label of “genuine Bitcoin.”

Bitcoin Gold's goal is to deliver a currency with the implementation capabilities of Bitcoin while also broadening the coin's potential for usage by DeFi and DApp developers.

 

Component Bitcoin Gold (BTG)
Technologies PoW, Lightning Network
Market Capitalization $641 Million+
Open-Source Yes
Consensus Mechanism Proof of Work
Smart Contracts No
Founders/Authors Hang Yin, Martin Kuvandzhiev
Launch Date 2017
Circulating Supply of Coins 16,513,925 BTG
Maximum Coin Supply 21,000,000 BTG
Mining-based Coin? Yes
Is Bitcoin Gold a Stablecoin? No
Does Bitcoin Gold have a burn rate? No
Does Bitcoin Gold have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Bitcoin Gold

On October 24, 2017, at block 491407, Bitcoin Gold split from Bitcoin. New Mining Algorithm for Bitcoin Gold (BTG) in July 2018.

Zcash's real algorithm used a parameter set (200,9). This method has been changed to use a parameter set (144,5). Equihash-BTG is the new algorithm.

The new algorithm uses more RAM than the old Zcash method. The website was attacked shortly after its debut and was criticized by Coinbase and Bittrex for being hurriedly put together and featuring a developer pre-mine.

An unknown perpetrator launched a 51% hashing attack on Bitcoin Gold in May 2018. This form of attack allows you to modify the blockchain ledger and spend digital currency more than once.

In January 2020, Bitcoin Gold experienced another 51% attack, and in July 2020, an “emergency upgrade” was provided to evade a recent assault chain.

 

What makes Bitcoin Gold unique?

Inherent qualities of the original Bitcoin network combined with a novel approach to blockchain applications and development. BTG, a Bitcoin hard fork, aims to revolutionize mining by introducing a new proof-of-work method that combats scalability issues.

Because Bitcoin Gold is an open-source protocol, anybody may contribute to its governance and development. For the corporation, this is a necessity for decentralization and an area where Bitcoin fails.

As one of the first hard forks of Bitcoin, it has attracted institutional and commercial investors. BTG is accessible on several exchanges, swap services, and wallets. Finally, some internet browsers and service providers actively use Bitcoin Gold.

 

What are the main uses for Bitcoin Gold?

Since the inception of bitcoin and cryptocurrencies, mining has been a critical component (BTC). While the technology for mining cryptocurrencies has advanced at a breakneck pace, the gear has grown too costly for most amateurs.

Bitcoin Gold (BTG) intends to end professional firms' monopoly on mining by altering the algorithm that can be used to add blocks onto the blockchain as with any other consensus method.

Bitcoin Gold is a liquid asset, with daily trades of between 2% and 5% of its overall market capitalisation. This implies that you may cash out your assets at any moment. This is especially critical in the crypto markets, where assets are often far more volatile.

Additionally, Bitcoin Gold can be utilized to diversify the investor's portfolio. It makes use of a proprietary mining algorithm that may be valuable in the future.

This algorithm distinguishes it from other altcoins and might help diversify the cryptocurrency portfolio of the investor. Bitcoin Gold is primarily a payment method and is a mineable currency.

Holders can use Bitcoin Gold to purchase retail products and can also earn them via mining. However, Bitcoin Gold is most often utilized as a speculative asset.

 

What is the future potential for Bitcoin Gold?

Infrastructure improvements, including building a strong and successful lightning network to operate on the blockchain, are all on the agenda of Bitcoin Gold for the next several years.

With a lightning network, users may send Bitcoin between their digital wallets for free utilizing a second-layer technology that leverages micropayment channels to increase the blockchain's potential.

Interoperability was furthered in May when Bitcoin Gold announced cooperation with Phala Network to establish minimal, permissionless cross-chain bridges to the Polkadot network. To function, blockchains need no confidence from a single organization or third party.

The bridges will initially connect BTG to the Polkadot ecosystem, but they will also be constructed to operate with any other assets that run on blockchains based on bitcoin's core technology, including Litecoin (LTC), Bitcoin Cash, Dogecoin (DOGE), and Bitcoin SV (BSV).

 

Price analysis on Bitcoin Gold

Bitcoin Gold was initially launched in 2017, and its price analysis over the past five years are as follows:

 

  2017 2018 2019 2020 2021 to date
BTG Price High $453.45 $330.13 $31.39 $15.04 $140.3
BTG Price Low $131.76 $11.5 $4.92 $5.30 $8.4
Market Cap $7.58B $5.53B $549.75M $263.37M $2.46B

 

Price prediction on Bitcoin Gold

Analysts forecast that BTG would trade over $73 in October, then decline to $64 in November before rising in December to complete the year at $102.80.

Over the long run, crypto experts believe that the price will rise to $169.82 by the end of 2022, more than quadruple to $368.96 by the end of 2025, and reach $398.04 by the end of 2026.

 

Where can you buy Bitcoin Gold?

Two of the best places to buy, sell, and exchange Bitcoin Gold include:

  1. Gate.io
  2. Huobi Global

 

1. Gate.io: Gate.io is a crypto exchange that aims to become a comprehensive all-inclusive platform for cryptocurrency trading. There is a vast range of digital tokens offered, and users have the choice to buy and sell coins using spot and margin trading.

There are several security protocols in place to ensure that user security is ensured.

 

PROS CONS
The mobile app is user-friendly and feature-rich The platform offers too much functionality, making it cluttered and difficult to understand
There are low fees charged and Gate.io is transparent about its fees  
There are enhanced security measures  
There are several trading styles to choose from  
There is a vast number of currencies to choose from  

 

2. Huobi Global: Huobi Global is a renowned and reputed virtual asset exchange trading platform initially established in China. Huobi Global moved its headquarters to Seychelles following the Chinese government's recent strict regulations regarding cryptocurrencies.

There are more than 300 assets offered, in addition to several unique features that can help advanced traders get the most from their trading.

 

PROS CONS
There is an innovative mobile app offered for iOS and Android mobile devices Not suited for complete beginners
The exchange offers 24/7 customer support  
There is a wide range of crypto assets offered  
There is a low minimum deposit of $50 offered  
The platform is functional as well as easy to navigate and use  
There are several unique features offered  

You can buy Bitcoin Gold safely from these cryptocurrency platforms.

Are there criticisms against Bitcoin Gold?

Yes, there are several criticisms against Bitcoin Gold.

From the start, Bitcoin Gold has been a source of debate. On the same day as the debut, BTG's cloud site was hit by a major DDoS assault, and miners suspected one of the devs of hiding a 0.5% mining charge.

In addition, t There was also worry that Bitcoin Gold's security procedures were not as strong as previously advertised, increasing the risk of attack.

Similarly, Bitcoin Gold's creators employed “post-mine” after the release, which worried crypto exchanges contemplating listing BTG. After the split, 100,000 coins were mined retroactively.

This was achieved by rapidly mining over 8,000 blocks, the proceeds of which were placed aside as an endowment to help expand and sustain the Bitcoin Gold network. Each of the six core team members received a bonus of 5% of the 100,000 coins, with another 95,000 coins put aside to promote the BTG community's development.

After some hesitation, Bittrex agreed to offer Bitcoin Gold. They feared that Bitcoin Gold lacked a fully formed consensus code, implemented replay protection, suitable code for checking and auditing, publicly recognized code developers.

 Following the May 2018 51% assault, Bittrex sought around 12,000 BTG in compensation from Bitcoin Gold. Bittrex delisted BTG when Bitcoin Gold refused to pay.

At the time of introduction, all Bitcoin holders were scheduled to receive Bitcoin Gold coins at a 1:1 ratio, a process also known as airdropping. Coinbase, one of the world's major cryptocurrency exchanges, was first suspicious about Bitcoin Gold.

Unlike Bittrex, Coinbase chose to exclude BTG from its exchange. Coinbase reps said the exchange could not offer Bitcoin Gold since its creators have not made its code public.

Because Coinbase did not immediately airdrop BTG to its platform's Bitcoin holders, plaintiff Daniel Archer filed a lawsuit against the company on March 27, 2018, claiming negligence, fraud, and breach of contract.

The initial judgement held that no element of Coinbase's agreement with Archer required it to offer services for third-party coins. The appeal court confirmed the lower court's summary ruling in favour of Coinbase in August 2020. 

 

What is Bitcoin Gold’s largest Competitor?

Bitcoin Cash is the largest competitor of Bitcoin Gold.

Bitcoin cash is a cryptocurrency that was developed in August 2017 because of a Bitcoin hard fork. One of the main things that Bitcoin Cash changed was the block size. This ensured that the platform could process more transactions, in addition to boosting overall scalability.

Bitcoin Cash aims to address this issue by expanding the block size from 8 MB to 32 MB, allowing for the transmission of more transactions per block. 

 

What is the Mining Process involved with Bitcoin Gold?

The GPU (video card) is the sole technology for mining Bitcoin Gold effectively. It is possible to mine Bitcoin Gold using the CPU, but it is not as effective.

The first step is to register an account with a cryptocurrency exchange that is trusted, especially one that supports crypto-to-fiat withdrawals. Once Bitcoin Gold has been mined, the user will need to exchange it for fiat currencies using the crypto exchange.

The next component is a digital wallet in which the user will store their BTG coins. Another important component to mine BTG is mining software that connects the user's computer to the blockchain.

In addition, the software also works to solve the hash functions on the Bitcoin Gold blockchain to earn users coins. Some of the best BTG mining software includes nicehash.com, minergate.com, and hashflare.io.

 

Is Bitcoin Gold a Good Investment?

Yes, Bitcoin Gold can be a good investment.

Bitcoin Gold (BTG) is not well-known for its wild price swings, but it is well-known for its strong technological foundation and creative features. While Bitcoin Gold has a lower mooning potential than other currencies and tokens, it may still be a rewarding investment.

 

What is the supply and distribution of Bitcoin Gold?

Bitcoin Gold has a total quantity of 17,513,924 BTG tokens with a maximum limit of 21,000,000 BTG coins.

  • 30% of the total BTG coins were used to create the system and the project.
  • Another 15% was set out for ecosystem maintenance and development
  • The remaining 15% was split among the BTG community.
  • Around 20% of the entire BTG token supply was set aside for annual costs.
  • 7% of BTG tokens were put aside for bounties and app cooperation
  • Another 5% was set aside for founding team benefits.
  • The final 8% of tokens were used to fund expenditures associated with the pre-fork and community development.

 

Is Bitcoin Gold a viable Alternative Coin?

Yes, Bitcoin Gold is a good alternative coin.

  • Security – Bitcoin Gold uses robust measures to ensure network safety.
  • Technology – Bitcoin Gold uses innovative technology, including PoW, Lightning Network, and more.
  • Price Stability – Bitcoin Gold is not as volatile as its counterparts.
  • Potential Investment – Bitcoin Gold can be a good investment.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Bitcoin Gold and Bitcoin?

Both Bitcoin and Bitcoin Gold are decentralized and use a proof-of-work system. However, Bitcoin Gold's algorithm, Equihash-BTG, does not benefit large mining operations with specialized equipment.

Bitcoin miners use the SHA-256 hashing method to determine the hash value because demonstrating proof of work becomes increasingly difficult as hash targets vary.

As this grows more difficult, the amount of computing power needed for mining rises proportionately—meaning that smaller miners are at a disadvantage in terms of computer power produced.

 

  Bitcoin Bitcoin Gold
Price change 20/21 +400% +180%
Market Cap $800 Billion+ $641 Million+
Past Hacks None 51% attack, 2018
Popularity Very High
Altcoin Rank #1 – Original Crypto #120

 

What are the differences between Bitcoin Gold and Ethereum?

Ethereum is a smart contract and DApp platform that allows developers to create applications using the proprietary Solidity. These applications can be used in several real-world cases, and they are very prominent in Decentralized Finance.

Bitcoin Gold (BTG) was introduced in 2018 to compensate for the constraints of Bitcoin, the cryptocurrency that served as the basis for its debut. Bitcoin Gold is a hard fork of Bitcoin, having been formed by spinning off certain current blocks of the Bitcoin network for autonomous governance.

 

  Ethereum Bitcoin Gold
Price change 20/21 +880% +180%
Market Cap $460 Billion+ $641 Million+
Past Hacks None 51% attack, 2018
Popularity Very High
Altcoin Rank #2 #120

 

What are the differences between Bitcoin Gold and Dogecoin?

Dogecoin, known by its Shibu Inu mascot, was created to be a “fun” version of Bitcoin. However, after its launch, it received a significant amount of attention from a dedicated online community.

Dogecoin is a medium of exchange used to tip content creators, with merchants and retailers around the world starting to accept it as a payment method.

Bitcoin Gold was a fork of the original open-source cryptocurrency that is widely used for open-source computer technology bridges and payments.

 

  Dogecoin Bitcoin Gold
Price change 20/21 +7,300% +180%
Market Cap $22 Billion+ $641 Million+
Past Hacks None 51% attack, 2018
Popularity High
Altcoin Rank #12 #120

 

What are the differences between Bitcoin Gold and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Bitcoin Gold, on the other hand, is fungible, which means that one BTG has the same value and characteristics as another BTG.

 

What are the differences between Bitcoin Gold and Bitcoin Cash?

Bitcoin Cash and Bitcoin Gold were both created because of a bitcoin fork. Bitcoin Cash was created in 2017 as a split of the bitcoin currency. Although it has many characteristics with bitcoin and once shared a transaction history with it, it is now an entirely distinct currency.

Bitcoin Cash was created in response to Bitcoin's (BTC) inability to perform big transactions. Bitcoin Gold was also created as a hard split in 2017. In comparison to Bitcoin and Bitcoin Cash, Bitcoin Gold use a distinct algorithm called ‘Equihash'.

Bitcoin Gold aims to become more accessible than many other digital coins. For this reason, Bitcoin Gold is ASIC-resistant and can be mined using graphics processing units (GPUs) or graphic cards on most laptops, making it easy for anyone to start mining BTG.

Bitcoin Gold functions identically to Bitcoin Cash. It is a genuine cryptocurrency that can be used to transmit and receive money as well as invested in. 

 

  Bitcoin Cash Bitcoin Gold
Price change 20/21   +180%
Market Cap   $641 Million+
Past Hacks   51% attack, 2018
Popularity  
Altcoin Rank   #120

 

What are the differences between Bitcoin Gold and Bitcoin SV?

BSV is the Bitcoin SV blockchain's native cryptocurrency. Apart from the huge increase in block size, this cryptocurrency operates according to the original Bitcoin whitepaper's early regulations.

Bitcoin SV's structure is meant to facilitate the processing of more transactions simultaneously, hence increasing transaction fees – an increase intended to incentivize miners to continue mining new blocks even after block rewards have ceased.

Bitcoin Gold aims to reintroduce digital mining to the masses. BTG is a Bitcoin-like cryptocurrency that is mined using standard GPUs rather than specialized ASICs.

 

  Bitcoin SV Bitcoin Gold
Price change 20/21   +180%
Market Cap   $641 Million+
Past Hacks   51% attack, 2018
Popularity  
Altcoin Rank   #120

 

What are the supported wallet options for Bitcoin Gold?

The following digital wallets are the best option for Bitcoin Gold:

  1. Ledger Nano S
  2. Trezor One
  3. Bitcoin Gold Core
  4. Exodus
  5. BTG Paper Wallet

 

1. Ledger Nano S: Hardware wallets are the safest way to store any cryptocurrency, and the Ledger Nano S soon rose to prominence as the market's most successful and well-known cryptocurrency wallet.

The Ledger Nano S is both easy to use and very secure. It resembles a conventional flash drive and connects to the computer's USB port similarly.

 

2. Trezor One: The Trezor Model One is another hardware wallet in which users can keep their Bitcoin Gold funds. This is the entry-level hardware wallet created by Satoshi Labs, a firm located in Prague. They are undoubtedly the most known hardware wallet brand on the market, second only to Ledger.

 

3. Bitcoin Gold Core: Because the official wallet for any cryptocurrency is always the best option, users may want to consider utilizing the Bitcoin Gold Core wallet. This full node wallet maintains the private keys on the device on which it is installed and enables users to send and receive, store, and mine Bitcoin Gold.

 

4. Exodus: Since its launch in July 2016, the Exodus wallet has been regarded as one of the most user-friendly digital wallets in the crypto market. It was the first wallet to integrate with ShapeShift, allowing users to instantly convert cryptocurrencies without the need to utilize an exchange.

 

5. BTG Paper Wallet: This is the oldest way of holding cryptocurrency and is completely free. It needs users to construct an offline address to which they can physically store their private key.

This can be accomplished by using an online digital wallet generator such as BTG Paper Wallet. Users are urged to ensure that they are not connected to the Internet when they use this. Seed words must be produced offline as it prevents the risk of private keys being leaked once produced.

Best Bitcoin Wallets are the same as Bitcoin Gold wallets.

Is Bitcoin Gold backed by Gold?

No, Bitcoin Gold is not backed by gold despite its name.