Hello friends, I've put together a lot of questions about Bitcoin Gold in this article. To which I have answered. This will help you get a better idea about Bitcoin Gold.Also if you like the article, please comment and like it
Bitcoin Gold price today is $8.88 with a 24-hour trading volume of $43,660,602. BTG price is down -9.2% in the last 24 hours. It has a circulating supply of 18 Million coins and a max supply of 21 Million coins. Upbit is the current most active market trading it. In order to explore addresses and transactions, you may use block explorers such as explorer.bitcoingold.org and btgexplorer.com. Additional information can be found at https://bitcoingold.org/.
Bitcoin Gold is a fork of the Bitcoin blockchain. In the 491407 block, Bitcoin gold mining workers will begin building blocks with a new proof-of-work algorithm, and this will double the Bitcoin blockchain.
While the original Bitcoin blockchain will continue to be in the opener, a new branch of the blockchain will be different from the original chain. The new branch is a standalone blockchain with the same transaction history as Bitcoin Up, but is then removed. As a result of this process, the birth of a new cryptocurrency.
The purpose of Bitcoin gold is to decentralize the Bitcoin mine again. Satoshi Nakamoto's idealistic view of "one CPU one vote" has disappeared by a reality where the production and distribution of mining equipment has been dominated by very few entities, some of which have engaged in a whole network of abusive practices against mining and bitcoin.
By changing Bitcoin's proof-of-work algorithm from SHA256 to Akihash, all of the specialized SHA256 mining tools will be obsolete for bitcoin gold blockchain mining.
Thus, Bitcoin Gold will provide an opportunity for numerous new people around the world to participate in the excavation process with the widely available customer hardware that is produced and distributed by a reputed mainstream corporation. A more decentralized, democratic mining infrastructure is more resilient and conforms to the core vision of satisfaction.
What is Bitcoin Gold ?
Bitcoin gold is a crypto-currency, i.e. it is meant for paying on the internet or in your everyday life instead of Euro or US Dollar. You can therefore consider crypto-currencies as further development of money. This money has a long history starting from barter in the stone ages, then banknotes and ending in fiat money. Crypto money is not controlled by central banks, but it is decentralized and controlled by smaller and bigger datacenters, which everybody can participate in. Based technology, the blockchain, is forgery-proof and thus offers a high level of trust.
Bitcoin Gold emerged from a so-called hard fork on the 25th October 2017. The blockchain was copied on block 491.407 (= status on 25th October 2017) and since then it has been working separately from its bigger brother. Particularly for people who already have Bitcoins this phenomena is of greater interest. That is because they have the possibility to get Bitcoin Gold of the same amount, and that is for free. Below we will describe step by step, how that works.
In the end Bitcoin Gold is a copy of Bitcoin. This is why BTG has similar characteristics, but at the same time it wants to compensate some weaknesses.
Behind Bitcoin Gold are some prominent figures of the crypto scene, such as Jack Liao, the CEO of the Hong Kong mining equipment manufacturer LightningASIC, or the Chinese mining tycoon and owner of the Bitcoin news portal Jinse.com.
why the Bitcoin Gold is named?
If, like many, you automatically assumed that it was named for creating an association with digital gold, you would be wrong.
"It's just a name that the makers thought was good, They weren't trying to create any association between Bitcoin and gold."
Still, the status of Bitcoin should explode from "Magic Internet Money" to "Digital Gold", whether its brand had any impact or not. Was the reason for the drop?
What are the main contents of Bitcoin Gold?
Bitcoin Gold Bitcoin is a tough fork in the blockchain, but it has more decentralized and democratic mining infrastructure than Bitcoin. Bitcoin gold cryptocurrency is marked by the BTG symbol. Its total supply is 17.1 million BTG.Bitcoin Gold Mainnet was launched on November 12, 2017 after a successful testnet run.Bitcoin is flexible with general purpose computer hardware (GPUs), using a POW algorithm running EquiHash in gold. It may not be used by ASIC designed for Bitcoin, which limits competition from bitcoin to limited companies.
What about Bitcoin gold technology?
Bitcoin Gold uses SIGHASH_FORK_ID replay protection. It implements a new algorithm that calculates a transaction hash and provides two-way replay protection. It also cancels Bitcoin gold blockchain and vice versa.The EkiHash algorithm, a memory-hard algorithm, allows GPU digging and prevents centralization of the value of the currency with smaller groups of wealthy investors. This makes currency prices more stable. Bitcoin's ASIC can no longer be used for Bitcoin gold.Using the Bitcoin Gold Dizzy V3, it uses a difficulty adjustment algorithm to monitor the time elapsed between the most recent block and a set number of previous blocks. It maintains a 10 minute interval between blocks to accommodate difficulty.
Does Bitcoin compare with Gold Bitcoin?
Although Bitcoin Gold is a hard fork of the Bitcoin blockchain, it does not compete with Bitcoin. Although other hard forks, such as Bitcoin Cash, have forged a number of minerals from the Bitcoin network to work on various blockchains. (BTG) Bitcoin Gold's anti-ASIC algorithm means that almost no mineral present in Bitcoin will switch to BTG mining.
But Bitcoin competes with anti-ASIC cryptocurrencies such as Ethereum for its mining power. This national network mining comes as a small-scale GPU excavation. The issue of bitcoin gold is that of other anti-ASIC cryptocurrencies that have a long history and are more predictable. It is not certain whether a mining worker could change to BTG if the cost per BTG was not met.
One of the benefits of Bitcoin gold is its wide spread. Bitcoin Gold will be awarded to everyone who receives the Bitcoin Network. So there is potential for that.
How Bitcoin Gold Mine?
Bitcoin mining can be profitable, but it is also very resource intensive. This has led to miners choosing to pool their resources together, and to large centralized mining operations, housing hundreds of very powerful mining rigs, and bringing immense computing resources in the process.
This means that the solo miner, those who wish to simply mine on their own from home, were forced to spend large amounts of money to build their own super-powerful mining rigs. Those who didn’t choose to do this would be passed over in the mining process as their computers simply didn’t have the computational power to solve a block before the professional systems. Or they could join mining pools, further centralizing Bitcoin mining themselves.
Bitcoin Gold took as one of its central goals to change the mining algorithm, and in so doing prohibit the use of specialized ASIC chips in mining. This keeps the large mining operations from dominating the mining process, and allows solo miners to continue mining with only their computers GPU.
When are they going to Hard Fork?
Their plan is to pick a block on October 25, 2017 to fork from, hence the date on their webpage. That does not mean that their coin launches on that day, just that the Bitcoin blockchain gets frozen for the BTG chain on that day and new BTG blocks built on top later.
Currently, they are planning an early November release, which means that their blockchain will have no blocks for a week or so in between.
The Bitcoin Gold developers plan to create a testnet sometime in mid-to-late October. They’ll make their software available soon after.
How is Bitcoin Gold different from other cryptocurrencies?
As discussed earlier, Bitcoin Gold has several standout features that make it unique from many other cryptocurrencies.
All wallets and transactions on the Bitcoin Gold blockchain are pseudonyms. The blockchain doesn't show the identity of the wallet owners, but owners can still know where the coins came from and where they went.
Despite being new, Bitcoin Gold is more accessible due to the availability of multiple exchange platforms.
Anyone can dig BTG on GPU graphics carded computer. Bitcoin Gold is more democratic than others like Bitcoin Cash.
Power network integration has reduced the geo of transactions and increased the number of transactions per second through dedicated channels.
Is it safe to do BTG business?
Security concerns are one of the major obstacles to the immediate BTG business. In particular, BTG may not yet have replay protection.
So if you want to get in early but don't want to take unnecessary risks, it may be worth looking at exchanges that clearly explain how they plan to handle it.
For example, Bitfinex has adopted a token scheme, whereby users can trade tokens representing each chain, and certain features are limited until they believe they can trade securely, when the widely used Exchange Coinbase just announced that it would not code. BTG until it is publicly available By marthana.
How to get a Bitcoin gold wallet?
Some wallets may offer you direct access to your BTG, others may require you to take additional technical steps. As well as verified wallets that support BTC and BTG will be listed on the Bitcoin Gold home page. We will release BTG recovery guides from the most popular wallets, including Bitcoin Core, Electrum, Mycelium, hardware wallets, paper wallets and many more.
If you have BTC in the form of a paper wallet, hardware wallet, multi-signature address, or any other form of secure private key storage, you will be able to claim your associated BTG at any time in the future.
There is no expiration date for claiming your free BTG. If you have a BTC on a mortar that you have not planned to touch for many years, do not change your plan because of this thorn. Your BTG will still be still decades later.
After that time, your options for acquiring it are to buy it in exchange for any other cryptocurrency, dig it with your own computer hardware (GPU), or earn it by trading your products and services for it. BTG is already trading on several exchanges listed in the ESOCSTM section of the official website.
ASIC-prevention has become increasingly important to some cryptocurrency enthusiasts, as decentralization is gaining increasing importance. This is leading Bitcoin gold, since it was specifically created to make bitcoin ASIC-resistant and more decentralized.
The problem is that most people do not think that the bitcoin mining ecosystem has collapsed or that its more centralized development has in any way been harmed. Of course, having a centralized network is not ideal, but Bitcoin miners have to lose very easily to take any action against the blockchain best interests.
And those new to the mining ecosystem are increasing the decentralization of bitcoin
The con conundrum of the community is that Bitcoin Gold does not provide enough improvement to make it an independent investment. Many people have already left BTG derived from hard fork, so the price should be fairly stable, but if you have not received BTG as part of the hard fork then buying BTG is not worth it.