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Bitcoin Gold

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Discover Bitcoin Gold's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Bitcoin Gold?

Bitcoin Gold (BTG) is an open-source cryptocurrency and experimental hard fork of Bitcoin. It aims to decentralize the mining process by using a new Proof of Work (PoW) algorithm called Equihash, which can be performed by common Graphics Processing Units (GPUs), making it accessible to individual miners. BTG enhances and extends the crypto space with a blockchain closely compatible with Bitcoin but without using specialized equipment, allowing for a more democratic mining environment.

How is Bitcoin Gold used?

Bitcoin Gold (BTG) is a cryptocurrency designed to be decentralized and accessible to a broader range of users. It was created as a hard fork of the Bitcoin blockchain in 2017, aiming to address issues related to mining centralization and the dominance of Application-Specific Integrated Circuits (ASICs) in the mining process.

Mining and Decentralization

Bitcoin Gold uses the Equihash-BTG proof-of-work algorithm, which allows for mining using common graphics processing units (GPUs) rather than specialized ASICs. This approach is intended to democratize and decentralize the mining process, making it more accessible to individuals and smaller operations.

Transactions and Wallets

To use Bitcoin Gold, users need a secure wallet to store the tokens. They can then access cryptocurrency exchanges like Binance, Coinbase, or Kraken to buy and sell BTG. The transactions are recorded on the Bitcoin Gold blockchain, which operates on a peer-to-peer network without a central authority.

Current Status and Challenges

Despite its goals, Bitcoin Gold has faced challenges, including 51% hashing attacks and delisting from some exchanges due to security concerns and disputes over damages. The cryptocurrency's market performance has also been volatile, with significant price fluctuations over time.

Future Development

The development roadmap for Bitcoin Gold includes a focus on interoperability, applications, infrastructure, and the lightning network. The project aims to shift from a board-based governance structure to a decentralized autonomous organization (DAO) model, with ongoing updates to its core technology and tools.

How do I store Bitcoin Gold?

To store Bitcoin Gold (BTG) tokens securely, you can use a variety of wallets that support BTG. Here are some options:

  1. Hardware Wallets:

    • Ledger Nano S Plus: A trusted and user-friendly hardware wallet that stores your private keys offline, making them resistant to malicious attacks. It supports over 80 coins and 1000 tokens, including Bitcoin Gold.
    • Trezor Model One: Another popular hardware wallet that stores private keys locally and supports over 700 coins, including Bitcoin Gold. It is a multi-currency wallet that offers high security at a modest price.
  2. Desktop Wallets:

    • Bitcoin Gold Core Wallet: The official desktop wallet for Bitcoin Gold, which stores private keys on the device it's installed on. It supports HD wallets, SegWit, and custom fees. It is available for Windows, Macintosh, and Linux.
    • ElectrumG: A lightweight desktop wallet that supports both SegWit and multisig addresses. It is known for its fast loading time and small install size, making it a great alternative to the Bitcoin Gold Core Wallet.
  3. Mobile Wallets:

  • Guarda: A mobile wallet that supports over 40 coins and 1000 tokens, including Bitcoin Gold. It offers features like a built-in exchange and fiat gateway.
  • Edge: Another mobile wallet that supports over 20 coins and 1000 tokens, including Bitcoin Gold. It provides features like a built-in exchange and node selection.
  1. Web Wallets:
    • Guarda Web: A web-based wallet that supports over 20 coins and 1000 tokens, including Bitcoin Gold. It offers features like a built-in exchange and node selection.

When choosing a wallet, consider factors such as security, convenience, and cost. Hardware wallets like Ledger and Trezor offer high security at a modest price, while desktop and mobile wallets provide more flexibility and ease of use. Always ensure that the wallet you choose supports Bitcoin Gold and follow best practices for securing your private keys.

How to buy Bitcoin Gold?

To buy Bitcoin Gold (BTG) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reliable cryptocurrency exchange that supports Bitcoin Gold. Popular options include Bybit, gate.io, and Changelly.

  2. Create an Account: Register a free account on the chosen exchange, providing necessary personal information such as name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Deposit Funds: Add funds to your account using a credit or debit card, bank transfer, or other supported payment methods. The specific options vary by exchange.

  1. Set Up Your Wallet: Ensure you have a compatible cryptocurrency wallet to store your Bitcoin Gold. You can use the exchange's built-in wallet or a personal wallet.

  2. Place a Buy Order: Decide whether to use a Market Order or Limit Order. Market Orders execute the purchase at the current market price, while Limit Orders allow you to set a specific price. Follow the exchange's instructions to complete the purchase.

  3. Monitor and Store Your BTG: Keep track of your Bitcoin Gold investment performance and store your tokens securely in your chosen wallet.

Remember to research the fees, security features, and supported currencies of each exchange before making a decision.

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History of Bitcoin Gold

Bitcoin Gold (BTG) is a cryptocurrency that originated from a hard fork of the Bitcoin blockchain on October 24, 2017, at block height 491407. The primary goal of this fork was to change the proof of work algorithm to prevent the use of Application-Specific Integrated Circuits (ASICs) in mining, aiming to democratize and decentralize the mining process by enabling mining on common graphics processing units (GPUs).

Early Controversies

The launch of Bitcoin Gold was marred by controversy. Within a day, miners accused one of the developers of adding a hidden 0.5% mining pool fee. Additionally, concerns were raised about the robustness of Bitcoin Gold's security measures, which could have made it more vulnerable to threats. The developers had to recall wallet software due to suspicious files uploaded on their website, forcing users to download from GitHub instead.

Post-Mining and Endowment

After the launch, the developers engaged in "post-mine" activities, rapidly mining about 8,000 blocks and setting aside the results as an "endowment" to support the growth and maintenance of the Bitcoin Gold network. This included a bonus of about 5% of the mined coins for each of the six primary team members and the remaining 95,000 coins for the ecosystem's growth.

Network Attacks and Delisting

Bitcoin Gold faced several challenges, including a distributed denial of service attack on its website and criticism from Coinbase and Bittrex for being hastily put together. In May 2018, it suffered a 51% hashing attack, resulting in the theft of approximately US$18 million worth of BTG from several exchanges. This led to its delisting from Bittrex. The cryptocurrency faced further 51% attacks in January 2020, prompting the release of an emergency update to mitigate the attacks.

Current Status

Despite these challenges, Bitcoin Gold continues to operate, albeit with limited use and trading volume. Its roadmap includes focusing on interoperability, applications, infrastructure, and the lightning network. Developers aim to shift from a board-based governance structure to a modern DAO-based model and update their tech stack. However, the future of Bitcoin Gold remains uncertain due to its susceptibility to 51% attacks and dwindling activity.

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How Bitcoin Gold works

Bitcoin Gold (BTG) is a cryptocurrency that emerged from a hard fork of the Bitcoin blockchain. It aims to "make Bitcoin decentralized again" by addressing the issue of major miners dominating the mining process. Here's how it works:

Mining Algorithm

Bitcoin Gold uses the Equihash-BTG algorithm, which is designed to prevent the use of specialized Application-Specific Integrated Circuit (ASIC) miners. Instead, it favors common Graphics Processing Units (GPUs) for mining. This shift is intended to decentralize mining, allowing more individuals to participate and reducing the dominance of large mining operations.

Proof-of-Work (PoW)

The Equihash-BTG algorithm is a proof-of-work (PoW) algorithm. It connects the output block to the memory free for storage, making it difficult for ASIC machines to adapt. This means that ASIC miners would need frequent custom modifications to keep up with the algorithm updates, which would render them less efficient and less profitable.

Decentralization and Anonymity

Bitcoin Gold is designed to be more decentralized and anonymous compared to Bitcoin. It does not disclose transaction details, similar to Monero, and its mining process is more accessible to individuals using GPUs. This decentralization is intended to restore independence and fairness to the mining process.

Block Size and Processing Times

Bitcoin Gold has faster processing times than Bitcoin due to its increased block size. This allows for more transactions to be processed in a shorter time, making it more efficient.

Accessibility and Use Cases

Bitcoin Gold can be accessed through the internet and is used for various purposes such as:

  • Goods and services settlement
  • Investment in digital assets
  • Independent remittance mechanisms
  • Research and development of cryptocurrency technology
Ecosystem and Community

Bitcoin Gold has a thriving ecosystem with multiple exchanges, wallets, and mining pools. It also has a community of developers and users who contribute to its growth and development.

Overall, Bitcoin Gold aims to create a more decentralized and accessible cryptocurrency ecosystem by leveraging GPU mining and a unique proof-of-work algorithm.

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Bitcoin Gold's strengths

Bitcoin Gold (BTG) has several strengths that make it an attractive cryptocurrency:

  1. Decentralization: BTG aims to democratize Bitcoin mining by using an ASIC-resistant mining algorithm called Equihash. This allows more people to participate in mining with common hardware, reducing the dominance of large miners and mining pools.

  2. Accessibility: Bitcoin Gold mining can be done with standard computer hardware, making it more accessible to a wider range of people. Additionally, it is compatible with various wallets and exchange platforms, making it easier to use and trade.

  3. Security: BTG uses a robust security system based on the Equihash mining algorithm. It also implements replay protection to prevent unauthorized transactions on the Bitcoin blockchain.

  1. Solid Technical Base: Bitcoin Gold is known for its solid technical base and innovative features, which make it a potentially profitable investment.

  2. Peer-to-Peer Transactions: BTG facilitates peer-to-peer transactions, acts as a store of value, and serves as an investment instrument.

These strengths contribute to Bitcoin Gold's appeal as a decentralized and accessible cryptocurrency.

Bitcoin Gold's risks

Bitcoin Gold (BTG) carries several risks that have been highlighted by various sources. Here are some of the key risks associated with BTG:

  1. Security Issues:

    • 51% Attacks: BTG has experienced multiple 51% attacks, which allow hackers to control transactions and "double spend" them, essentially stealing money. These attacks have led to significant losses, including the theft of 388,000 BTG (worth approximately $18 million) in May 2018.
    • Delisting from Exchanges: Following these attacks, BTG was delisted from some exchanges, such as Bittrex, due to the developers' refusal to help with damages.
  2. Centralization Concerns:

    • Developer Premine: The initial launch of BTG included a "premine" where developers kept the blockchain private for a few weeks to mine BTG without competition. This practice was criticized for leaving fewer coins available for others to mine and giving the developers "free money".
  3. Market and Trading Risks:

  • Volatility: BTG's value has been highly volatile, falling dramatically from its initial value of over $8 billion to around $1.6 billion as of late April 2021.
  • Limited Trading Volume: BTG has relatively low trading volumes, making it more susceptible to price manipulation.
  1. Risk Ratings:

    • Moderate Risk: BTG has been given a moderate risk rating by InvestorsObserver, indicating that it is not a low-risk investment.
  2. Future Uncertainty:

    • Development and Governance: The future of BTG is uncertain, with plans to shift from a board-based governance structure to a DAO-based model, but the success of these changes is unclear.

Overall, Bitcoin Gold carries significant risks due to its security vulnerabilities, centralization concerns, market volatility, and uncertain future.

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Bitcoin Gold's ecosystem

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Bitcoin Gold’s team

  • Martin Kuvandzhiev: Operations Lead, Co-Founder, Board (Bulgaria)
  • Franco Niebles: Lead Designer, Co-Founder, Board (Colombia)
  • Edward Iskra: Team Member
  • Hang Yin: Lead Developer, Board
  • Alejandro Regojo: Co-Founder, Inactive
  • Robert Kuhne: Co-Founder, Inactive
  • Jack Liao: Co-Founder, Inactive

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