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Exodus bitcoin gold
Cryptocurrency forks of various types now take place on a regular basis. Even bitcoin has experienced several different iterations and branches in this way. One of the largest and most discussed bitcoin forks took place late in Bitcoin gold was a hard fork of the original open source cryptocurrency which took place on October 24, While hard forks take place for a number of reasons — including for the purposes of scaling as a cryptocurrency customer base grows, or because of developer conflict and differences of goals — bitcoin gold's stated purpose has been to "make bitcoin decentralized again.
On the surface, the idea of "making bitcoin decentralized again" may seem counterintuitive. Bitcoin, like all other cryptocurrencies, is designed to be decentralized already; it is not linked with any central bank , particularly country, or government body. One of the major issues with bitcoin which prompted the development of bitcoin gold, however, was not related to the question of central issuance at all. Rather, it had to do with the mining process. Bitcoin gold developers believed that by adopting a new algorithm for the mining process in this case, a so-called proof-of-work algorithm called Equihash , the new branch of the world's most popular cryptocurrency by market cap would not disproportionally favor major mining operations.
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Bitcoin mining is a lucrative but resource-intensive process. The most profitable mining ventures are often those which pool together a large number of mining rigs, each of which requires expensive, special equipment. Individuals attempting to mine for bitcoin on their own either have to invest a huge amount of money and time into creating their own rigs, or they get passed by in the process, as their computers are unable to compete with the professional rig systems. One of the primary goals of bitcoin gold has been to change the algorithm by which the cryptocurrency itself is mined, meaning that the mining process cannot be run faster on specialized equipment than it can on standard computer systems.
Bitcoin gold was not the first major hard fork of bitcoin. Bitcoin cash forked off from the primary cryptocurrency in August of In , bitcoin is anticipating several additional hard forks, prompting some to speculate that there may be diminishing returns in terms of investor interest as more offshoots of bitcoin reach the market.
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Bitcoin Cash: What's the Difference? Besides the goal of "re-decentralizing" bitcoin, bitcoin gold's developers were also focused on issues relating to distribution, protection, and transparency. In the world of virtual currencies, threats from hackers and other malicious entities are constantly a concern.
For that reason, bitcoin gold took additional safety and protective measures from the time of its launch, in an effort to help secure its customers' accounts and coins.
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These include replay protection and unique wallet addresses. According to the bitcoin gold website, the cryptocurrency maintains ambitious plans for expansion into the future. In the first quarter of , for instance, the website says its goals including "open source libraries integration" with BitcoinJS, BitcoinJ, and CoPay, as well as "academic and university collaboration" and "design and rebranding," including a refreshed website. In the second quarter of , the digital currency aims to integrate a lightning network and decentralized mining through P2Pool.
There is also a plan to integrate a debit card program and other payment systems integrations. By the end of , the cryptocurrency aims to develop "sidechains and cross-chain atomic swaps" as well as a number of meet-ups and developer conferences, university outreach, and more. Looking ahead to , the cryptocurrency has its sights on private transactions and scholarship or research support. Over the longer term, bitcoin gold will conduct research on smart contracts and blockchain democracy, as well as develop a decentralized fiat-crypto brokerage network.
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Bitcoin gold developers are conscious of the connections between this cryptocurrency, its parent bitcoin, and the broader digital currency world. As such, they indicate that "the core improvements we're working on are all of great interest in the broader bitcoin and crypto worlds, not merely for bitcoin gold.
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Manage your wealth in a blockchain wallet that combines solid engineering and beautiful design in the form of live charts that update in real-time. Buy and sell one digital asset for another without having to go through centralized exchanges. Exchange cryptocurrencies in just a few taps from the comfort of your wallet while maintaining privacy and control — no signup needed and you control your private keys.