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Bitcoin Gold - Wikipedia
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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.
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.
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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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See more: Bitcoin vs. 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. These include replay protection and unique wallet addresses. See also: Can Bitcoin Be Hacked? The fact that bitcoin gold is "a free open-source software project that is built by volunteer developers and supported by a rapidly growing community of bitcoin enthusiasts that stretches around the globe" is also a draw for potential customers.
For all cryptocurrencies, one of the major factors which helps to determine both short-term and long-term success is its availability on cryptocurrency exchanges. Users must be able to access the cryptocurrency on exchanges in order to make transactions. There are additional exchanges slated to offer bitcoin gold in the near future as well. According to the website, the cryptocurrency has been listed on 46 markets and 26 exchanges as of January, The developers of bitcoin gold used what is called "post-mine" after the launch. This was the retroactive mining of , coins after the fork already took place.
The way that this happened was through the rapid mining of about 8, blocks, the results of which were set aside as an "endowment" of sorts, to be used to grow and maintain the broader bitcoin gold network.
Bitcoin Gold price prediction 2021: will BTG reach $500 again?
At the time of the launch, all bitcoin owners received bitcoin gold coins at the rate of one bitcoin gold token per one bitcoin token. Coinbase, one of the largest cryptocurrency exchanges in the world, was notably skeptical of bitcoin gold at launch time. Coinbase representatives stated that the exchange "cannot support bitcoin gold because its developers have not made the code available to the public for review. This is a major security risk. As of March 4, , bitcoin gold has reachable nodes.
The highest concentration of nodes is in Germany 46 nodes , with the next-highest levels being the United States 38 , France 37 , and Russia