- Buying Bitcoin
Bitcoin Gold is the second, after Bitcoin Cash, hard fork of traditional Bitcoin. It is aimed at individual users. Bitcoin Gold quickly gained popularity on the cryptocurrency exchange, while arousing considerable controversy. What should you know before deciding to buy Bitcoin Gold? In this article you will learn everything that is most important about this project. However, if you already know a lot about it and you are interested in buying Bitcoin Gold, you can do it by clicking the button below and registering a free account on the european BitBay exchange:
Bitcoin Gold is a Bitcoin hard fork, which is the hard fork of the bitcoin chain. This means that the new leg of the chain up to the fork has the same transaction history. It functions alongside the parent chain but becomes a separate cryptocurrency. In several ways, Bitcoin Gold is similar to the base type of cryptocurrency. Both Bitcoin and Bitcoin Gold have a coin limit of 21 million and the transaction processing time for both is 10 minutes. If You need to know better what is Bitcoin (BTC) just read linked article.
This free system is based on the principle of open source – it was created by a group of independent developers and enthusiasts. It is based on a distributed blockchain transaction register. The main goal of the creators was to give the network to individual users who will be able to mine cryptocurrency using GPUs, i.e. graphics cards available to everyone.
The history of the Bitcoin Gold cryptocurrency, marked with the symbol BTG, dates back to October 2017. It was then that the Bitcoin network split, during which the independent BTG chain was formed. In the first phase, the developers dug 800 transaction blocks, of which they received 100,000 individual Bitcoin Gold. At that point, the BTG coin was worth over $ 500. However, it quickly began to lose its value due to a wave of criticism. It never came close to a similar price again.
Bitcoin Gold, like the parent cryptocurrency, is based on a proof-of-work algorithm, which means that users are responsible for transactions and creating new blocks. Initially, it operated on the Equihash cryptographic algorithm. The assumption was that BTG was to be mined only with the use of GPUs, but in May 2018, Bitmain launched an ASIC excavator, which supports, among others, Equihash algorithm. Therefore, the creators of the cryptocurrency decided to transfer it to the Zhash algorithm. Initially, miners received 12.5 BTG for one block, and in 2020 the salary fell to 6.25 BTG.
Bitcoin Gold is present on over 30 cryptocurrency exchanges. Most often, transactions are made in tandem with the dollar and with the underlying Bitcoin. It can also be purchased in tandem with the GBP pund. It was highest in November 2017, when its value was over $ 500. Currently, one Bitcoin Gold is worth around $ 26.
The great thing about Bitcoin Gold is that you can store it in multiple wallets. The official wallet that downloads and syncs the entire history of the blockchain network on your computer is Bitcoin Gold Core Wallet. It is available for devices based on the operating systems: Windows, MacOS and Linux. Users who are looking for multi-wallets often choose the Exodus wallet. Coinomi, available for iOS and Android, and Freewallet Bitcoin Gold are recommended for mobile devices. Hardware wallets such as Ledger and Trezor can also be used.
The introduction of the Bitcoin Gold cryptocurrency was controversial from the very beginning. The community focused around Bitcoin, firmly against the division of the network, was opposed in the first place. The creators are also accused of building their position on the basis of the popularity of the name “bitcoin”. The first accusations emerged when it was revealed that the developers began exploring the blocks in isolation, putting aside a certain amount of coins to support the development. However, the creators defended themselves, explaining that thanks to testing the mining process, the community had access to all services at the time of the premiere. Soon after, users accused one of the developers – Martin Kuvandzhiev – of adding a hidden half-percent service charge.
As it turned out, BTG also has very low computing power generated by miners, which is why it very often fell into the object of the so-called attacks 51%. The largest of them took place in 2018. It led to huge losses on the Bittrex exchange that were valued at over $ 18.5 million.