BTCPedia

Bitcoin News Journal

Let’s Learn Everything About Bitcoin Gold (BTG)

Advertisements

What is Bitcoin Gold (BTG)? Starting from block 491,407 on the bitcoin blockchain, another alternative version of the protocol is launched, resulting in a variant known as bitcoin gold.  Anyone who has bitcoin (BTC) will soon be able to claim the new cryptocurrency named bitcoin gold (BTG). Although the hard fork has already taken place, it is not yet certain whether the users can claim their bitcoin gold. In all probability, the “ordinary public” will only have access to bitcoin gold on November First.

Earlier BTG was criticized for its lack of adequate protection against replaying transactions, but the developers assured that such protection will be implemented, and this will be done before the official launch of the network. They also promise a unique address format. Earlier representatives of Bitcoin Gold stated that they intend to create a truly “decentralized bitcoin”, and thanks to the use of the algorithm of Equihash, mining will become more simple and affordable for ordinary users.

The latest project, which wants to improve bitcoin technology by changing how competition for rewards is done, is the second launched since August through a so-called “hard fork”. First real split aka hard fork occurred on August 1, 2017 with Block number 478,559 appeared simultaneously in two formats: Bitcoin Core and Bitcoin Cash. Subsequent transactions began to be recorded in different branches, and the past was common. In fact, there was a new crypto currency, because a large part of the market supported the fork. The miners transferred their capacities to it, the exchanges added Bitcoin Cash to the trading pairs. All the owners who hold bitcoin as of block 478,559 received an absolutely corresponding amount of Bitcoin Cash absolutely free of charge. In mid-August, the price of a new coin soared to $ 800 and now costs around $ 300.

Bitcoin Gold (BTG)

What makes Bitcoin Gold Different from Bitcoin Core?

According to representatives, their coin aims to create a truly “decentralized bitcoin”. It is alleged that by creating a new algorithm that makes it easier to extract bitcoins with graphics cards, the mining will be available to a larger number of participants, and the influence of large companies will be reduced accordingly. The people behind bitcoin gold aim to reinvent bitcoin. Bitcoin gold has a new mining algorithm that, to some extent, is resistant to ASIC. As a result, smaller miners would be able to relinquish the mining process with “normal” processors or video cards. And the idea is, therefore, that bitcoin gold again reflects on how Satoshi once intended.

“Bitcoin Gold will change the Proof-of-Work algorithm from SHA256 to Equihash, which will be ASIC-stable and optimized for GPU mining,” explained the Bitcoin Gold developer under the pseudonym The Sorrow.

In other words BTG has two goals. First, it wants to change how mining works by making it the most powerful mining equipment (ASICs mentioned) can no longer be used. Second, bitcoin gold wants to attract more people to the new “system”, thus freeing up the network of large companies that currently have a lot of influence on the decentralized network.

How to claim your Bitcoin Gold Coin ?

Well as of today October, Twenty Sixth it is not possible to claim your coin but you can claim after November, First. We recommend that you leave your Bitcoins in your wallet. In the coming days, we will publish manuals that explain step by step how to claim bitcoin gold coins. Follow our facebook page for updates.

Final Words : We do not recommend buying it for a long time, or even for a mid-term. Most likely, the currency will suffer the fate of Bitcoin Cash: a sharp rise, a rapid fall and a timid alignment. Grab your free coins and sell them for free cash.

Advertisements

Tags: ,

Leave your comment here