Bitcoin Gold (BTG) – What You Really Need to Know
What is Bitcoin Gold?
Bitcoin Gold is a fork of Bitcoin. The ticker of Bitcoin Gold is BTG. The project aims to resolve mining centralization by using a different mining algorithm (Equihash) than BTC, which is ASIC resistant and is best mined with a CPU.
Additionally Bitcoin Gold decided to change the difficulty adjustment. BTC recalibrates the mining difficulty every 2016 blocks (approximately two weeks), while BTG recalibrates after every block. The block time and the size of the blocks are similar to Bitcoin, 10 minutes and 1 MB.
Bitcoin Gold forked at 24. October 2017, at block height 491407. The fork was initiated by Jack Liao, a businessman based in Hong Kong.
Can Bitcoin Gold be mined?
Yes, Bitcoin Gold is based on Proof-of-Work. The mining algorithm is Equihash.
What differs Bitcoin Gold from other Cryptocurrencies?
Not much, it is a fork of Bitcoin with minor changes to the original source code. BTG uses a different mining algorithm than BTC; it uses Equihash while Bitcoin uses SHA-256.
And the difficulty adjustment was changed to recalibrate after every block.
How much is Bitcoin Gold worth today?
What is the total and the circulating supply?
The total supply of BTG is 17 084 274 and the circulating supply at the time of writing is 16 984 274 BTG. The maximum supply is 21 million.
Where can you buy BTG?
You can buy BTG on several cryptocurrency exchanges, most notably Binance, Bithump, and Upbit.
Can BTG be sold for cash?
You can sell BTG for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Bithump and Upbit.
The team plans to publish open-source libraries, implement Bech32 addresses (SegWit addresses which are a requirement to integrate the Lightning Network), and fully integrate Lightning Network. Also the aim to implement MAST (Merkelized Abstract Syntax Trees) and work on overall community building to fuel adoption.
Verdict and Rating
Another Bitcoin fork that aims to improve the original Bitcoin. It has neither the track record, resources, developers, community, network or knowledge to do that. It is also highly questionable if these so-called “Improvements” are even necessary or sustainably.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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