About BitcoinGold

Bitcoin Gold Coin Review: Mining Guide, Price & Analysis of Bitcoin Gold Cryptocurrency

Bitcoin Gold is an open-source, decentralized cryptocurrency which is a hard fork of Bitcoin.  'Fork,' in programming terms is used to refer to an open-source code modification. A hard fork is a radical change to a protocol of a blockchain network that renders the older version invalid.

BTG hard fork occurred in October 2017 at a block height of 491,407. The main reason for the forking was to decentralize Bitcoin. They achieved this by changing the Algorithm by which cryptocurrency is mined.

Alejandro Regojo and Hang Ying started BTG as its top developers. Jack Liao, the founder of Lightning ASIC (Application Specific Integrated circuits), created the BTG coin. Bitcoin Gold was initially released into the market in November 2017 with a ticker symbol as BTG.

History of Bitcoin Gold coin.

BTG is the second version to stem from Bitcoin's source code, after Bitcoin Cash. Having been started to offset the distribution challenge posed by Bitcoin. Its initial Algorithm was created by Zcash built on parameter set <200, 9 >. It was later modified to parameter set< 144, 5>. It is supported by Windows Operating System, OS X, Mac OS and Linux. The programming languages used are C++ and Qt.

Developer team

The team has over 20 people from different backgrounds and possessing various skills. It was begun by a team of six Co-founders who include; Franco Niebles, H4x3rotab, Hang Ying, Martin Kuvandzhiev and Alejandro Regojo.

The developers, immediately after the launch conducted "post-mine." The process saw a retroactive mining of incomplete BTG of quantity 100,000. Ninety-five thousand coins were reserved for BTG growing ecosystem and the remainder transferred to the coins’ pioneers. Bitcoin Gold organization oversees the developments of the platform despite its open-source code.

Bitcoin Gold Algorithm

The company begun with Secure Hash Algorithm, (SHA-256 bit). Investors can mine Bitcoin Gold. BTG developers moved to a new algorithm for mining. This algorithm, Proof-of-work, is known as Equihash, and it is more memory demanding than the Zcash. The algorithm also made sure that the mining process was as fast in standard computers just as in specialized equipment.

Performance

Bitcoin Gold coin had been listed on 46 markets and 26 exchanges as of January 2018.  It has a market capping of $153.41 million and a block reward of 6.25MB. They are more exchanges slated to offer Bitcoin Gold in future.

In May 2018, Bitcoin Gold was hit by a 51% attack. This kind of attack happens when more than half of the computers working as nodes to service the network tell a lie; the lie will become the truth. This nature of an attack makes it possible to manipulate the blockchain ledger as a result of an attacker having much network influence. This attack caused it to lose over 98% of its value in less than two years. A similar kind of attack happened in January 2020.

Bitcoin Gold has managed to launch and develop Bitcoin open-source library integration which is a crucial building block for java project developers, such as, MyCelium wallets. They have also completed making electrum wallet and Bech32 as well as Lighting Network Technical Preview.

Bitcoin Gold is in the process of developing btcsuite; an alternative Full node built-in Go which will pave way for their next plan of making mobile wallets.

Despite setbacks such as the 51% attack, Bitcoin is ambitious and keen on introducing changes and improvements that will benefit its users and crypto world in general. Its development has however slowed down considerably.

Mining Bitcoin Gold coin.

At the point of inception, Bitcoin gold was intended to put mining back into the hands of regular people. Mining of Bitcoin was proving to be a preserve for the elite as the mining hardware required, ASIC, is expensive. To change this, Bitcoin Gold came up with a new algorithm to allow even the regulars mine it.

Anyone can manage to mine BTG given the readily available cards. The cryptocurrency utilizes Equihash-BTG, also called Zhash or Equihash (144, 5). This algorithm version is more memory-intensive than ASIC but runs smoothly on many graphic cards.

To mine the BTG, the users should first familiarize themselves with wallet set up for their earnings. They can do this by getting the mining hardware to secure the blockchain. Users should then choose the pool for distribution of earnings and workload.

The pool allows all participant miners to generate a steady income stream. Finally, set up the miner by using your own GPU or a new hardware. This way, you prep your software for communication to the pool, perform the tasks and secure your share.

Privacy and Security

Hacking and software malice are significant threats in the virtual currency landscape. These threats make it imperative to have an elaborate way of ensuring that users are secure. Bitcoin Gold coin has replay protection and unique wallet or rather, a digital identity.

The blockchain technology deployed here also allows users to conduct digital transactions in a way that guarantees the safety and security of a transfer, openly and without raising any legitimacy concerns over any transfer.

Advantages

• Unit cost is relatively cheaper than Bitcoin.
• Can be bought in any denomination
• Readily available on retail exchanges
• Can be bought in fractions
• The blockchain technology used makes it hard to hack.
• Easy to use for Bitcoin Cash and Bitcoin users since the three use a basic programming
• Can be mined by ordinary users with ubiquitous GPUs

Disadvantages

• The jargon used might not be user-friendly, especially for new users.
• Can be hacked if user's private wallet is breached
• Being a cryptocurrency, it is a highly volatile asset.

Where and How to get Bitcoin Gold coin

The BTG coin can be purchased in sites such as; Okex, Uphold, Coinswitch, YoBit, Unocoin, Binance, Bitfinex , BitBay, Anybits, Bithumb Cex.io, Binance and quadrigaCX. It can be available through several wallets such as Exodus, Bitpie, Ledger wallet, Coinomi, BTG wallet, Trezor, Kasse and Guarda.

To buy Bitcoin Gold

• Sign up trading account in any of the above retail exchanges.
• Deposit funds
• Choose Bitcoin Gold on the trading platform.
• Open a Long position (Buy).

Final verdict

BTG did not start well, and it has not yet stabilized.  There was controversy surrounding its launch. Despite that, Bitcoin Gold has lived up to its objectives of Re-decentralizing, distributing, protecting and ensuring transparency in the crypto market.

It has achieved this through a free open source software project. Accessibility has been more straightforward as compared to the initial Bitcoin. It is supported by a growing community of Bitcoin enthusiasts which is a pointer for imminent market growth in future.

Bitcoin Gold has suffered some severe DDOs attacks which have seen its network activities dwindle. Prospective users and even those onboard might want to evaluate the feasibility of this trading in this platform.

On July 2020, BTG team managed to thwart a 51% attack attempt on the site, and this could be a glimmer of hope that all is not lost.

Cryptocurrency often goes through extremely volatile swings, both up and down. Cryptocurrency users ensure they understand they understand the risks that come with these investments in the long haul. In as much as trading in cryptocurrency is a lucrative venture, chances for making losses in case of a compromise or an oversight are equally there.

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