What is Bitcoin Gold? Bitcoin Gold (BTG) is a Bitcoin hard fork that split the blockchain in two after a radical protocol change in November 2017. In this article, as Kriptokoin.com, we will answer the question “What is Bitcoin Gold” and examine the project in detail.
What is Bitcoin Gold?
Project presented as an alternative to the leading cryptocurrency Bitcoin. It is described as a hard fork of Bitcoin. A token cannot continue to exist on the previous blockchain, as after the hard fork the compatibility with previous blocks is terminated. So it needs its own blockchain. Therefore, Bitcoin and Bitcoin Gold have separate blockchains. Bitcoin Gold was created with the aim of re-centralizing Bitcoin. It is described as one of the largest and most controversial Bitcoin forks.
What are the differences between BTG and BTC?
The fact that Bitcoin’s consensus mechanism does not support enough miners has led to comments that the system has become centralized. Additionally, those intending to mine Bitcoin need expensive and powerful devices. The cost of this hardware, called ASIC, can reach thousands of dollars. However, Bitcoin Gold is designed to be able to mine independently from ASICs. Mining is done with GPU. These are low cost compared to ASICs.
However, this is not the only difference between the two blockchains. Bitcoin (BTC) uses the original proof-of-work mechanism while Bitcoin Gold (BTG) uses the Equihash mechanism. Also, BTG has a faster transaction speed as it has a smaller block size compared to BTC.
What is the downside of Bitcoin Gold?
Using the Proof-of-Work mechanism, Bitcoin Gold is defined as “vulnerable” to 51% attacks. In this attack, more than 50% of a network’s processing power is taken over by a cybercriminal or criminals. BTC has been subject to these attacks more than once in the past. For this reason, there are some doubts about the security of the blockchain.
What is the total supply and current price of BTG?
According to Coinecko data, the total supply of Bitcoin Gold (BTG) is 21,000,000 BTG. The circulating supply is 17,513,924 BTG. However, BTG has a market cap of $329,548,819 with a trading volume of $4,098,939 in the last 24 hours. BTG is currently trading at $18.81 on cryptocurrency exchanges. However, it rose to $465.25 in December 2017 and broke its own price record.
What is Bitcoin Gold? How to get BTG?
Bitcoin Gold is a project traded on major cryptocurrency exchanges. Users wishing to invest in BTG must open an account on one of the exchanges where the project is traded. Some of the exchanges where the project is traded are: Binance, Bybit, Bitfinex, Gate, Huobi Global, OKX, ProBit Global and Bitci. Investors who want to buy BTG can open an account on one of the above exchanges and add USDT or BTC to their wallets and get BTG.
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