Bitcoin Gold (BTG)
Written by Alexandra Perry
Posted April 18, 2018
Bitcoin Gold (BTG)
Bitcoin with a Mining Algorithim Twist
Bitcoin Gold (BTG) is a relative newcomer to the digital currency scene.
The digital token arrived on October 24, 2017, after a hard fork initiated at block number 491407 of the Bitcoin blockchain. It was developed and supported by Jack Liao.
To better understand what Bitcoin Gold is in relation to Bitcoin, investors can look at a similar digital currency that was produced by a Bitcoin hard fork: Bitcoin Cash.
At its most basic level, a hard fork is when the code associated with a digital currency is split. In the case of many digital currencies, one team or group will continue mining the line of code that it supports. In the realm of Bitcoin, hard forks were common and are often viewed as a solution to scaling and community issues.
Both Bitcoin Cash and Bitcoin Gold offer a solution to Bitcoin’s ongoing scaling solution.
That being said, Bitcoin Gold approaches the problem from a different angle: mining.
The goal of Bitcoin Gold was to restore mining powers to everyone. Over the course of Bitcoin’s lifetime, the costs associated with Bitcoin mining increased. ASIC chips tend to be expensive and require the most computing power, making Bitcoin mining economically infeasible for many people.
In order to keep the Bitcoin ecosystem safe, Bitcoin Gold implemented what’s called full replay protection and also unique wallet addresses. The use of full replay protection keeps users safe against a wide range of malicious threats, including accidental mistakes.
Outside of these factors, Bitcoin Gold is very similar to Bitcoin. Like Bitcoin, Bitcoin Gold is a free and open-source blockchain project that uses volunteer labor.
Bitcoin Gold can act as a peer-to-peer digital currency for individuals who want to exchange money with each other and overseas.
Bitcoin Gold chose to maintain Bitcoin’s transaction history before the fork.
What this essentially means is that, like Bitcoin Cash, if someone held Bitcoin before the fork, they’d receive Bitcoin Gold.
If you’re interested in learning more about Bitcoin Gold, you can access the website here.
How to Buy Bitcoin Gold
Bitcoin Gold can be purchased on a wide range of exchanges, including Bithumb, Bitfinex, and Bittrex.
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