Bitcoin Gold (BTG) aims to combine the security and reliability of the Bitcoin blockchain and its characteristics with the ability to experiment and evolve.
Contents:
- General concepts of Bitcoin Gold (BTG)
- Distinctive features of the project
- Security of Bitcoin Gold (BTG)
- Buying a token
General concepts of Bitcoin Gold (BTG)
BTG — a bitcoin-based cryptocurrency, mined on conventional GPUs, rather than specialized ASICs. ASICs tend to monopolize mining in favor of a few big players, but GPU mining means everyone can mine again, restoring decentralization and independence. GPU mining rewards go to individuals around the world rather than primarily ASIC warehouse owners, recreating the network effects that Bitcoin used to have. The company aims to introduce a coin with bitcoin implementation capabilities, while expanding the use of the coin by DeFi and DApp developers.
The blockchain platform was founded by a group of enthusiasts with different experience and skills:
- Hang Yin - lead developer;
- Martin Kuvandzhiev - second co-founder;
Distinctive features of the project
Bitcoin Gold — one of the first hard forks of the original cryptocurrency that attracted the attention of institutional and corporate investors. BTG is available on a variety of exchanges, as well as swap services and wallets.
The main properties of a blockchain project:
| Transfer speed | You can send money in any direction. At the same time, transactions are processed instantly, and funds are credited to the account at lightning speed. This is extremely important because users do not have to wait and worry about what will happen to their money next. This state of affairs increases the trust of users, and makes the system more in demand and popular. |
| Fees | Commission fees are minimal, which also increases the popularity of BTG. |
| Confidentiality | This is one of the main advantages of this cryptocurrency. All participants in the promotions remain confidential thanks to a special protocol that protects personal data. A kind of protection of user information is also provided by complete decentralization, which is the main priority of developers. |
The main idea behind this hard fork - to decentralize the network. The emphasis is on the industrial mining of BTC and ETH. But this will concentrate the receipt of coins in several pools, and this is a security threat to the entire system, which the developers also tried to solve. Their main goal - to decentralize the mining of coins by users, which will equalize the rights of all users and make it possible to earn Gold even from home devices. And the first step towards this was taken - the algorithm was replaced with Equicash, while managing to keep the old current protocol.
Security of Bitcoin Gold (BTG)
While Bitcoin remains dependent on Application Specific Integrated Circuit (ASIC) miners, this version of Equihash uses more memory than ASICs can offer, but works great on many graphics cards. Unlike the Ethereum blockchain, which relies on a proof-of-stake (PoS) mechanism and prioritizes stakeholders, Bitcoin Gold places great value on the computing power of miners.
As a hard fork of Bitcoin, the protocol relies on the Proof-of-Work (PoW) consensus mechanism. The developers claim that one of the main goals of BTG was to revolutionize the mining process by implementing Equihash PoW, which favors GPUs for mining as opposed to the Bitcoin blockchain.
Buying a token
BTG tokens are available on different exchanges. One such option is Binance, although there are other good options as well:
- Bithumb;
- Huobi Global;
- Bitfinex;
Bitcoin Gold has a maximum of 21 million BTG tokens.