Bitcoin Gold

Bitcoin Gold Review

When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Bitcoin Gold.

Background

Bitcoin Gold was a hard fork of Bitcoin that was done on October 24, 2017 at block height 491407.Similar to Bitcoin in all almost aspects, except the mining algorithm. The reason for this fork, was by the team described as “to make Bitcoin decentralized again”. Although this might seem like a redundant reason, the team behind BTG are very concerned about the ASIC-based mining, Proof-of-Work model that BTC has. Because of this, the BTG team have created “Asic-free mining”.

Asic-free mining

The idea behind BTG is to prevent ASIC miners from having too much power in the network. Because Bitcoin is now being mined by ASICs, only those who purchase these machines can mine on Bitcoin’s network. This can cause mining to become more centralized and harder to access.

Through the Equihash ASIC-resistant algorithm, BTG will not be minable using ASICs. This is a popular mining algorithm that has already seen lots of use (ex: Zcash).

Bitcoin Gold Launch

There has been some controversies revolving the launch of BTG. Some people claim that the whole process and project spawned from greed of the organisation behind it. Just after the snapshot took place, the developers did a post-mine and retroactively mined the first 8000 blocks or equivalent to 100,000 BTG. Because of this, the controversy states that founder Jack Liao seized these coins in his private wallet. The funds are meant for endowment to scale and operate the network accordingly. There’s really nothing unusal about this practice, as many forks and new project do this to ensure stability and development of the new blockchain.

If you have concluded that this is the coin for you, congratulations! Buy BTG here.

Good luck!