29 Apr Bitcoin Gold: What’s the future of a friendly Bitcoin-fork?
The concept of a cryptocurrency fork falls into two broad categories: The hard fork and the soft fork. While the two forks have similarities, they also differ in that the old and new hard fork blockchains coexist, while the soft fork results in a single blockchain. Bitcoin Gold is a robust open source crypto currency. When? On the 24th. The BCG coin, launched in October 2017, aimed to make bitcoin decentralized again. This goal seems rather controversial, since bitcoin itself is already a decentralized currency (there is no central authority as there is with fiat currencies). The main reason for Bitcoin Gold was to develop a new algorithm for miners. The new branch of the blockchain created by the forking process, unlike the previous branch, will no longer favor those with specialized hardware, but those with standard computers.
Difference between Bitcoin, Bitcoin Gold and Bitcoin Cash
Bitcoin, mysteriously developed in 2009 by Satoshi Nakamoto, is a decentralized digital asset that has attracted worldwide attention and inspired the creation of several other digital currencies. Although bitcoin still faces a time limitation, several digital currencies have attempted to adapt and improve upon Satoshi’s work. BCG, BCH and several other digital currencies named Bitcoin are crypto assets created as a result of a fork in the Bitcoin blockchain. It should be noted that bitcoin is not a financial instrument as it is not cash.
The BCH coin split from the main Bitcoin blockchain in August 2017 because no BCH crypto wallets were accepting Bitcoin transactions and blocks. The BCH fork remains the most successful fork in the Bitcoin blockchain. By March 2021, it will be the 11th largest digital currency in terms of market capitalization. Compared to Bitcoin’s 1MB block size, BCH allows an 8MB block size for faster transaction processing. In 2018, the maximum block size was increased to 32MB, but the block size on the BCN remained a fraction of 32MB.
BCH can process transactions faster and handle more transactions than the bitcoin network, but the fear of security breaches due to the larger block size is a minor concern. Moreover, bitcoin remains the world’s largest cryptocurrency in terms of market capitalization, so BCH users may find its liquidity and ease of use inferior to bitcoin. BCH exchange pairs on different crypto-currencies are BCH-BTC, BCH-EUR, BCH-USD. The BCH can be easily purchased with a credit card.
Inflation problems for the BCH are controlled by halving the block reward every four years. This process works like regular currency, where printing more money causes inflation, and when no more money is printed, the value of the BCH rises.
BTG forked the Bitcoin blockchain in October 2017. Bitcoin’s gold mining algorithm has taken a more democratic approach. Making bitcoins was a laborious process and only benefited those who could afford special super-fast mining computers. The new BTG algorithm has adopted an algorithm that creates equality among all bitcoin miners, regardless of their hardware. In the world of cryptocurrencies, malware and hacking attacks are commonplace, and Bitcoin Gold has been a victim of them repeatedly. In May 2018, BTG was 51% victim of a hash attack by hackers. As much as 338,000 BTG was stolen in this attack. After this attack, BTG Gold was removed from Bittrex because the team refused to pay for the damage. In January 2020, BTG was attacked again, resulting in an emergency update. According to the Bitcoin Gold website, BTG is currently traded on 40 cryptocurrency exchanges and in 11 currencies. It also supports crypto-currency wallets like Ledger Nano X and TREZOR one hardware wallet.
BTC market capitalization
Market capitalization is calculated by multiplying the total number of bitcoins in circulation by the current bitcoin price. The market capitalization of bitcoin has grown from about $1 billion in 2013 to $940 billion on the 25th, according to Coinmarketcap. April.
History of Bitcoin Gold
Bitcoin gold emerged from an experimental bitcoin fork in October 2017 to make mining accessible to individuals. As bitcoin has grown, the complexity of mining has increased from the average computer to specialized super-fast computers that consume a lot of power. In July 2017, Bitcoin Gold developer Jack Liao announced a change to the bitcoin algorithm, which he called Equihash-BTG. This algorithm is designed so that anyone without a dedicated computer with high processing power or high energy requirements can participate. Equihash-BTG required miners to use devices with graphics processing units (GPUs) instead of bitcoin ASICs. Thus, the BCG coin will restore the foundations of bitcoin as a decentralized digital currency.
Symbol : BTG
Current Value : $81.14
Start Date : 10/24/2017
Available offer: $17.4 million.
Maximum delivery : 21,000,000 BTG
Maximum market price : A billion dollars.
Still standing: USD 549,72
This information was provided in the form of a coin.
Gold control on bitcoins
One of the main criticisms of bitcoin gold are the many attacks and vulnerabilities the project has faced. In May 2018, Bitcoin Gold suffered a 51% hash attack and a double issue. In January 2020, a new hit was registered on 51% hashish. These attacks have shown that the network is not ASIC-resistant, as its creators claim.
A few days after Bitcoin Gold launched, a statement from one of its founders added a 0.5% mining fee that was hidden from the public. Like any other project, the bitcoin gold coin has had its share of controversies and struggled to improve corrupt capabilities.
Bitcoin gold Decentralisation
According to bitcoingold.org, Bitcoin Gold decentralizes mining using a proof-of-work (PoW) algorithm called Equihash-BTG, which cannot be run on the special hardware used to mine bitcoins (ASIC miners). BCG allows the average cryptocurrency miner to mine with ordinary GPUs or a standard computer.
This decentralized goal came about when the mining process in the Bitcoin ecosystem was monopolized by hardware companies. The increasing complexity of mining makes it easier for companies to control mining operations and build specialized equipment. This has made it difficult for normal users to mine bitcoins.
The future of Bitcoin gold
The developers of bitcoin cold gold understand that they need to improve their efforts to keep bitcoin gold consistent and attractive to investors. They promised improvements such as smart voting mechanisms and decentralized decision-making to further develop BTG.
It is impossible to look to the future without looking to the past. BTG came on the market and peaked at over $500. Two days later, it was down to about $140. In 2020 to 2021, the price hovered between $8 and $10. By 2021, according to Coinmarketcap, the price of bitcoin gold has risen from $8 to $108, and currently stands at $82.
The future of bitcoin gold trading is bright, as developers have announced that the bitcoin gold network has repelled several hacking attacks since January 2020. This positive news had an impact on users and led to an increase in investments in Bitcoin Gold.
Bitcoin Gold also plans to launch the Lightning network, making BTG a convenient way to make daily payments and usable on any cryptocurrency exchange. With these future possibilities, Bitcoin Gold will be a worthy future financial solution for people interested in cryptocurrencies.
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