Especially for those who lost money, the recent fall of the cryptocurrency market continues to be heartbreaking. Unfortunately, the market’s excessive price volatility is not new at this point. Top assets like BTC, ETH, ADA, XRP, and BNB have witnessed values tumble to levels that are simply unfathomable. The market had a difficult time, and Terra’s LUNA was the most disappointing stock, losing more than 90% of its value in a single day.
Unfortunately, the cryptocurrency market continues to suffer as the challenges of digital assets are still clearly visible. Surprisingly, during the same period of turbulence in the bitcoin market, Bitcoin Gold, a relatively unpopular cryptocurrency, showed gains. However, it’s critical to comprehend the nature of the digital asset and the factors contributing to its growth.
What is Bitcoin Gold (BTG)?
A fork of the Bitcoin Blockchain led to the creation of the cryptocurrency known as Bitcoin Gold. The proof-of-work mechanism serves as the primary distinction between Bitcoin Gold and Bitcoin. While Bitcoin employs the SHA-256 algorithm, Bitcoin Gold uses the Equihash algorithm.
This modification was made to make Bitcoin Gold more resistant to ASICs. It follows that those who own specialized computers will no longer be able to control the Bitcoin Gold network. The proof-of-work algorithm’s modification also makes it possible for the typical PC to mine Bitcoin Gold. You’re not required to
Background of Bitcoin Gold
On October 24, 2017, the Bitcoin Blockchain had a fork that created Bitcoin Gold. The goal of Bitcoin Gold was to “restore Bitcoin’s decentralized nature“. The goal of the creators of Bitcoin Gold was to switch the proof-of-work algorithm to one that was resistant to ASIC mining. This would prevent anybody with specialized computers from controlling the Bitcoin network.
They decided to use the Equihash algorithm. The algorithm is identical to Zcash’s. An algorithm that works well on both CPUs and GPUs is equihash. This implies that a standard PC is capable of mining Bitcoin Gold. To take part in the mining process, you do not need to purchase a specialized computer.
How Does Bitcoin Gold Work?
The Equihash proof-of-work algorithm, which connects block production to the amount of memory available for storage, powers the Bitcoin Gold ecosystem. ASIC processors were in fact already at a disadvantage with Bitcoin Gold since periodic bespoke modifications were needed to keep up with algorithm improvements.
In layman’s words, the machine might not have produced the required ROI before it becomes outdated and unusable. The blockchain and its reward structure are expected to continue to be democratic and decentralized because smallholder hardware miners are expected to be the large winners.
The Bitcoin blockchain is a community initiative since it is mostly open-source and technology-driven, allowing for transparency and decentralization. Its anonymity is comparable to Monero when compared to other cryptocurrencies. It’s distinct from Ethereum and Bitcoin, both of which are known to make transaction information available through their respective explorers. This serves as the starting point for Bitcoin Gold, which conceals actual wallet addresses.
What Problems Does Bitcoin Gold Solve?
Bitcoin Gold is a new cryptocurrency that is designed to improve the scalability and security of bitcoin transactions. Its design goals include making it possible for people to create bitcoin transactions that can be stored and transferred command to manage taxable Accounts with Bitcoin Gold.
A few months ago, Bitcoin Gold was one of the first cryptocurrencies to be released under the conditions set by the Bitcoin gold standard. This move helped to avoid any potential conflict of interest and took advantage of the fact that Bitcoin Gold is a open source project.
In addition, Bitcoin Gold is a part of the Akka development team. This means that developers who are working on Akka projects will be able to use Bitcoin Gold as well.
Finally, Bitcoin Gold is a great candidate for Bitcoin ABC, the upcoming parent project of Akka. Bitcoin Gold is also a good candidate for Bitcoin ABC because it can be added to the network easily and quickly.
The Bitcoin Gold Team
Currently, Jack Liao leads a team of developers that includes more than 20 active developers from throughout the world. The team also includes the co-founders, who lead the Board of Directors alternately. They collaborate with other tech professionals who are making their mark in the cryptocurrency industry.
Lightning Network
Over the past two years, Lightning Network has worked to increase the scalability and usability of Bitcoin. The newly launched LN apps have significantly improved Bitcoin access and transaction speed for a few retailers. Because Bitcoin Gold’s underlying technology and that of Bitcoin are so similar, Bitcoin Gold will gain from any subsequent advancements made to the Lightning Network.
Partnerships
There are a few types of partnerships that can be with Bitcoin Gold.
- The first type is web and app partnerships. These will include companies that create or are creating Bitcoin Gold applications.
- The second type is mobile app partnerships. These will include apps that run on Bitcoin Gold.
- The third type is a separate partnership with the Bitcoin Gold development team. These will involve apps that use the Bitcoin Gold protocol.
- The fourth type is a separate partnership with the Bitcoin Gold development team. These will involve apps that use the Bitcoin Gold protocol but will not be developed by Bitcoin Gold.
What Is BTG Token?
BTG token is a digital asset based on blockchain technology. It is a decentralized and open-source cryptocurrency to provide an alternative to the existing financial system. BTG token is designed to be a store of value and a medium of exchange.
The BTG token is built on the Bitcoin blockchain and uses the same proof-of-work algorithm. However, the block reward is halved every four years.
Basic Information About BTG
- Token name: Bitcoin Gold Token
- Ticker: BTG
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0xb2728A5CC72398A3e4b055f3D0938944A97a84CE
- Max supply: 21,000,000 BTG
- Circulating Supply: 17,513,923.59 BTG
Price of BTG Today
- Bitcoin Gold price today is $29.87 USD
- 24-hour trading volume of $26,901,521 USD
- Market Cap: $434,169,128
What is BTG Used For?
Applications for Bitcoin Gold include payments, smart contracts, and bridges for open-source computing technology.
- BTG is a fungible cryptocurrency, which implies it is interchangeable, convertible, and identical. It is decentralized and community-driven, and it employs a consensus algorithm.
- BTG enables speedier transactions due to its improved design. Bitcoin is anticipated to generate five transactions per second (tps), but Bitcoin Gold can generate up to 27 tps.
- It completely protects the wallet addresses of network senders and receivers during transactions.
How to Buy BTG Tokens?
If you want to buy BTG tokens, then below are the best options:
Exchanges
BTG can be traded on many different exchanges. Some of these include Binance, FTX, Bitstamp, Bittrex, and HitBTC. You can also use an exchange like Coinbase to buy other cryptocurrencies such as Bitcoin or Ethereum with your local currency.
Once you have purchased these other cryptocurrencies, you can then send them to one of the exchanges listed above and trade them for BTG.
BTG Mining
Another way to get BTG is by mining it. BTG uses a Proof-of-Work algorithm, which means that you can mine it with your computer.
Read more: Binance Vs BinanceUS Guide 2023: Which Exchange is Best?
How to Store BTG Coins?
There are two ways to store your BTG coins. You can either store it in a hardware wallet or in an online exchange.
For storing your BTG coins in a hardware wallet, we recommend the Ledger Nano S. This is one of the most secure wallets for storing your cryptocurrency.
If you want to store your BTG coins in an online exchange, we recommend using Binance. Binance is one of the largest cryptocurrency exchanges and it supports a wide range of cryptocurrencies.
Read more: Best Crypto Wallets For Storing Coins In 2023: Hot Wallets & Cold Wallets
Goals of Bitcoin Gold
The primary goal of Bitcoin Gold is to make Bitcoin decentralized again. A large part of the community is not happy with how Bitcoin is moving and the centralization happening. This has led to a split in the community, with people looking for a new version of Bitcoin to support.
Prospect Of BTG
The prospect of BTG is very bright. The coin is known for its privacy, scalability, and security. Because of these features, it has attracted more and more investors. It is expected that the value of BTG will continue to rise in the future.
FAQs
How to earn BTG tokens?
To earn BTG tokens, you must first sign up for a Bitfinex account. Once you have registered and logged in, you will need to deposit funds into your account. You can do this by clicking on the “Deposit” tab on the main menu. From here, you will be able to select how you would like to deposit your funds, whether it be through a bank transfer, wire transfer, or credit/debit card.
Should you invest in Bitcoin Gold?
Bitcoin Gold (BTG) is renowned for its revolutionary features and strong technological foundation rather than for its dramatic price swings. Although Bitcoin Gold has a lower mooning potential than other coins and tokens, it can still be a successful investment.
Is investing in BTG risky?
It is possible that investing in BTG may be risky. The value of the coin may fluctuate rapidly and unexpectedly, and there is no guarantee that it will continue to be listed on exchanges.
Read more: Day Trading Cryptocurrency: The Best Strategies for Success
Why is Bitcoin Gold popular?
Bitcoin Gold is popular because it is a hard fork of Bitcoin that allows users to mine the cryptocurrency with GPUs.
Is it the right time to buy BTG?
There is no definitive answer to this question. Some people believe that BTG is a good investment at its current price, while others believe that it is too early to say and that the price could continue to rise or fall in the future.
What can I buy with BTG?
BTG can be used to purchase goods and services just like any other cryptocurrency.
How is Bitcoin Gold different from other blockchain projects?
Bitcoin Gold is a fork of the Bitcoin blockchain that occurred on October 24, 2017. The main difference between Bitcoin Gold and other projects is that it uses an algorithm that allows anyone with a regular computer to mine for Bitcoin Gold.
Can I convert Bitcoin Gold coins to other currencies?
Yes, there are many ways to convert Bitcoin Gold coins to other currencies. You can use an exchange like Coinbase or ShapeShift or convert them to fiat currency using a service like BitPay.
How can I find more information about Bitcoin Gold?
The project’s official website is the best place to find more information about Bitcoin Gold.
Conclusion
Bitcoin Gold is a peer-to-peer network that uses open-source, decentralized digital money for peer-to-peer transactions. The token functions similarly to Bitcoin but overcomes some of its drawbacks. In addition to rising by more than 40% during a difficult week for the cryptocurrency market, its forecasts for the future are impressive. Numerous crypto professionals believe the digital asset will perform well this year and in the future.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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