Bitcoin Gold: Everything you need to know💰

Such has been the impact and relevance of Bitcoin Gold that we can find that different cryptocurrencies have used it as a basis or inspiration. And it is that despite having an old Blockchain, since it was the first to be developed, Bitcoin has solid foundations to develop more cryptocurrencies.

Here we will talk about one of the cryptocurrencies that is said to be the daughter of Bitcoin, which we can see not only in the name. That's right, here we will talk about Bitcoin Gold, we will tell you everything you need to know to be able to make the most of it.

▶ What is Bitcoin Gold?

Known as BTG, Bitcoin Gold emerged from Bitcoin using Blockchain technology for its development. Basically, the Bitcoin operation rules were used as a starting point to create Bitcoin Gold, which facilitated the creation of it.

The concept that BTG has focused on is decentralization, which is why it implemented the PoW or Proof to Work algorithm. This allows more users to mine this coin which helps the production of Coins to be much wider in the user network.

bitcoin gold

▶ Pros of Bitcoin Gold

Despite being considered a daughter of Bitcoin, Bitcoin Gold has clear advantages over other cryptocurrencies. Here we will tell you what are the main pros of this virtual cryptocurrency which it is said will soon be worth its same weight in gold, at least in virtual gold.

  • Mined: As we already told you, the mining process is much more accessible, since PoW algorithm allows more people to mine. In this way, the network becomes much wider, which improves the amount of Coins generated and reduces, in a certain way, the cost of mining virtual currencies.
  • Safety: Furthermore, the inclusion of the algorithm PoW allows the network to be much more robust which translates into much more security. In this way, we can find that both transactions remain more secure and the Blockchain network becomes much more difficult to violate.
  • Stability: While Bitcoin Gold has the same volatility problems as any other online currency, in a way it has been stable. Its value has seen a couple of rising and falling peaks, but in general it has always remained under the same price line.

▶ Differences between Bitcoin Gold and Bitcoin

  • Safety: One of the main differences that we can find between Bitcoin Gold and traditional Bitcoin is in security. This because of BTG is betting on being one of the safest cryptocurrencies in the world. For this, a unique address format is used, thus avoiding hacks and attacks.
  • New feature: Another feature that we can find the function Replay Protection which is responsible for protecting user deposits. This feature, not available in Bitcoin, allows BTG users to better control their spending much more precisely.
  • Currency limit: More than a difference, here we find a common point. And is that both Bitcoin and Bitcoin Gold will have a cryptocurrency production limit. This limit will be 21 million coins, once reached, not one more BTG cryptocurrency can be generated as in Bitcoin.
  • Decentralized: Another of the disadvantages of Bitcoin compared to BTG is the fact that the first coin has a centralized mining. Instead, BTG uses a PoW algorithm which makes mining access easier for users with a good powered graphics processor.

▶ Technology behind 

Although Bitcoin Gold was based on Bitcoin, a cryptocurrency which stands out for its pioneering Blockchain in the digital world. Although its foundations are the pioneer currency in the segment, the developers took it upon themselves to improve many concepts behind this currency.

Thus, the algorithm used has the same construction, although the difference is that its Blockchain is new, created from a division of the main blockchain. This came, with its own transaction history different from that used by Bitcoin on its blockchain.

As for the algorithm that we find behind its transaction and mining process, we have a PoW type algorithm which is the Equihash. Another feature is that the code of this cryptocurrency is open source, which helps people to access this network.

▶ Mining

One of the great advantages that Bitcoin Gold offers is the fact that this cryptocurrency allows it to be mined. To make mining much more accessible, BTG uses a decentralized system which works without ASICS (specialized CPU) which allows people to mine with graphics cards of not so high power.

To have a good number of miners on the network, Bitcoin Gold allows you to mine with a powerful graphics processor, but not at the level of an ASIC. Similarly, all you need is a relatively basic programming language knowledge, which makes mining easier.

The best way to define Bitcoin Gold mining is that These virtual currencies are found in blocks of 50 by 50. These blocks are in a mine, mining is breaking each block to obtain coins. The downside is that the blocks are getting deeper into the mine.

bitcoin gold

▶ How to use it?

One of the downsides of Bitcoin Gold is the fact that this currency is not yet accepted as a method or form of payment. Although if Bitcoin is already used as a form of payment, BTG will also be used soon.

▶ Is it possible to buy it?

Besides mining BTG, it is also possible to buy Bitcoin Gold easily, as this cryptocurrency is popular and easy to acquire. There are shops and exchange houses where this type of cryptocurrency is easily traded in order to send them to your Wallet and use them later.

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About Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.

About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.

Do you want more information? You can read more about me here in my biography.

2 comments on «Bitcoin Gold: Everything you need to know💰»

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