Cryptocurrency forks of different kinds happen regularly. Even bitcoin has experienced different iterations and fields of this nature. One of the biggest and most talked about bitcoin forks happened in late 2017.
Bitcoin gold is a hard fork of cryptocurrency. cryptocurrency The original open source happened on October 24, 2017, while forks were born for a number of reasons – including the purpose of expanding when the customer base. cryptocurrency Grown up or due to developer conflicts. And goal difference – bitcoin gold’s stated purpose is to “make bitcoin decentralized again”.
on the surface the idea of Bitcoin, like all other cryptocurrencies, is designed for decentralization; it is not linked to any central bank. especially countries or government agencies
One of the key issues with bitcoin, which led to the development of bitcoin gold, is not at all related to the issue of decentralization, but rather with the mining process. (In this case, a proof-of-work algorithm called Equihash). which is the most popular in the world Mining business
Democratization of the mining process
Bitcoin mining is a lucrative process. But resource-intensive, the most profitable mining operations are often combined into a large number of mining rigs, each of which requires expensive specialized equipment (see also: How Bitcoin Mining Works).
Individuals attempting to mine bitcoin on their own either have to invest a lot of money and time to build their own rigs or go through the process as computers cannot compete with professional rig systems.
One of the main goals of bitcoin gold is to change the algorithm that cryptocurrency On its own, this means that the mining process cannot run any faster on a specialized device than it can on a standard computer system.
In 2018, bitcoin is expected to see several additional investments, leading some to speculate that there may be diminishing returns in terms of investor interest (see also: Bitcoin. Vs. Bitcoin Cash: What’s the Difference? )
Distribution Protection Transparency
In addition to the goal of The developers of bitcoin gold also focused on issues related to decentralization, protection and transparency, “hardening the bitcoin blockchain and redistributing digital assets to people around the world who have interest in cryptocoins in a fair and efficient manner,” said the Bitcoin gold website.
In the world of virtual currencies, threats from hackers and other malicious organizations are a concern. For that reason, bitcoin gold has implemented additional security and protection measures since its launch to help keep accounts and coins safe. of customers, including duplicate protection and unique wallet addresses (see also: Bitcoin Was it hacked? )
The fact that bitcoin gold is “a free open source software project created by volunteer developers and supported by a rapidly growing community of bitcoin enthusiasts spanning the world” is also that catches the eye of the customer
Bitcoin Gold on exchange
for Cryptocurrencies All in all, one of the key factors that help determine both short-term and long-term success is the availability of cryptocurrency exchanges users must have access to. cryptocurrency in exchange for transactions
According to the bitcoin gold website, as of March 2018 cryptocurrencies are traded live on Bithumb, Bitfinex, Binance, Bittrex, HitBTC, Promote, YoBit, Gate.io, Changelly, Shapeshift, BitBay, Abucoins, ChangeNow, Evercoin, Tdaxax, Bitsane, Bitstarex, QuadrigaCX, Cex.io, Okex, Anybits, BestRate, Bitmarket, Indacoin, CoinSwitch and Unocoin.
There are more exchanges set to offer bitcoin gold in the near future as well. It is also available through a number of wallet services, including Trezor Wallet, Ledger Wallet, Exodus, Coinomi, Bitpie, Guarda, Freewallet, BTGWallet and Kasse, according to the website. cryptocurrency It has been listed on 46 markets and 26 exchanges as of January 2018.
Launch and controversy
The developers of bitcoin gold use what is known as a “post-mine” after the launch. This is back mining 100,000 coins after the fork. The way this happens is by quickly mining about 8,000 blocks as a result. placement as The “endowment” is used to grow and maintain the wider Bitcoin Gold network.
Approximately 5% of those 100,000 are set aside for the six core members as bonuses.At the time of launch, all bitcoin owners received bitcoin gold coins at the rate of one bitcoin gold token per bitcoin token.
Coinbase, one of the exchanges cryptocurrency The world’s largest cryptocurrency was suspected of being bitcoin gold at launch time. “Bitcoin gold cannot be supported because the developer has not provided the code to the public to verify. This is a significant security risk.”in Bitcoin )
As of March 4, 2018, bitcoin gold has 253 nodes accessed. The highest node concentration is in Germany (46 nodes), with the next highest being the United States (38), France (37) and Russia (18).
In February 2018, bitcoin gold released a bitcoin gold insight explorer, calling it “a fully functional bitcoin gold insight instance and web application service offering the Insight UI and Insight API.”
Like most cryptocurrencies, bitcoin gold has had its fair share of detractors and controversy. Just days after its launch, miners accused one of bitcoin gold’s developers of adding a hidden 0.5% mining fee. from the mining community
The Future of Bitcoin Gold
According to the bitcoin gold website, the cryptocurrency maintains ambitious plans for future expansion, for example in the first quarter of 2018. “Open source library integrations” with BitcoinJS, BitcoinJ and CoPay, as well as “academic and university collaborations” and “redesign and rebranding”, including a refreshed website.
In the second quarter of 2018, the digital currency aims to combine lightning network and decentralization through P2Pool also plans to include a debit card program and other payment integrations.
By the end of 2018, cryptocurrency aims to develop “Sidechain and cross-chain atomic exchange” includes numerous developer meetups and conferences, university outreach, and much more. Looking ahead to 2019, cryptocurrency It is intended for personal transaction and scholarship or research support.
In the long run, Bitcoin gold will research smart contracts and blockchain democracy, as well as develop a brokerage network. fiat-crypto (See also: How Bitcoin Gold Price Performed in 2017)
Bitcoin gold developers are aware of the connection between this cryptocurrency and the wider crypto world and as such they state that “The significant improvements we are making are of great interest to the wider bitcoin and crypto world, not just to bitcoin gold,” they said. to a scalable way to handle heavy forks “Smart Voting Mechanism” and Decentralized Decisions for Cryptocurrency Development
Invest in Cryptocurrencies and Initial Coin Offerings (“ICOs”) are highly risky and speculative, and this article is not a recommendation by Investopedia or the author to invest in cryptocurrencies. Because each individual’s situation is unique, a qualified professional should be consulted before making any financial decisions. makes no representations or warranties as to the accuracy or timeliness of the information contained herein. The date this article was written, the author owns bitcoin and ripple.
Article Source – Investopedia.com
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