Buy Bitcoin Gold (BTG)

What is Bitcoin Gold?

Bitcoin Gold is a decentralized cryptocurrency that originated as a hard fork of Bitcoin in November 2017. It was created to decentralize the mining process by allowing it to be performed using common Graphics Processing Units (GPUs) instead of specialised mining machines called ASICs. This adjustment aims to restore decentralization and access within the cryptocurrency mining landscape.

How does Bitcoin Gold work?

Bitcoin Gold works by operating on a blockchain that's similar to Bitcoin but uses an Equihash-BTG proof-of-work algorithm, which is resistant to ASIC mining. This enables mining using GPUs, promoting increased decentralization. The network uses the proof-of-work consensus mechanism where miners validate transactions and are rewarded for solving complex mathematical problems. Additionally, Bitcoin Gold supports second-layer solutions like the Lightning Network, which can facilitate high-speed smart contracts and scalable payment processing.

What are the potential use cases for Bitcoin Gold?

Bitcoin Gold's use cases stem primarily from its accessible mining approach and technical structure:

1. Decentralized Mining: Individuals can partake in mining using ordinary GPUs, enhancing distribution and fairness in mining activities.

2. Payments: BTG can be used for financial transactions, benefiting from its network's support across various exchanges and wallet services.

3. Financial Inclusion: Offers payment solutions to underserved communities by providing an accessible and decentralized network.

4. E-commerce and Online Services: It can function in e-commerce settings as a payment method, albeit not as widely adopted as Bitcoin.

5. Cross-Border Transactions: Enables faster, cost-effective overseas transactions without the hurdles of traditional payment systems.

What is the history of Bitcoin Gold?

Bitcoin Gold was conceived by a team led by Jack Liao in July 2017 and officially launched as a hard fork from Bitcoin on October 24, 2017. This fork aimed to address the centralization concerns in Bitcoin mining by changing the algorithm to Equihash-BTG, which is ASIC-resistant. Significant milestones include the implementation of new algorithms and the network's continuous updates to enhance security and functionality. Despite encountering 51% attacks in 2018 and 2020, which exposed vulnerabilities in its network, Bitcoin Gold remains active with ongoing efforts to improve its technology and market presence.