Bitcoin Gold PriceBTG

What is Bitcoin Gold

Bitcoin is the leading player in the cryptocurrency market. However, it is the first cryptocurrency. Not only that, it is the most traditional one as well. There were many limitations associated with bitcoin. One such limitation is the increased centralization of Mining power in the hands of a few entities. To overcome such issues Bitcoin Gold Coin was created. It is a decentralized cryptocurrency that works on a peer-to-peer network. In this article, we will discuss the Bitcoin Gold coin in detail from its history, key features,  merits, and demerits to its future. 

History of Bitcoin Gold Coin

On 24 October 2017, a hard fork of the Bitcoin network created this digital currency. The fork took place at the block height of 491,407. The new version of Bitcoin was created by the fork. The main purpose of it was so that it could be immune to specialized mining equipment called ASICs. This enables more users to take part in the mining process. They do so with the use of consumer-grade hardware. 

Understanding Bitcoin Gold Mining

Just like Bitcoin BTG mining is done by solving complex mathematical problems. It uses a different mining algorithm. This algorithm is known as Equihash. The best part about this algorithm is that it is crafted to resist ASIC. That means many users can take part in the mining process. They can do so with the use of GPUs or CPUs. The miners try to solve the puzzle. Once they are successfully able to work out the correct answer to the puzzle they add a new block of transactions to the blockchain. A particular amount of BTG coins is the reward that miners receive for their work. 

Key Features and Technology of Bitcoin Gold Coin

This coin comes with a lot of features that set it apart from other cryptocurrencies. We have tried to bring to your notice some of the key characteristics of this coin. They are as under:

Equihash Algorithm

The Equihash algorithm has the following attributes: 

1. Designed to have complete storage.
2. This system makes it immune to ASIC mining. 
3. Correspondingly, This helps to distribute mining power equally.
4. Secondly, it also encourages decentralization.

ASIC Resistance

This feature enables the coin to have the following: 

1. A self-governed mining process. 
2. Here users can mine with the use of consumer-grade hardware. 
3. This decreases the obstacle to entry and encourages decentralized networks. 

Replay Protection

This feature fulfills the following objectives: 

1. To avoid duplication of transactions from the Bitcoin blockchain to the BTG blockchain or vice versa, the coin uses replay protection technology. 
2. Furthermore, This prevents users from unexpected loss of funds during the fork.

Wallet Compatibility

The coin is compatible with various wallets that support its network. This enables users to choose from a range of desktop, mobile, and hardware wallets to store and manage their coins securely. 

Advantages of Bitcoin Gold Coin

Users who acquire this digital currency are liable to enjoy the below-mentioned advantages:

Decentralization

The coin allows a comprehensive mining process. This process encourages decentralization. The users can participate in the mining process. They use consumer-grade hardware ro do so. This helps to reduce the centralization of mining power in the hands of a few entities.

Security and Privacy

The coin uses a decentralized blockchain to ensure the security and privacy of transactions. To guarantee the integrity and confidentiality of user transactions the coin uses cryptographic algorithms.

Community Governance

This coin works on a community-driven regulatory pattern. Decisions with regards to the development and direction of the network are taken through community discussions and agreement. This helps them to be transparent. By the same token, it motivates the community to take active participation.

Accessibility

The purpose of this coin is to make mining accessible to a wide range of users. To enable more people to take part in the mining process it uses consumer-grade hardware. This will help to balance the cryptocurrency ecosystem.

Potential Risks and Challenges

Whether it is shares, mutual funds or cryptocurrencies, risks and challenges are part of investments. It is the duty of the individuals to do a detailed research before investing. We have laid down some of the main risks and uncertainties that this coin faces:

Market Volatility

It is the most common risk when we talk about cryptocurrencies. The fluctuating value of the coin can result in great gains or loss for investors.

Regulatory Uncertainty

The regulatory affairs that surround the cryptocurrency ecosystem is in its developing stage. Thus the coin has to go through the regulatory changes that can affect the coin's usage, value and its acceptance.

Competition from other Cryptocurrencies

The cryptocurrency market is highly competitive. There are numerous digital currencies that battle for traction and adoption. The BTG has to prove itself different from the others as well as showcase its proposition in the crowded space.

How to Buy and Store Bitcoin Gold Coin

Are you one of those who are interested in buying and storing this digital currency? If yes, you can follow these few easy steps.

Choice of exchange 

First, choose a reputed exchange from the range of exchanges that supports this coin.

Order Placement 

Finish with the necessary authentication process and place a purchase order for the desired quantity of this coin.

Wallet selection

When the purchase is done you will need to store the coin securely in a wallet. Choose from the range of desktop, mobile, or hardware Wallet. 

Coin storage

The difficult part is to store your coin securely. It is advisable to follow certain safety measures like strong passwords, two-factor authentication, and keep backups or recovery phases in a safe offline location.

Bitcoin Gold Coin Price Analysis

Just like other cryptocurrencies from the time the coin was launched, it has seen constant price fluctuations. These constant dips and highs in the prices are due to the following reasons: 

1. Market trends
2. Technological development
3. Regulatory changes
4. Adoption rate 

The above factors have affected the price of this coin immensely. Thus it is uncertain to know the coin's future cost. As a matter of fact, it is advisable to conduct proper research and consider all the uncertainties before going for investments.

Future Outlook for Bitcoin Gold Coin

The coin has a bright future ahead. We can say that because of the following rationales, it will increase its adoption and user cases.  

Persistent improvement endeavors

The developers are working constantly to improve the network and broaden its capabilities. 
 

Initiation of new partnership deals

Its aim is to build partnerships and integration with various businesses, payment processors, and other cryptocurrencies. 
 

Investment in research 

Bitcoin Gold is planning to lead research on various agreements about blockchain. They are also working on blockchain democracy. This will foster a decentralized fiat-crypto brokerage system.