What is Bitcoin Gold? Is that a different version of Bitcoin?


Now regularly there are various cryptographies. Even bitcoin had several different versions. One of the largest and most discussed forks of bitcoin took place at the end of 2017.

Bitcoin Gold – hardcock from the original open source crypto currency, which was held on October 24, 2017. And although the hurricanes occur for a number of reasons, including for scaling, because the crypt user base is growing, or because of the developers conflict and the difference in tasks, the goal of bitcoin gold was to “again make bitcoin decentralized.”

At first glance, the idea of ​​”making bitcoins decentralized again” seems paradoxical. Bitcoin , like all other crypto-currencies, has been created in a decentralized way: it is not tied to any central bank, a certain country or state body.

One of the most important problems that caused the development of bitcoin gold, was in no way connected with the issue of its central issue. Rather, it is related to the mining process. The developers of bitcoin gold believed that when creating a new algorithm for mining (in this case the so-called PoW algorithm known as Equihash), the new industry of the world’s most popular crypto currency for market capitalization will not unduly influence the main mining operations.

Democratization of Mining

Mining bitcoin is a profitable process, but resource-intensive. The most profitable mining- enterprises are often those that combine a large number of mining- rigs, each of which requires special expensive equipment. (See: “How Does Mining Bitcoin Work ?”)

People trying to own Mein Bitcoin either have to invest a huge amount of money in the creation of their own rigs, and dedicate a lot of time to this, or are simply ignored, because their computers can not compete with professional rigs systems.

One of the most important goals of bitcoin gold is to change the algorithm with which the crypt is crunched , that is, mining can not be performed faster on specialized equipment than it can be on standard computer systems.

Bitcoin Gold is not the first important bitcoin bitcoin. Bitcoin Cash was obtained using fork from the original crypto currency in August 2017.

In 2018 bitcoin is waiting for a few more hardcore. And it pushes some to think that revenues will decrease (if we talk about the investor’s interest), as more “daughters” of bitcoins will appear on the market.

Distribution, protection, transparency

In addition to the goal of “re-decentralization” of bitcoin, bitcoin gold developers are also working on issues of distribution, protection and transparency. The bitcoin of the gold website says: “With the bitcoin- blocce faction, the new digital asset is immediately and efficiently distributed among people around the world who are interested in cryptocoins.”

In the world of virtual currencies, threats from hackers and other intruders are a constant problem. Therefore, bitcoin Gold has taken additional security and security measures since its inception, in order to keep the accounts and coins of its users safe and sound.

Bitcoin Gold on stock exchanges

One of the important factors for all crypto-currencies that help determine both short-term and long-term success is their availability on crypto-exchanges. Users should have access to the crypt on exchanges to make transactions.

According to the site bitcoin golda, as of March 2018, crypto currency is traded on the following exchanges: Bithumb, Bitfinex, Binance, Bittrex, HitBTC, Uphold, YoBit, Gate.io, Changelly, Shapeshift, BitBay, Abucoins, Change Now, Evercoin, Tdax, Bitsane, Bitstarex, QuadrigaCX, Cex.io, Okex, Anybits, BestRate, Bitmarket, Indacoin, CoinSwitch, and Unocoin.

In the near future, this list will be supplemented by some other exchanges that intend to offer bitcoin gold. The crypt is also available through purses, for example, Trezor Wallet, Ledger Wallet, Exodus, Coinomi, Bitpie, Guarda, Freewallet, BTGWallet, and Kasse. According to the site, as of January 2018, the crypto currency can be found in 46 markets and 26 exchanges.

Launching the crypt and discussion

Developers bitcoin golda launched the so-called post-mine after the appearance of the crypt, which was the reverse of the mining of 100,000 coins already after the fork. This happened with the help of rapid mining of about 8,000 blocks, the results of which became “donations” for the growth and support of a wide network of bitcoins of gold.

Approximately 5% of those 100,000 coins were left as a bonus for each of the six members of the original team. During the launch, all bitcoin owners received bitcoin gold at a rate of one token bitcoin gold for one bitoin token.

One of the world’s largest crypto-systems, Coinbase, was particularly skeptical of bitcoin gold during its launch. Representatives of Coinbase said that the exchange “can not support bitcoin gold, because its developers have not made the code available for public viewing, and this is a serious security risk.”

As of March 4, 2018, Bitcoin Golda has 253 available nodes. Most of them in Germany (46 nods), followed by the United States (38), France (37) and Russia (18).

In February 2018, bitcoin gold launched the Incight Explorer program, calling it “a fully functional way of searching for bitcoins of gold and a web application that offers Insight UI and Insight API.”

Like most crypto currencies, the bitcoin of gold has its ill-wishers and contradictions. Only a few days after the launch, the miners accused one of the developers of bitcoin gold that he set the commission for mining at 0.5%, which was hidden from the mining community.