What is Bitcoin Gold (BTG)? Alternative coin or Major coin?

Bitcoin gold

The most important goal of Bitcoin Gold (BTG) is to be a much better cryptocurrency than Bitcoin. Bitcoin Gold, which entered the market for this purpose, was designed in such a way to be able to withstand mining devices called ASIC. Bitcoin Gold uses Equihash algorithm with Proof of Work algorithm. It is known that these algorithms are very resistant to ASIC and can be used in Zcash. This change aims to make mining of Bitcoin mining with CPU and GPU as it was before, not with money applications. Bitcoin Gold (BTG), Bitcoin and so on. 1% of Bitcoin Gold has already been excavated and is in the hands of those who design Bitcoin Gold (BTG). As a matter of fact, many of these people are wondering if they are going to hunt people.

In short, bitcoin gold has two goals

What is Bitcoin Gold
What is Bitcoin Gold

First, Bitcoin Gold (BTG) wants to change the way mining is done by preventing the use of the most powerful mining machines (ASIC) so that mining can be more effective.

Second, over time, attracting more people to this system, hoping to empty out the big corporations that offer these products through the bitcoin network, claims that this leads to excessive effects on the network.

Instead of scaling Bitcoin to support more users, BitCoin Gold is “providing BitCoin back to a centralized structure”.

Although created by the same mechanism, bitcoin gold differs from Bitcoin Cash in a number of ways, especially at the point of distribution.

What are the differences between Bitcoin Gold (BTG) and Bitcoin?

Differences include

Bitcoin gold (BTG) is set to be pre-created (before the code is open source).

Approximately 1 percent of the total coins issued before the opening of the blockchain has been awarded to the bitcoin gold (BTG) development team.

When this distribution came to an end, the team claimed that bitcoin gold would have a vibe to get the users’ money, and they did.

Of course, while aiming to become a de facto version of bitcoin, others see bitcoin gold as altcoin – this term is long used to express the money that is initiated using the current code of bitcoin.

And what about Bitcoin Cash and Bitcoin Gold (BTG)?

Bitcoin Gold review
Bitcoin Gold review

Bitcoin Cash (BTG), which was put on the market in August, was one of the solutions found for users to increase capacity and expand the mass. As the variety of variations in the Bitcoin network began to support Bitcoin’s ‘balloon’ adjectives, it quickly came out as the other version of Bitcoin, raising it to 3-4 times and seeing the value. Cryptic money, which has become an intensive industry, seems to overcome the disproportionate power that companies have to offer. As Bitcoin mining becomes increasingly difficult, it continues to be efficient thanks to the ASIC (integrated circuit). The ICG, which will be offered as an alternative to ASIC-based companies, will be introduced to the market as a result of changes in its algorithm and transaction volume.

Who is supporting Bitcoin Gold?

The team behind the Hardfork seems to be a relatively small group.

Firstly, in July, Hong Kong-based LightningAsic CEO Jack Liao announced the idea of bitcoin gold (BTG), which criticized the current situation of bitcoin mining.

The company LightningAsic sells information-processing equipment-type mining equipment that must be used by BitCoin Gold, including GPUs.

With the expansion of the team for the first time at the beginning of this summer, pioneer developer H4x3Rotab added five other volunteer developers who were working to develop and disseminate in their spare time.

The mining of Bitcoin Gold (BTG)

Bitcoin Gold Chart of BleuTrade
Bitcoin Gold Chart of BleuTrade

If you would like to mine with standard equipped home or workplace computers, we suggest you stop now. Because you can not make money from mining like this, along with this, you can lose the money in your pocket as well because of the high energy consumption. So those who are considering mining should think once more.

The importance of ASIC

ASIC now sweeps Bitcoin’s mining market. Bitmain, Bitfury, and Canaan are leading companies that develop these devices. The possibility of using ASIC is the Proof-of-Work protocol, SHA256, used in Bitcoin mining. This function is rather simple compared to today’s technology and does not need much RAM. In fact, this function is so simple that you can only use Bitcoin mining at a low speed using just your paper, pen, and mind.

But Equihash comes with Bitcoin Gold (BTG), has a fairly complex hashing algorithm, and requires a lot of RAM. This means that the ASICs that can be made for Equihash will cost quite a lot. At the same time, if an ASIC is made for Equihash, the mining speed will not be too fast for a normal user’s computer.

Using the SHA256 protocol, it can reach speeds of 5-10 mega hash per average CPU time. ASICs can do the same at 5-10 tera hash per second. That means 1 million times more mining operations than standard computers. However, Equihash is capable of processing 10-30 hash in the CPU and 1000-3000 hash in the case of a specially designed circuit. This is equivalent to only 100 times more processing. In other words, mining operations will be much more uniform between computers and ASICs than SHA256. Equihash might change if there was a protocol that would earn as much as SHA256, but that does not seem possible.

Investors Ready

BTC-BTG Chart of Bittrex
BTC-BTG Chart of Bittrex

Kano said in an interview with The New York Times that the Financial Services Agency recognized Bitcoin as digital money and invested in Bitcoin and other crypto parallaxes as a result of authorizing crypto money exchanges to “hold everything in the hands of conservative Japanese investors.”

Do we think that investing in Bitcoin Gold (BTG) is an excellent idea to make a significant amount of money?

We can not say something specific about it, it depends on markets’ behaviors, but these days, the value of Bitcoin Gold (BTG) is decreasing actually.

What is the result of this article?

In order to make much money by mining on a computer, at home, at work; this platform seems to be sensible in fact.

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ROADMAP

Q2 2018

Lightning network integration
Decentralized mining : P2Pool

Q4 2018

Sidechains&cross-chain atomic swaps

2019

Private transactions

Long term

Research on smart contracts and blockchain democracy

About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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