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What Is Bitcoin Gold ?
Bitcoin Gold is an open source cryptocurrency platform forked from Bitcoin to decentralize mining with an algorithm that, ASICs can’t decode. This is an effort to break down the bitcoin mining monopoly and return mining to early days a cryptocurrency holder make some extra cash from mining. What we have now is where some companies and groups have hijacked mining using ASIC to net serious cash.
Bitcoin and Bitcoin gold have some features that are similar, they both have same transaction processing time of ten minutes. Bitcoin gold was the second to be forked from Bitcoin after Bitcoin Cash, and Bitcoin Gold was touted to be an improved version of Bitcoin.
Bitcoin Gold has one striking difference from the likes of Bitcoin Cash and Bitcoin Diamond. The difference is the decentralization of mining. In that case, Bitcoin will no longer monopolize mining using ASICs(Application Specific Integrated circuits)
Bitcoin Gold recently suffered DDoS cyber-attack and cryptocurrency enthusiasts attributed to Bitcoin Gold’s poor security architecture. The attack caused Bitcoin Gold’s website to go offline as a result of its’ server being overloaded. This happened immediately after the lunch of Bitcoin Gold in October 2017.
Another attack om Bitcoin Gold happened immediately the October 2017 incident. This time around, Bitcoin Gold’s wallet was attacked, and over $3 million was lost.
The team was made up of seasoned professional led by Jack Liao. He is one of the founders and a board member. Other members of the team include h4x3rotab, who is the lead developer and co-founder. Robert Kuhne, Alejandro Regojo, Franco Niebles. All these people mentioned are all co-founders in one region or the other.
- Bitcoin Gold used is applied in the area of decentralization of mining
- Bitcoin Gold ‘token is used as a currency to purchase goods and services.
- It is used to swap other cryptocurrencies as well as fiat currencies such as USD, EUROs,
Mining of Bitcoin Gold
Bitcoin is being mined using the SHA-256 algorithm while Bitcoin Gold uses Equihash. Both use the same technology known as proof-of-work algorithms. Miners have solved mathematical computation puzzle before they can be rewarded. The transaction has to be stored, and a new block added to the blockchain.
One can mine using AMD or NVdia.GPU or CPU as long as the hardware meets the requirements. Always remember to disable antivirus software when mining.
To start mining Bitcoin Gold, you will need:
- A PC which one will use to mine
- A wallet where the coins will be sent and stored
- Mining software to get started, install, connect to the internet and solve cryptographic puzzles.
- An exchange account where you can trade or exchange your mined coins to fiat.
Notes For Investors
Bitcoin Gold is doing well in the cryptocurrency market despite the negative reports the coin. The market cap is USD 799,106,296; the unit price is USD 47.17 representing 9.13%
.is the volume is $28,444,300 USD and the total coins supplied is 17,040,411 BTG
These statistics show that Bitcoin Gold is a coin that, investors should watch-out. It will hit a gold mine in future,
This information is intended to educate members of the public. Cryptocurrencies are volatile and risky. Seek advice before investing in any cryptocurrency,