What is Bitcoin Gold (BTG)? Things to know about the latest BTG coin 2020

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Bitcoin Gold (BTG) used to be in the top coins with large market capitalization, but until now this name is rarely mentioned. So…

  • What is Bitcoin Gold (BTG coin)?
  • Should I Bitcoin Gold investment or not?
  • Where to buy Bitcoin Gold reputation?
  • Which Bitcoin Gold Wallet Should I Use?

If you are looking to find out Bitcoin Gold and potential Bitcoin Gold investment then this article is for you.

What are you waiting for, let’s start the article!

Maybe you are interested: What is Bitcoin? Bitcoin investment guide for beginners?

What is Bitcoin Gold?

Bitcoin Gold (BTG) is an open source cryptocurrency born from a hard fork of Bitcoin. Like most hard fork coins from Bitcoin, the purpose of Bitcoin Gold is to change the algorithm to address some of the remaining weaknesses in the Bitcoin blockchain.

You may not know: What is a hard fork? What is soft fork? Let’s learn about these terms

Bitcoin Gold was hard fork from the Bitcoin blockchain on October 24, 2017 at block 491407. At the time of the hard fork completion, those who owned Bitcoin (BTC) before will receive free Bitcoin Gold (BTG) at the rate of 1 BTC = 1 BTG.

Project Initiator Bitcoin Gold to be Jack Liao, CEO of LightningAsic a company that sells mining equipment in Hong Kong. After a while Jack Liao withdrew from the project and gave his leadership position to a member with a nickname H4x3rotab.

What is the solution that Bitcoin Gold is aiming for?

As noted above, Bitcoin Gold (BTG) was born with the aim of overcoming some outstanding weaknesses in the Bitcoin blockchain. Other than Bitcoin Cash, another Bitcoin hard fork comes first BTG few months, towards solving the problem of transaction speed of BTC. BTG aims to solve the problem of monopoly in mining by ASIC devices (specialized Bitcoin miners).

So why ASIC resistance? At time Bitcoin Gold Incubating the idea, the Bitcoin mining field is being dominated by the giant Bitmain with ASIC devices. It makes it difficult for CPU and GPU miners to compete, leading to the risk of the network being controlled by a few individuals or organizations, turning the blockchain from decentralized to centralized.

To solve that problem, Bitcoin Gold new mining algorithm application, Equihash. Actually before that Equihash has been applied in blockchain Zcash and has shown some of its advantages.

With Equihash, Bitcoin Gold partly balanced the competition in mining between conventional GPU and CPU-powered devices compared to ASIC devices.

Difference between Bitcoin and Bitcoin Gold

Despite being hard fork from the Bitcoin blockchain, but Bitcoin Gold there are still differences.

One of them can be mentioned as:

  • Instead of the mining algorithm Proof-of-Word (PoW) Just like Bitcoin Bitcoin Gold use Equihash, an improved version of PoW to increase ASIC resistance.
  • Features against Replay Attack (replay attack).
  • Mining difficulty per block of Bitcoin Gold will be different. Whereas with Bitcoin, the blocks will have the same mining difficulty.
  • Bitcoin Gold has a pre-mine process of about 1% (160,000 BTG). That is, developers will mine BTG before the Bitcoin Gold blockchain is officially public.

How to mine BTG coin

Anyone can mine BTG by graphics card. Bitcoin Gold use Equihash-BTG, also called Equihash (144.5) or Zhash. Version Equihash This uses more memory than ASIC machines, and runs well on many graphics cards!

Installation procedure to Mining Bitcoin Gold (BTG) can be summarized through the following basic steps:

Step 1: Carefully read the instructions from Bitcoingold.org.

On its official website, Bitcoin Gold (BTG) There are detailed instructions for you to install and configure the device mining BTG coin mine. To read the guide, visit this link: https://forum.bitcoingold.org/t/quick-start-guide-for-mining-btg/2477

Step 2: Choose the right BTG coin mining pool

The mining pool is the place that will distribute, navigate, connect the mining equipment as well as transfer the BTG coins you mine to the wallet.

bitcoin-gold-mining-pool

Step 3: Set up mining equipment.

After you have prepared the equipment used to mining BTG coin you need to set up the necessary software as in the instructions read in Step 1. After setting up the software and adding a mining pool, you can start working Mining Bitcoin Gold (BTG).

Should you invest in Bitcoin Gold (BTG) or not?

Attention: no investment is 100% safe and every decision carries risk. In any case, it’s up to you to decide. However, here is some useful information that can impact the return on your BTG coin investment.

Bitcoin Gold Development Team

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As mentioned above, initially Bitcoin Gold Conceptualized and run by Jack Liao, CEO of LightningAsic a company that sells mining equipment in Hong Kong. After a while Jack Liao withdrew from the project and gave his leadership position to a member with a nickname H4x3rotab.

Next H4x3rotab There are also other members from many parts of the world. They are both skilled developers and are still following the project development closely.

To see all the members involved in operating and developing Bitcoin Gold, you can join here: https://bitcoingold.org/our-team/

Bitcoin Gold Network Security

There is one point I want to talk about when it comes to investment possibilities BTG coin That is network security Bitcoin Gold. Since its debut in the second half of 2017 until now Bitcoin Gold was attacked twice by 51%. Because of that incident, BTG was removed from listing on some exchanges.

First time Bitcoin Gold 51% attack was in May 2018 and the hacker took 388,000 BTG worth about 18 million USD. And recently, in January 2020 Bitcoin Gold was once again attacked by 51% but this time the damage was lighter than in 2018.

The fact that a blockchain network is attacked by 51% will greatly affect the psychology of investors. It makes investors less confident in the project. Because in the cryptocurrency space, the security incident has a very strong impact and it is like a painful thorn that causes the price to fluctuate in a bad direction.

BTG coin price

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Currently, at the time of writing BTG coin price is trading at $9.57 with low volatility over the past 24 hours. Level highest BTG price was set at $539.72 (October 2017). That is, compared to the peak price, then price BTG currently divided up to nearly 60 times, a not small difference.

Meanwhile, the lowest price ever of BTG is $4.31 set on March 13, 2020.

Where to buy and sell Bitcoin Gold (BTG coin)

At the present time, investing in cryptocurrencies as well as buying and selling cryptocurrencies has become much more popular. It is considered one of the most popular ways to make money online. That’s why, the buy BTG, sell BTG has also become much simpler.

In this article, I will introduce to you the 2 most popular and simple ways to buy and sell at the moment.

How to buy and sell Bitcoin Gold in VND

Currently, there are many exchanges that support cryptocurrency trading in VND, but separately buy Bitcoin Gold For prestige, I think the best currently is the Bitmoon exchange.

See more articles: What is Bitmoon? Bitmoon Exchange Basic Guide for Newbies 2020

The advantage of Bitmoon is low fees, high liquidity, support for many coins and can store coins right on the exchange. Besides, Bitmoon has been operating for a relatively long time and the reputation level is guaranteed.

Bitmoon has high liquidity and reputation, so I believe that for basic trading needs, cash out in VND, Bitmoon is enough to apply.

Prestigious international BTG coin trading platform

The advantage of all international exchanges is that they support many types of coins, besides also supporting other forms of trading such as Margin, Futures.

For those of you who have traded a lot and have experience, you can use and trade regularly on international markets.

Below is the floor name and transaction fee comparison table for your reference.

If you want to learn about which floor, you can click on that floor’s name in the table, there will be a detailed article on that floor.

Although the international exchange has the advantage of trading volume as well as high liquidity, the disadvantage is that you cannot trade in VND. Almost every transaction buy and sell BTG coin Your transaction uses USDT or BTC for transactions.

Bitcoin Gold Wallet

You can choose to download a wallet developed by Bitcoin Gold itself on the BTG homepage. This wallet is a desktop or laptop wallet, it supports both Windows, Linux, and MacOS. You can visit here to download the installation file according to the correct operating system on your computer: https://bitcoingold.org/downloads/

In addition, depending on the need to use BTG coin You will choose for yourself some suitable wallets as follows:

Suitable for those who want to store Bitcoin Gold long term and few transactions.

The advantage of cold wallet is that it is safe and optimal for storage. Cold wallets you can refer to to choose from are: Ledger Nano S, Ledger Nano X.

Maybe you are interested: What is ledger nano S cold wallet? Latest User Guide and Security 2020

This wallet is suitable for those who often transact.

Some Reputable trading platform that you can refer to are: Bitmoon exchange, Huobi exchange, Binance exchange…

Conclude

This article has summarized the most basic information you need to know about Bitcoin Gold as well as potential invest BTG. With this article, I hope that readers can grasp some of its investment potential.

Although it will take some time to read the entire article, I hope that your time will not be wasted.

If you find the article interesting and useful, do not hesitate to share it with your friends.

Good luck!

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