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BTG
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Bitcoin Gold
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The price Bitcoin Gold today is 60.93 USD, and the trading volume in 24 hours - 47,559,352 USD. The crypto asset has grown by -10.39% over the day. Currently, the coin’s market capitalization is 1,067,100,253 USD, and has 17,513,924 coins in circulation with the max supply of 1,000,000,000 coins BTG.

What is Bitcoin Gold (BTG)?

Bitcoin Gold is an experimental hard fork of Bitcoin, which gives priority to the management of the blockchain “one processor - one vote”.

Bitcoin Gold was created to restore a more decentralized and democratic mining environment that the BTC enjoyed in its early days. In the context of growing concern over centralization of Bitcoin mining and corresponding potential network misuse, Bitcoin Gold is experimenting with a new mining algorithm in hope inform about potential future developments in mining. Unlike some forks, Bitcoin Gold does not intend to overtake the BTC but rather attracts attention and experiments with possible solutions allowing retail investors to participate in mining.

What makes Bitcoin Gold unique?

Bitcoin Gold came into being in October 2017 after part of the Bitcoin community insisted on a hard fork as they felt the network had become centralized due to the growing importance specialized equipment for mining, which became necessary if someone wanted to mine BTC. The founders of Bitcoin Gold also saw the emergence of large companies armed with powerful mining computers on the mining market as another problem. All this prompted them to launch a project that will protect Bitcoin's original focus on decentralization and creating a genuine peer-to-peer currency.

 

To this end, the Bitcoin Gold project launched a network that should offer a more “democratic” approach to mining. Instead of favoring large players in the market with high performance equipment, BTG coin mining was made possible with conventional or even basic equipment (such as GPU (GPU). 

 

In addition, Bitcoin Gold sought to get rid of application-specific integrated circuit (ASICs), which are now responsible for most of the mining performed on BTC blockchain. To make this possible, the Bitcoin Gold team chose the Equihash hashing algorithm, which makes life harder for ASIC.

How many BTG coins are in circulation?

As of January 2021, 17,513,924 BTG coins are in circulation.

After completing the fork, all BTC coin owners received the same amount of BTG in a ratio of 1:1. The number of coins is limited to 21 million.

In May 2018, Bitcoin Gold was the victim of a so-called 51% attack that allowed attackers to steal about $18 million in Bitcoin Gold from several crypto exchanges. 

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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