The “Golden” Hard Fork
Bitcoin Gold hard forked on Nov. 12, 2017. It started as a small group in the bitcoin community. Above all, the BTG mission is to preserve democracy in bitcoin mining. Another goal is to make mining decentralized again like it was in the early days of Bitcoin.
The hard fork created a new version of bitcoin while still maintaining its history. If you owned bitcoins before the fork, you now own an equal amount of “gold” bitcoins.
What makes Bitcoin Gold special?
It comes as no surprise that many people ask “What makes Bitcoin Gold any different than every other hard forks like Bitcoin Cash?” My answer to them is that the BTGold empowers new people from around the world to get involved in the mining process. Coupled with the fact that BTG is a non-profit group, who are dedicated to serving the community.
Anyone who has spare computing power can profit by dedicating it to Bitcoin Gold mining. This is the concept that earned the trust of the most loyal community the crypto world may ever see, the original Bitcoin community loved bitcoin because they truly believed in what founder Satoshi Nakamoto had created. They began mining not to get rich, but in hopes that one-day bitcoin would grow to be a truly decentralized digital cash system operating on a peer to peer network.
Almost 10 years in the future bitcoin is larger than ever but the dream of which the founder envisioned has fallen short of being decentralized.
The bitcoin network has been overtaken by ASIC mining farms— Data centers devoted to mining by using many ASIC devices. The top ASIC device mines at about 13.5TH/s vs the top GPU at 36.48MH/s. At this rate, it’s impossible to profit from mining bitcoin using a home computer, even with the best hardware.
Cryptocurrency was not intended to be a wall street gambling game, nor a corporate muscle machine. Bitcoin Gold aims to reignite the dream which united Satoshi’s loyal following and empower the democratic dream in cryptocurrency again.
“Great things in business are never done by one person. They’re done by a team of people.” – Steve Jobs
The BTG team are official sponsors of CaseIT.
CaseIT is an international Business case competition. The MIT business competition gathers the top business students from around the world, to meet with some of the most successful business experts. conventional business thinking. Top students from around the world meet with industry experts to challenge conventional thinking. The competition encourages students to redefine business and technology. It also helps build global connections.
Equihash vs. ASIC mining
By simply differing from Bitcoin’s proof-of-work SHA256 to Equihash algorithm, everyday miners using GPU can mine Bitcoin Gold easily. In most ways Bitcoin Gold works the same as Bitcoin always has, there are a couple of differences:
- Bitcoin Core and Bitcoin Cash allow unfair ASIC mining devices. Their block difficulty adjusts every two weeks.
- Bitcoin Gold changed from SHA256 to Equihash. Its block difficulty adjusts every block.
The idea behind Equihash is that the algorithm relies more on memory, rather than exhausting computing power. It is designed to block the use of ASIC devices. Finally, It’s profitable to mine bitcoin again, and with only standard computer hardware.
“Bitcoin Gold aims to make Bitcoin mining decentralised again.”
BTG on Exodus
As of January 19, 2017, Bitcoin Gold has been enabled in Exodus 1.43.0.
Exodus multi-asset desktop software platform designed to provide secure wallets, live charts, and built-in integration of ShapeShift — a leading instant digital asset exchange, supporting dozens of blockchain tokens including Bitcoin, Ethereum, and Bitcoin Gold. Trade any leading blockchain asset for any other.
And Shapeshift too!
ShapeShift is an easy, safe, and competitive cryptocurrency exchange. Users do not have to create accounts, deposit funds, or provide private personal information. This keeps the users safe from identity or financial theft – a critical improvement in exchange technology. The company has a strict “No Fiat” policy, meaning it does not use banks or political currencies anywhere in its operations.
Changelly from the team that developed MinerGate
Changelly has one of the longest track records on the crypto market and is known for being the fair, fast, and trust exchange for exchanging cryptocurrency.
Don’t forget Uphold!
Uphold is a cloud-based digital money platform enabling users to buy, hold, convert and transact across 30+ currencies and commodities, including 6 cryptocurrencies.
With the support of a strong base community and the team of developers, Bitcoin Gold is looking forward to an exciting future and has many great plans for 2018.
Below is a copy of the 2018 RoadMap update for details and more information click here