|Network (GH/s)||Difficulty||Coin Supply (BTG)|
What is Bitcoin Gold and How does it Work?
Introduced in 2018, Bitcoin Gold (BTG) was intended to offset the limitations of Bitcoin. It was developed by carving out Bitcoin blockchain’s a few existing blocks for independent control. Bitcoin is the favorite crypto coin for many traders. However, traders must follow the market trends keenly to execute trades accordingly. Trading bots can help traders to research the market. The tesla coin platform is a reliable auto trading platform with many features to improve trading. Since then, it has terminated all links to the blockchain that belongs to Bitcoin and formed a development team that is now growing to more than 20 members.
It is a hard fork of the real Bitcoin and leverages other blockchains as a beginning point to make its chain. The makers will take the actual chain and by dividing the chain into a distinct network they will alter some parameters.
Generally, Bitcoin Gold uses the Bitcoin chain’s structure for building its chain that can resist some critical problems with Bitcoin. Bitcoin Diamond and Bitcoin Cash are the two examples of Bitcoin hard-forks.
In fact, Bitcoin Gold fulfilled some of its promises by offering high-speed processing times than Bitcoin and instigating full anonymity by not releasing details of transaction or wallet addresses. BTG development team was led by Hang Yin and included six co-founders. They utilized open-source technology to create the blockchain. Internet connection is required to access BTG. This allows you to send and receive BTG.
BTG is embraced as a payment method for making payments for goods or services or settling accounts. Hence, it meets all the requirements and purposes of real money. BTG charges 0.5% as transaction fees on the network.
This virtual currency is not accountable for bank issuance and is not under the control of the Federal Reserve or the central bank’s monetary policy. Blockchain control rests with community members and the board of directors.
Now let’s take a look at some of the benefits it offers
Bitcoin Gold is very similar to Bitcoin, except for some distinctive features. The main advantages are: Fungibility -1 BTG is always equal to 1 BTG. As an alternative digital currency, BTG is reliable, exchangeable, and alterable.
- Decentralized – Works with consensus algorithms, making it decentralized, and community-driven and easily accessible to trade via the news spy app, which is an automated trading software that makes it easier for investors to invest in Bitcoin..
- High-Speed Transactions – As it comes with improved transaction design, high-speed transactions are possible. When Bitcoin produces only nearly 5 transactions per second, Bitcoin Gold can generate up to 27 transactions per second.
- Full Transaction Anonymity – Similar to Monero, it uses transaction anonymity to protect sender and recipient wallet addresses on the network.
The following are the ways by which Bitcoin Gold works
The ecosystem of BTG utilizes an Equihash, a memory-hard Proof-of-Work algorithm. In fact, ASIC machines have been penalized since the inception of BTG, as they require regular custom changes to accommodate algorithm updates. It is possible that the expected ROI could not be achieved before the machine was deprecated and became unusable. The hardware miners of smallholders are expected to be big winners, which means that, the blockchain and blockchain reward system will continue to be self-regulating and decentralized.
In fact, BTG is a community project and very similar to Monero when it comes to anonymity. It is entirely different from popular cryptocurrencies such as Ethereum and Bitcoin, which are known to release the details of the transaction through their corresponding explorers. However, BTG will never disclose the real addresses in the wallet.