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Bitcoin Gold


Bitcoin Gold

In four words or less: GPU-Minable Bitcoin Version

Bitcoin Gold is the second major Bitcoin fork. It was planned for October 25, 2017, but finally launched in November 2017. The chief idea behind Bitcoin Gold was to follow Satoshi Nakamoto’s idea of “one GPU - one vote”, which means everyone should be able to mine Bitcoin, not just big players. Bitcoin Gold arrived just as the mining of Bitcoin was becoming a larger operation. Mining with graphics cards was possible only for obscure, small scale coins. Bitcoin Gold moved in to build a system allowing a coin similar to Bitcoin, with a 10-minute block time and 21,000,000 coins in total supply, to be mined by GPUs. 

What problem does Bitcoin Gold solve: The problem of energy efficiency and the constant competition to own more and more powerful ASIC miners to be able to get block rewards and support the coin of your choice. Bitcoin Gold is a fast and agile method for online payments. 

Properties of Bitcoin Gold:

Bitcoin Gold shares many of the features of Bitcoin, as it was forked from the Bitcoin blockchain. Bitcoin Gold uses a modified version of the Equihash algorithm, similar to ZCash. The modification, made in the summer of 2018, was aimed at disabling the newly built ASIC miners that were capable of mining Bitcoin Gold. 

Management and governance:

Bitcoin Gold was created by Jack Liao and an international team of developers, some voluntary. The community is directly involved with the coin, and at least in the initial months, there was a direct communication from the developer team. The community still has a voice, and was instrumental in the decision to disable ASIC mining with a proof-of-work algorithm alteration. 

Adoption and penetration:

Bitcoin Gold is one of the early Bitcoin forks. It did not receive as much attention and interest as Bitcoin Cash. Bitcoin Gold is used for payments, and is supported by some of the leading wallets, including Exodus. The coin is present on most large exchanges, and sees relatively active trading. However, some hardcore Bitcoin owners have refused to claim their BTG ownership, as they think it dilutes the Bitcoin brand.

Risks and limitations:

In May 2018, Bitcoin Gold experienced a 51% attack, when an entity overpowered GPU miners and managed to double-spend coins and sell them on an exchange. The team made a large number of recommendations for transactions directed toward exchanges to mitigate the risk of further 51% attacks. In the past, Bitcoin Gold has also resolved thefts from tainted wallets. 

Bitcoin Gold has also had scandals with pre-mined coins, as well as a poorly made website. But later, the project improved its team and governance, as well as exchange and wallet acceptance. The coin has experienced a significant drop in value. At one point, Bitcoin Gold reached a price of $500, but went on to lose more than 90% of its value.

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