BITCOIN GOLD- A BITCOIN HARD FORK (2021)

Bitcoin gold is a fork of the original Bitcoin. BTC Gold is also a virtual coin and is based on an open-source network. Its foremost goal was to make Bitcoin mining non-centralized again as its algorithm Equihash cannot go with the ASIC hardware and GPU can mine BTG to get back its decentralized model. It was founded in October 2017. A fork currency comes out in existence if certain changes exist to be made in the original currency. There are a group of investors that either accept the change or want to go with the old terms, condition and working of the coin. 

The group that accepts changes results in the emergence of a fork that is just like a currency but a new one. As we know cryptocurrencies do not possess any outer control, Bitcoin Gold wanted to make certain changes in the Bitcoin mining process by adopting a change in the algorithm used for making BTC decentralized.

HISTORY

As we know bitcoin gold is a fork of Bitcoin that came into existence so that its mining algorithm is brought to the miners with a different algorithm so that mining centralization is dealt with. The purpose behind this hard fork is to change the Proof of Work algorithm that is used to mine Bitcoin. To enable the GPU mining in BTG will decentralize the mining process for miners on a small platform. ASIC is hardware that small miners cannot afford or have to join a pool. So, if you are planning to trade or mine Bitcoin, then you may visit quantum ai app .

To make mining more diversified for the miners around the world, the new Fork was brought into existence. The new algorithm to which it is sticking is Equicash-BTG which offers more memory.

CONTROVERSIES

The fork had faced criticism for being created in a hasty manner and also for the pre-mined development. In 2018 the network was attacked to 51% that certainly allows manipulation of the records stored on the blockchain. As a result, it was delisted from many exchanges. Again in 2020 similar attack was faced by this fork but later some emergency updates were made to elude a long attack chain.

EXCHANGE AVAILABILITY

Its exchange availability is there on the 40+ exchanges. But two exchanges Bittrex and Coinbase have delisted it from the exchange list. The reason for doing so was that the investors must be able to access the crypto exchanges to make a transaction. It is available for exchange on Binance, Exmo, Unocoin, Huobi, Zebpay, Wazirx, CoinDCX, Huobi Global, etc. It is also available on more than 20+ wallets.

FUTURE

Despite all the controversies the new roadmap of BTG strives to develop and include its lightning network, interoperability, the infrastructure of applications, etc. Further, it strives to conduct research on smart contracts and also to develop a brokerage network for decentralized fiat-crypto. It is also shifting its governance to the DAO model. Its goal is not just to make it a decentralized network but also to focus on the transparency, protection, and distribution of the Bitcoin network for the overall development of the network in a more efficient way.

CONCLUSION

Hence, we can see that a fork has emerged from the changes that are unacceptable by certain investors for an existing currency. Bitcoin Gold is one such example of such a split. Although Bitcoin Gold was surrounded by many controversies, its new roadmap proves to be an efficient way of its development in the future by eliminating the previous flows in its working. I hope the information provided above would prove beneficial and efficient in your crypto journey and crypto trading. Have a wonderful time investing!