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23 Oct 2021

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What is Bitcoin Gold? – Bitcoin Gold, and More
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What is Bitcoin Gold? – Bitcoin Gold, and More

Bitcoin Gold remains the hard fork of the original open-source cryptocurrency, which took place on Oct. 24, 2017. While hard forks take place for many reasons—including to scale as the cryptocurrency customer base grows, and because of developer conflict and differences of goals—Bitcoin Gold’s stated purpose it remains and “make bitcoin decentralized again.” Buying Bitcoin Gold coins one considered the most significant and most discussed bitcoin forks.

Bitcoin Gold one of the most significant and most discussed bitcoin forks.

On the superficial, the idea of “making bitcoin decentralize again” seems counterintuitive. Like all other cryptocurrencies, Bitcoin decentralizes already; its not link with any central bank, a particular country, and government body.

And one of the significant issues with bitcoin that prompted the development of Bitcoin Gold, however, was not related to central issuance. Instead, to do with the mining process. And Bitcoin Gold developers believed that by adopting the new algorithm for the mining process (in this case, the so-called proof-of-work algorithm called Equihash-BTG). Also, the new branch of the world’s most popular cryptocurrency by market cap. And it did not disproportionally favor significant mining operations.

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What is Bitcoin Gold?

Bitcoin Gold the hard fork of the original open-source cryptocurrency, which took place on Oct. 24, 2017. While hard forks take place for many reasons—including to scale as the cryptocurrency customer base produces and developer conflict and differences of goal. And Bitcoin Gold’s stated purpose and remain it “make bitcoin decentralize again.” Bitcoin Gold one of the most significant and most deliberated bitcoin forks.

And on the surface, the idea of “making bitcoin decentralize again” can seem counterintuitive. Like all other cryptocurrencies, Bitcoin decentralizes already; its not link with any central bank, a particular country, and government body.

And, one of the significant issues with bitcoin which encourage the development of it . However, it’s not related to the question of central issuance at all. Instead, it needs to do with the mining process. And it developers believed that by adopting the new algorithm for the mining process (in this case, a so-called proof-of-work algorithm called Equihash-BTG). Also, the new branch of the world’s most popular cryptocurrency by market. And cap did not disproportionally favor significant mining operations.

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Distribution, Protection, Transparency

Bitcoin Gold’s developers also focus on protection and slide issues besides the goal of “re-decentralizing” bitcoin and making an extra accessible digital asset for smaller miners that can extra fairly and efficiently distribute. Unlike other blockchains (including Bitcoin), Bitcoin Gold requires to increase secrecy by not publishing transaction details and wallet addresses. As the free, open-source community project, devolution and transparency in the Bitcoin Gold community inherently expect. However, threats from hacks and other malicious entities are an ongoing concern.

In the world of virtual currencies, smaller proof-of-work blockchains like Bitcoin Gold are particularly susceptible to 51% attacks, where an attacker seeks to gain control of 51% and extra of the blockchain’s computing power and hash rate. While Bitcoin Gold claimed it implemented additional safety and protective measures from the time of its launch. It’s like complete replay protection—to help secure its customers’ accounts and coins, the blockchain endured three 51% attacks and multiple BTG wallet thefts.

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