Bitcoin Gold(BTG) Reviewed — Is It Truly Decentralizing Bitcoin?

Post Overview

The following subheadings will spear-head our discussion today:

What is Bitcoin Gold(BTG)?

As mentioned above, Bitcoin Gold is a hard fork of Bitcoin which occurred on 25th October 2017 with block 491,407 on the Bitcoin blockchain.

  • The majority of them were placed into ‘Endowment’ that will be used for the growth and maintenance of the ecosystem.
  • About 5% of the 100,000 coins were set aside as a bonus for the members of the BTG team.

Bitcoin Gold(BTG) Mining

Bitcoin’s current ASIC driven blockchain makes use of a hashing algorithm known as SHA-256 for its Proof of Work.

Mining Requirements

To mine BTG, you’ll need:

  • A wallet and its address
  • A PC running on 64-bit OS Windows
  • GPU Mining Software (either AMD- or Nvidia-based)
  • A reliable internet

Where Can I Store My Bitcoin Gold(BTG)? — The Best BTG Wallets

The best wallets where you can store your BTG include:

1. Ledger Ledger

2. Trezor Trezor

3. KeepKey KeepKey

4. Exodus Exodus

5. Coinomi Coinomi Blog

6. Atomic Wallet Atomicwallet

  • reduce the effort spent on managing crypto assets​
  • makes it transparent and reliable.

7. Bitcoin Gold Core Wallet Bitcoin Gold

The Top Exchanges to Buy/Sell Bitcoin Gold(BTG)

Listed below are the best exchanges where you can buy/sell BTG in Nigeria:

  1. Blockvila
  2. Binance
  3. Coindirect
  4. Changelly
  5. CEX.IO

1. Blockvila

2. Binance Binance

3. Coindirect Coindirect

4. Changelly Changelly Team


Bitcoin Gold, Bitcoin Cash, and Bitcoin Compared

  1. Total supply
  2. Mining algorithm
  3. Mining hardware
  4. Block time
  5. Difficulty adjustment
  6. Replay protection

1. Total Supply

They have a total coin supply of 21 million coins each. This is because, as mentioned earlier, they all began from the same root(Bitcoin).

2. Mining Algorithm

They are all mined with the Proof of Work algorithm but BTC and BCH still use SHA 256 while BTG uses Equihash.

3. Mining Hardware

BTG can be mined using GPUs but for BTC and BCH, ASIC miners are used.

4. Block Time

This still remains 10 minutes for all 3 cryptos.

5. Difficulty Adjustment

Difficulty is a parameter that cryptocurrencies use to keep the average time between blocks steady as the network’s hash power changes. This parameter is pre-set to adjust itself over a period of time i.e it either increases or decreases.

6. Replay Protection

Since Bitcoin Cash and Bitcoin Gold are forks of the bitcoin blockchain when a transaction is made in the bitcoin blockchain, it will be replicated in the BCH and the BTG blockchain. Replay protection is an important feature coded into the new blockchains to prevent this from happening thus making the new blockchains truly independent. BCH and BTG use this feature to ensure safety in the Bitcoin ecosystem.


Now we’ve come to the end of this smooth ride into the world of Bitcoin Gold.



All You Need To Know About Bitcoin, Altcoins, E-Currencies And Exchanges

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