Shares 104 A new cryptocurrency, Bitcoin Gold, has been created after another Bitcoin fork that happened today. According to Coindesk, people behind the Bitcoin Gold (BTG) finally initiated the hard fork split from the Bitcoin blockchain that resulted in the creation of their new digital currency. The process which began in July was initiated at block 491,407 of the legacy Bitcoin (BTC). The team responsible for the split was said to have released a ‘snapshot’ of the Bitcoin blockchain giving birth to the new cryptocurrency. This means that their BTC blockchain could now be tweaked, reconfigured, and recreated with a new set of rules.

It should be remembered that in August this year, the controversial cryptocurrency went through its first network hard fork which gave birth to (BCH). The preliminary processes to setup Bitcoin Gold are already underway and like with the Bitcoin Cash, the new digital currency will be released to all existing Bitcoin users after the setup stage is complete. According to the which is currently down as of writing: “The purpose of Bitcoin Gold is to make Bitcoin mining decentralized again.

What is Bitcoin Gold? And why should you care? Bitcoin Gold is a fork of the original bitcoin cryptocurrency, aimed at breaking down the bitcoin mining monopoly. Mining has been a key feature of bitcoin and cryptocurrencies since the very beginning of bitcoin (BTC). The technology used for mining coins has been charging ahead in leaps and bounds but the hardware has become expensive and prohibitive for most hobbyists. Bitcoin Gold (BTG) aims to fix this monopolization of mining by professional businesses by changing the algorithm used to solve blocks.

How to mine Bitcoin Gold? But you really need to do your own. Any BTC private address prior to the fork will work as BTG wallet, but you will need some. Bitcoin Gold Addresses ‘Scam’ Wallet and Premine. Internet Archive Adds Bitcoin. The “premine” wasn’t a pre-mine,” says the BTG team. Bitcoin gold. The front page of the internet. Bitcoin Gold? From what I understand BTG is supposed to be ASIC resistant so you would need a good GPU to mine with. Permalink; embed.

This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns.

As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks. What is Bitcoin Gold? Bitcoin Gold is a free, open source cryptocurrency project developed by volunteer bitcoin enthusiasts. It was first announced on 23 October 2017 and launched on 12 November 2017. Bitcoin Gold is what’s known as a hard fork of the. A hard fork creates a new branch of the bitcoin blockchain that contains the same transaction history as bitcoin up until the fork, but exists in parallel with the bitcoin blockchain after the fork.

This creates a new cryptocurrency. Icon Symbol Initial release date Algorithm type Max. Supply BTG 12 November 2017 Equihash 21 million BTG How is Bitcoin Gold different from bitcoin? In essence, Bitcoin Gold is. They both have the same transaction processing time of 10 minutes (i.e. It takes approximately 10 minutes to confirm a transaction after cryptocoins have been transferred) and they both have 21 million coins maximum supply (i.e. There will never be more than 21 million BTG in circulation).

Yet, there are some very important differences that we’ll review now. A new mining algorithm Where bitcoin uses the SHA-256 algorithm to mine new blocks and transactions, Bitcoin Gold uses Equihash. Both are proof-of-work algorithms, meaning they require the miner to solve a hard cryptographic puzzle in order to mine a block. However, while bitcoin miners gain a distinct advantage when using expensive, mining-specific equipment called ASIC, there is no such advantage with Bitcoin Gold.

With Bitcoin Gold, anyone using commonly manufactured equipment can mine, providing an equal opportunity environment more in line with bitcoin inventor Satoshi Nakamoto’s vision of “one CPU one vote”. Replay protection One of the very first updates made to the Bitcoin Gold ecosystem was replay protection because a common problem with bitcoin forks is transaction replay. Buy Mining Hardware With MonaCoin MONA.

A replay is possible because both the original blockchain and the new branched blockchain contain the same transaction history. As a result, malicious users could replicate a transaction from one blockchain to the other, effectively receiving twice the cryptocurrency. Bitcoin Gold implements replay protection that makes one blockchain’s transactions invalid on the other. Where can I use BTG? At the time of writing (November 2017), Bitcoin Gold is only a month old and as such is not as widely used by merchants as bitcoin is.

Nevertheless, if Bitcoin Gold gains momentum, it could find itself being used alongside bitcoin and other mainstream cryptocurrencies such as and. How can I get Bitcoin Gold? • From the hard fork If, at the time of the fork, you had bitcoin in your wallet (not in an exchange) then you’re in luck because the Bitcoin Gold hard fork awarded you BTG at a rate of 1 BTC = 1 BTG. So, for example, if you had 0.5 BTC at the time of the hard fork, you are automatically awarded 0.5 BTG after the fork (while keeping the original 0.5 BTC in your wallet) once you open a BTG wallet. • From an exchange Buying Bitcoin Gold from a cryptocurrency exchange works just like buying any other cryptocurrency.

At the time of writing (November, 2017) you can buy BTG from any of the following exchanges.