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We’ve all heard of Bitcoin (BTC) … but have you heard of Bitcoin Gold? Although Bitcoin is highly versatile and applied in many areas, its capabilities are not enough to power certain functions and opportunities, and its limitations affect the long-term health of the Bitcoin network.
Developed to make up for Bitcoin’s limitations and (surprising) lack of decentralization, Bitcoin Gold was the result of a hard fork of the former. In simpler terms, it was created from the existing Bitcoin blockchain, but has since separated itself to stand as an independent entity.
Since its separation, the Bitcoin Gold developers team has grown to over 20 strong. One of the primary aims of Bitcoin Gold is to become better than its parent blockchain, offering faster services, a wider range of applications and greater functionality. Bitcoin Gold has become an asset that generates a trading volume of about $15 million daily and is currently valued at around $32 per BTG, its native token.
At its beginning, Bitcoin Gold’s aim was to provide a cryptocurrency similar to Bitcoin, but which was truly decentralized for miners. This caused a Bitcoin hard forkand theEquihash proof of work (PoW) consensus for mining (which favors GPU mining) to be adopted. Unlike Bitcoin, which uses an application-specific integrated circuit (ASIC) for mining, Bitcoin Gold runs on a GPU (graphics processing unit). As GPU mining can be done with common digital devices, more people can participate in the network, making it more inclusive than Bitcoin.