Bitcoin Gold (BTG) is another hard fork of the original cryptocurrency (Bitcoin). The fork happened on October 24, 2017. Most of the times, Bitcoin hard forks happened due to disagreement of goals and scaling issues. However, Bitcoin Gold fork happened because Bitcoin Gold (BTG) developers believed the currency should be decentralized as how it was intended to be. Of course, Bitcoin was designed to be permissionless and decentralized but the ASIC mining pools were believed to ruin Bitcoin mining decentralization. BTG developers argued that while Bitcoin is not ‘centralized’ and ‘controlled’ by central banks, it’s still giving too much power to certain mining pools.
According to the official website of Bitcoin Gold, BTG is similar to Bitcoin in many cases, but the mining rewards go to individuals all over the world instead of mining warehouses. The idea of Bitcoin Gold has been to redistribute the mining processes to individuals. All of the specialized hardware equipment for mining will not be able to mine faster than standard equipment. Due to this ‘liberalization’, BTG hope crypto-mining could become exciting again for the volunteers and enthusiasts.
Bitcoin Gold On Crypto Exchanges
Progress and idealism worth nothing in the crypto space as long as there’s no liquidity on crypto exchanges. Bitcoin Gold (BTG) has decent volume, and it’s now ranked 37th in the cryptocurrency rankings. It’s not as popular as Bitcoin Cash (BCash) or Bitcoin Satoshi Vision (BSV), but certainly Bitcoin Gold is not a ‘failure’ when it comes to volume and visibility among crypto exchanges. According to CoinMarketCap, BTG can be found on some of the biggest names in crypto exchanges, including OKEX, HitBTC, Binance, Bitfinex, Upbit, and others.
However, the biggest trading volume can be found on lesser-known exchanges such as P2PB2B, Coinsbit, or LAToken. There are some accusations that many lesser-known exchanges on CoinMarketCap manipulated their trading volume by getting involved in some sort of wash trading activities. Therefore, do not really count the numbers that you can find on CoinMarketCap when you want to trade BTG. Some bigger names, despite having less trading volume, might actually provide more liquidity for you.
Bitcoin Gold Price Action
From the beginning of 2018, BTG has been losing its popularity and its relevance in the crypto market, slowly but surely. At the time of this post writing, BTG is trading at ~$11.30 and it keeps going down against BTC as you can see from the below image. While many people claimed that you could not really blame BTG because other altcoins are also going down against BTC, but the BTG infamous hack in 2018 also played a role in BTG reputation.
BTG suffered from a double-spend attack on May 2018, and the hackers managed to ‘rob’ $18 million from this event. Ever since, many traders have lost their faith in Bitcoin Gold network, despite the hard efforts the developers have been doing.
It’s believed that BTG can rise again in the crypto market when altseason finally arrives. The thing is, nobody really knows when it will happen. Maybe Bitcoin needs to break 2019’s high before the big traders start thinking of pumping altcoins, including Bitcoin Gold.
Bitcoin Gold Wallet – Where To Store Them?
There is a wide range of cryptocurrency wallets that you can use to store Bitcoin Gold coins (BTG). The most popular choice is a Ledger Nano device. Different from the web and mobile apps, a ledger nano requires a physical button before you can send your BTG to a different wallet address. With this, a hacker cannot remotely move your coins even if your wallet’s sensitive information is compromised.
Another good wallet you can use is Trezor. Similar to Ledger Nano, Trezor is also a hardware device. You can use it to store your cryptocurrencies, including BTG coins. No need to be paranoid about hackers as long as you can store your Trezor device somewhere safe in your house or apartment.
Alternatively, you can use software applications to store your BTG coins. There are multi-crypto wallets that you can trust, such as Exodus, Atomic Wallet, and Coinomi. We advise you to check them out as they are very easy to use. Although, to be honest, we recommend hardware wallets such as Trezor or Ledger Nano.
Bitcoin Gold is one of the most popular hard fork of bitcoins, inspired by mining pool decentralization idealism. While it has its own issues (such as the double-spend incident that happened last year), BTG is still one of the top 50 altcoins in the crypto market. The future looks decent but many crypto enthusiasts predict that BTG might not be that relevant in the future. Especially, when more serious crypto projects gain more use cases and cooperation in the mainstream world.
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