Bitcoin Gold was introduced in 2018 with the aim of offsetting Bitcoin restrictions; Restrictions such as the speed of transactions and disclosure of details of transactions, such as the real wallet address.
In fact, Bitcoin Gold is a hard fork of bitcoin that has been created with a slight change in the structure of blockchain blocks.
Who are the members of Bitcoin Gold Development Group?
Bitcoin Gold creator Hang Yin used six experts to develop the cryptocurrencies. Jack Liao is the current leader of the developer group and works with a team of more than twenty active developers around the world. This group consists of founders who rotate the command of the board.
Lightning Network has been working for the past two years to improve the scalability and ease of use of Bitcoin. Although Lightning Network applications have had a huge positive impact on Bitcoin performance, it seems to be more efficient for the Bitcoin Gold network.
What is the purpose of creating Bitcoin Gold?
As mentioned at the beginning of the article, the digital currency Bitcoin Gold was introduced when bitcoin was available and was relatively well accepted.
But the main purpose of designing and developing these cryptocurrencies was to improve the speed of transactions by reducing the size of blocks and conducting transactions in a completely anonymous manner.
The developer of Bitcoin Gold believed that the process of extracting bitcoins was very costly and in the long run would not be to the benefit of those who act as miners in the bitcoin network. Other purposes of this digital currency are:
- Pay for a variety of services and goods online
- A way to invest in digital currencies
How does Bitcoin Gold digital currency work?
The Bitcoin Gold network is controlled by the Equihash proof-of-work algorithm, which transfers the output of the blocks to the memory available for storing information.
The way Bitcoin Gold Network works is that it is updated and changed at different intervals. This makes it a good idea to use ASIC devices for extraction; Because every time the algorithm changes, the device must be customized.
In other words, it is possible that the machine will no longer be usable before the extraction process becomes profitable.
Bitcoin Gold is similar to Monero cryptocurrencies in comparison to other cryptocurrencies. In fact, unlike Atrium and Bitcoin, Bitcoin Gold does not share any information about transactions; Even give people real wallet addresses!
Is Bitcoin Gold really a form of money and capital?
Bitcoin Gold is a reliable payment method that is easily accessible to people all over the world. Therefore, these cryptocurrencies can be considered somewhat similar to Fiat currency, while it does not have all its features!
It has already been pointed out that this cryptocurrency is not controlled by any particular institution or center and its value is determined directly by the people. In other words, the more popular these cryptocurrencies are, the higher their value in the digital currency market.
What is the Bitcoin Gold fee?
The fee for transactions through this network is 0.5 Bitcoin Gold. This cost is almost negligible; Especially if the transaction amount is large. In addition to the cost, you have to pay a fee to buy Bitcoin Gold, which depends on the conditions of your chosen exchange.
The purchase fee rate usually depends on the method of payment. If you use a Visa or MasterCard, the fee rate is between 3 and 7 percent.
If you are looking for a way to pay less, we suggest you use the services of Iranian exchange offices. With these exchanges, there is no need to pay a currency conversion fee and you can buy digital currency with any bank card, using Rials.
What are the benefits of Bitcoin Gold?
Given that Bitcoin Gold is somewhat similar to Bitcoin, the benefits mentioned for Bitcoin also apply to this digital currency. But the other main advantages of these cryptocurrencies are:
- Flexibility : 1 Bitcoin Gold (BTG) is always and easily converted to other digital currencies.
- Decentralized: Like other digital currencies, these cryptocurrencies work in a decentralized and community-oriented way.
- Faster trades: Due to changes in the structure of Bitcoin Gold blocks, 27 transactions can be done per second.
- Anonymity: Similar to Monroe, on the Bitcoin Gold network, no information is displayed about the sender and recipient’s wallet address.
Can Bitcoin Gold be used anonymously?
Yes, you can use Bitcoin Gold completely anonymously. Of course, if you buy from a legitimate cryptocurrency exchange, the number of BTGs you have purchased will be determined.
Otherwise, it will not be specified at all when you received how much currency or for whom you sent it. In fact, not all transaction information, including addresses, is encrypted and visible.
Is Bitcoin Gold Safe?
The security of this digital currency is similar to other cryptocurrencies. Regular network updates and austerity of the algorithms used double the security of this operating system.
So it can be said that you are comfortable with network security and are more concerned with the security of your personal wallet.
In other words, whether or not you lose money directly depends on how well you protect your wallet information. If you use software wallets, make sure your system is safe from malware and malicious viruses.
Which financial institutions have invested in Bitcoin Gold?
To date, no significant financial institution has made a major investment in Bitcoin Gold. However, more than $ 36 million is traded daily through BTG, which is a fairly good figure.
Despite the new cryptocurrencies (there are currently more than 22,000 tokens and coins in the cryptocurrency market), retaining and attracting investors is a difficult task.
Introducing Bitcoin Gold Wallets
Because Bitcoin Gold is enabled on your own blockchain, you can not store it in every wallet, and you will need special wallets to hold Bitcoin Gold.
Some of the best Bitcoin Gold wallets are:
- Atomic Walt – Desktop Wallet
- Exodus – Mobile wallet
- Freewallet – Web-based wallet
- Guarda – Web / Mobile Wallet
In terms of security, hardware wallets like the Trezor and Ledger NanoS are undoubtedly better choices.
Bitcoin Gold (BTG) Price
Bitcoin Gold, abbreviated BTG, is a digital currency that accounts for approximately 0.08% of the total market. In April 2021, the daily volume of Bitcoin Gold transactions is about $ 99 million.
The number of units in circulation for Bit Gold is currently 17.51 million and the total number of units will be 21 million. The highest price of Bitcoin Gold in October 2017 was equal to $ 500.12.
Is Bitcoin Gold Worth Investing?
The main reason for any investment is to make more money, and this has been told by many analysts as part of the Bitcoin Gold success story. While the project may not have made much progress since 2019, it seems that increased demand during this period has pushed up the price of the cryptocurrencies.
However, it is important to note that all investments are risky and there is no 100% guarantee of return.
Otherwise, it is better to use a combined approach to trading and investing in digital currencies. That means saving part of your capital in online wallets and part in offline wallets.
In this case, you will reduce the possibility of hacking and losing your capital, and the process of converting these cryptocurrencies into other digital currencies will be easier!
Bitcoin Gold is a different version of Bitcoin that was created with the aim of speeding up transactions anonymously. Although it has not been long since the introduction of these cryptocurrencies, it seems that it has worked well so far and has reached its initial goals.
Bitcoin Gold market share has grown well, but analysts believe that the situation has not stabilized and it all depends on the level of public acceptance and financial institutions.
So if you are planning to invest in digital currencies, it is better not to put all your eggs in one basket.