What Is Bitcoin Gold?

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September 30, 2021

You can hardly find a person in the modern society who is unaware of digital technologies. Bitcoin has spread its boarders to the maximum. However, when the question comes to its forks and Bitcoin-related names, there are still a great number of questions to clarify. Shall I invest in Bitcoin fork? What are the differences between them? What are their specifics? In this article, we’ll provide you with a more detailed view on one of the Bitcoin forks – Bitcoin Gold.


Bitcoin Gold for beginners


Bitcoin Gold is a Bitcoin fork. In simple words, Bitcoin forks are splits that happen in the transaction chain. A blockchain parts into two potential ways. One of them is with regard to a network’s transaction history or the other is of a new rule in deciding what makes a transaction valid. These splits create new versions of Bitcoin currency. There’s nothing to be scared of. Bitcoin forks are a natural result of the structure of the blockchain system. It might be weird for those are new with blockchain, but crypto enthusiasts understand the sense of it. Remember that the digital system operates without a central authority. That is why other untraditional approaches take place. Bitcoin Gold is just one of the forks.


How to mine Bitcoin Gold?


Bitcoin Gold is a cryptocurrency based on the Bitcoin blockchain. If you want to mine this cryptocurrency, it is mined on common GPUs, you don’t need special ASIC devices. The choice of Bitcoin Gold makes it possible for usual miners to get rewards. They state that ASICs are mostly concentrated in the hands of a few whales; these are warehouse owners. At the same time, the usage of GPUs is spread worldwide within crypto enthusiasts. If you are not interested in mining Bitcoin Gold, use the exchange to purchase the crypto coin. The most popular exchanges for trading Bitcoin Gold today are Binance, Huobi Global, OKEx, Upbit, and BiONE.


Bitcoin Gold for developers


Bitcoin Gold is an open source project made by the community and its main task is to serve the community. The code of Bitcoin Gold is freely available on Github. Any crypto enthusiast can use it or contribute to development. A great number of coin-related services provide API support and plugins for developers. The organization of Bitcoin Gold is an international team of over 20 people. A group of six co-founders began it in 2017. Regarding the history of all Bitcoin fork projects in total, Bitcoin Gold is one out of 105. Of those, 74 are considered active projects relevant to holders of Bitcoin. What concerns the rest, the remaining 31 are no longer relevant.


Types of Bitcoin fork projects and a unique feature of Bitcoin Gold


Bitcoin forks can be of different types. A part of them is blockchain hard forks and they directly or indirectly originate from the Bitcoin main chain. Bitcoin Gold belongs to this one. Not to get puzzled, you should know that there are also Bitcoin fork projects that are actually airdrops issued to passive holders of Bitcoin and those that are airdrops issued to holders of Bitcoin that additionally participate in a registration process.


It’s interesting to note that Bitcoin Gold had one unique feature. It was a “post-mine” that is a process by which the development team mined 100,000 coins after the fork had taken place. Then a great number of these coins was put into a special fond. The developers of Bitcoin Gold announced that these ones would be used to develop and finance the ecosystem of Bitcoin Gold. Certainly, a part of these digital coins is to be used as a as payment for developers.

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