Bitcoin Gold and classic Bitcoin - fundamental differences

alirajput (27)in #bitcoin • 6 years ago (edited)

Bitcoin Gold developers have never claimed their fork to be the “only true bitcoin”. The majority of such farms are located in China; each farm contains a few hundred or even thousand ASIC devices under the surveillance of little amount of employees. The problem is that the major part of the bitcoin hash rate (computing capacity) is being controlled only by a couple of mining pools; the policy of these mining pools may not meet the expectations of the pool’s regular members. All of the above contradict the ideas of Satoshi Nakamoto, according to which “a single person should have just one voice” in the bitcoin-system.

The developers moved away from the algorithm SHA-256, which is a basis of the traditional bitcoin, in order to make BTG more decentralized,

A profitable mining of BTG is possible only with the help of GPU (video cards). Thanks to this, according to the developers, a free bitcoin-mining should become accessible to everyone, including those who cannot afford to buy the “asics”; the price of the “asics” may be several times higher than the one of the video cards.

All this should increase the decentralization of BTG mining and pre-limit the possible impact of major mining corporations on the Bitcoin Gold network; the latter is undoubtedly useful especially in case if BTG ever becomes a serious competitor to the classic Bitcoin.

However, Bitcoin Gold, still can only be classified as altcoin by its position and authority.

Bitcoin Gold has a range of advantages comparing to the older altcoins. Still, the coin is progressively developing and include in the list of TOP-25 cryptocurrencies according to coinmarketcap.com.

Disclaimer: THIS #ARTICLE IS NARRATED FROM EXMO.COM and is not intended to provide, #investment #advice. Please conduct your own thorough research before #investing in any #cryptocurrency.

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