Bitcoin Gold. Review
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You can find our previous reviews here:
Maker. Review - October 2018
Why Cryptoindex is unique?
Tezos. Review - September 2018
Binance Coin. Review
IOTA. Review. August - 2018
Cardano - review. Future plans.
Ripple - review. Further Perspectives
Litecoin. June'18 overview
The Dow Jones index. From where did it come to us?
Bitcoin Cash. June 2018 overview
Are cryptocurrency indices a new crypto market trend?
EOS. End of May'18 overview
Ethereum. May 2018 overview
Here on our Cryptoindex blog, we will be posting 100 articles about each of the top performing coins selected by our powerful AI algorithm#CIX100coinreview.
Today’s review: Bitcoin Gold
Bitcoin Gold is one of the world's most popular cryptocurrencies. The new coin is based on the principle of consensus-PoW and on the algorithm ‘Equihash’. Innovations have significantly improved the process of digital currency mining. Previously the mining efficiency on ASIC devices dropped significantly.
Bitcoin Gold appeared in 2017. The project was announced in July, and 3 months later the fork was launched. The developers set themselves the task to significantly simplify the process of mining digital currency.
The founder of the project -Jack Liao, is known in crypto community as the founder of Lightning ASIC. Liao owns a huge number of cryptocurrency mining farms, most of them are located in Hong Kong.
The algorithm, which was implemented in a crypto assets, is based on a hashing and is optimized for mining on the GPU. According to the creators, Equihash appeals to f those who are interested in mining Bitcoin Gold (BTG). It will be possible to ensure the decentralization of cryptocurrencies and reduce the proportion of influence on its rate.
The asset has a limited number of coins. Similar to Bitcoin, Bitcoin Gold has 21 million units in circulation. The time required to extract one block takes about 10 minutes. After each new link is created in the blockchain, the complexity of the extraction will increase. As in the case of Bitcoin Cash (BCH), the owners of BTC, at the time of dividing the chain, received free BTG coins.
Special attention was paid to their network security. Even on the day of the launch, the developers made a statement that the system was completely protected from repeated transactions.
An active partnership with some pools and the creation of a network for testing in a short period of time suggested that the development process of this project had great potential, including the progression of the security system.
Bitcoin Gold has a higher degree of security; the algorithm allows ordinary users to have access to mining pools. Mining is not only for professionals, but also users who have low powered personal computers. Immediately after the fork, the cryptocurrency developed its own slogan - “Make Bitcoin decentralized again”. However, experts believed that GPU-mining would not lead to greater decentralization since graphic companies controlled the large companies.
The BTG network has improved drastically, and the enhanced codes provide improved performance overall.
Despite all the above advantages, many investors have noted poor protection against duplication. For this reason, various services confuse Bitcoin Gold with Bitcoin, and as a result prohibit some operations.
At the first stage of BTG life analysts gave ambiguous predictions. Many participants in the crypto community believed that the comparison with Bitcoin Cash, the second fork in the face of BTG had absolutely no meaning. At the same time, other investors and experts believed that this digital currency was a good investment tool that would soon declare itself.
Immediately after the launch of the project, there was a stir around it, naturally, this contributed to the rise in the cost of cryptocurrency. However, interest quickly disappeared, and the cryptocurrency market in principle went down.
Currently, the currency is suffering and not very successful. Nonetheless, many believe that now is the optimal time to buy BTG coins, since they can be purchased at the lowest price ever.
Analysts of the popular portal Wallet Investor believe that the cost of cryptocurrency will reach $2,000 by the end of 2018 and within 5 years, the price for 1 coin could reach $10,000. All this will happen providing that the developers will be able to solve current problems:
- Increase security: the system has already faced hacker attacks.
- They create a public development strategy, a clear plan of action for product development.
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