About Bitcoin Gold (BTG)weiss-badge
 

Overview

Bitcoin Gold (BTG) is a coin that was created on 24th October 2017, and it came as a result of a hard fork from Bitcoin (BTC) at a block height of 491407. The stated purpose of this new coin was to allow people to be able to mine BTC with GPUs (Graphical Processing Units) again because Bitcoin became too difficult to mine through conventional GPU-mining methods. ASICs, an alternative to GPUS which are designed specifically to mine Bitcoin, were (and still are) worth thousands of dollars at the time (and still are) - so, to continue mining Bitcoin-type crypto in a way that was financially viable, the creation of Bitcoin Gold was an absolute necessity.

Technology

Bitcoin Gold is very similar to BTC, aside from in a couple of areas; for example, “Bitcoin Gold uses an SHA-256 proof-of-work algorithm to the Equihash ASIC-resistant algorithm” (Wikipedia). This process is similar to the algorithm that Zcash uses. Another difference lies in the fact that BTG was post-mined, as in the initial mining of BTG was done after the hard fork from BTC had occurred. This post-mining involved rapid-mining 8,000 blocks of 12.5 BTG each; this led to an initial total of 100,000 BTG. These post-mined coins were left as an endowment to be used to maintain the BTG ecosystem, with the exception of a percentage of this endowment that was distributed among the six members of the BTG team.

Future Focus

There were some issues with BTG, at least initially. One of these was that there was a 0.5% mining fee that was not disclosed publicly, and some miners accused one of the developers, Martin Kuvandzhiev (StarbugBG) of being responsible for this. “Supernova and other mining pools” (Wikipedia) found this hidden fee and removed it. This revelation answered speculation regarding why found blocks weren’t showing and why Suprnova’s chain wasn’t in sync. For more information regarding Bitcoin Gold visit the official site.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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