What is Bitcoin Gold ?
BTG is a fork of the most famous cryptocurrency Bitcoin and tries to solve the centralization-problem of Bitcoin-mining.
Bitcoin Gold Definition
Bitcoin is definitely the best-known and most-traded cryptocurrency. But since the fork of Bitcoin-Cash it is clear that this currency still brings some technological and ethical problems with it.
To enable a functional money-transaction in the Bitcoin-network, so called “miners” are used to process all the transaction-data. The “miners” do the compute-intensive process of monitoring and verifying the transfer of Bitcoins between users. For this job, the „miners“ get a little amount of bitcoins.
The actual problem is, that big companies with “mining-farms” are behind most of todays “miners”. In some way, these big-players centralize the process of transaction-data and the creation of new bitcoins. This fact does not correspond to the philosophy of a decentralized cryptocurrency. To avoid that, bitcoin Gold has split off from Bitcoin. The idea is to give mining back to the users who can start using simpler technology (CPUs and GPUs) to mine. So Bitcoin Gold did a hard-fork and changed the computational-process for miners (Proof-of-Work).
Bitcoin Gold is another hard fork that will bring some changes to the ecosystem of Bitcoin and the crypto-world.
History – Bitcoin Gold Info
Founded: 2017 by a part of the Bitcoin-Community (brainchild: Jack Liao)
– November 2017: Bitcoin Gold splitted-off from Bitcoin, a new blockchain gets created
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