Bitcoin Gold (BTG)

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Official site (website): https://bitcoingold.org Github: https://github.com/BTCGPU/BTCGPU Official Twitter account: https://itunes.apple.com/us/app/wikipedia/id324715238?mt=8 PDF document file: https://btcgpu.org/wp-content/uploads/2017/10/BitcoinGold-Roadmap.pdf Slack channel: https://join.slack.com/t/bitcoin-gold/shared_invite/enQtMjY1MzkzMzUxNjY4LWM1YmQ4MjZhZTQxMWE1ZDQyNjA4N2QwZTkyZjYzMjhiMzdlMmVkNjQ3NzZlZDdmMDE4NWIyY2JmYzdjYmE2MzA Official blog (news): https://bitcoingold.org/blog/

Truth & Facts[edit]

  • Bitcoin Gold was created as a result of Bitcoin hard fork in October 2017, in order to decentralize Bitcoin mining again..
  • Mining Bitcoin with GPU.
  • Proof of work using Equihash instead of SHA256.

Fork

  • Bitcoin Gold was forked from Bitcoin at block height 491407 on 24 October 2017 (at time 01:20:39).

Origin and story

  • Bitcoin Gold (BTG) is a fork of the Bitcoin blockchain. Bitcoin is split into two and a new cryptocurrency Bitcoin Gold is born. The main difference and purpose of Bitcoin Gold is to make the Bitcoin mining decentralized again, not to be dominated by a small number of entities mining in a very large scale, but to achieve "one cpu one vote" ideal vision of Satoshi Nakamoto, the creator of Bitcoin. This is done by changing the proof-of-work algorithm of the Bitcoin from SHA256 to Equihash.

Official

  • Slogan: Make Bitcoin Decentralized Again.


Video Playlist[edit]

Bitcoin Gold in a Nutshell

00:00 What's up everyone, my name is Michael and welcome back to box mining.
00:01 Today I want to talk about Bitcoin gold.
00:03 That's right, you heard it right, another version of Bitcoin called Bitcoin gold.
00:07 I'm gonna talk about the objectives of Bitcoin gold, the mechanics of how to trying to do this, and also when it's gonna happen.
00:15 And what I think about this whole project overall.
00:19 So let's start off with what they're trying to do here.
00:21 They're trying to fork Bitcoin.
00:23 So that is they're gonna use the transaction history of Bitcoin.
00:27 But after a certain point of time, right now it's designated to be October 25th, they're gonna create a variant, a fork in the road.
00:35 And what seconds gonna do is, what's different about this fork is it gonna try another type of mining for it.
00:39 So what we do know is that with Bitcoin mining right now we use something called ASIC.
00:44 So that's very dedicated computer chips that are specifically for that the Bitcoin algorithm known as SHA256.
00:51 What they're trying to do here is, they're trying to say alright ASIC is controlled by a few big companies and what we want to do is, instead of using ASIC based mining, wanna change the algorithm to something called Equihash, which is something similar to what Ethereum uses and that's gonna use graphics processors.
01:08 So instead of using ASIC, instead of using these specialized chips, we're gonna use something that's gonna be more akin to GPUs to mine.
01:17 So it's gonna be like Bitcoin, it's gonna have a lot of the similar properties a Bitcoin but it's gonna use GPU mining.
01:23 And it's gonna be ASIC resistance, because we know that Equihash is ASIC resistant.
01:28 The reason why some people don't like ASIC is because that it can be controlled and more centralized by one party.
01:37 Right now there's a producer called bit me which is very popular and they make the fastest and cheapest ASICs, and as a result they have a huge amount of market share, and that results in people just all buying from them, and they can also have a huge more portion of the market as well.
01:53 So the project is headed by the Hong Kong company, lightning Isaac, and they're trying to replace it with GPU mining.
02:00 What are gonna try to do is they're using something called a hard fork.
02:03 So a hard fork is when you change bitcoins code, the code is very easy, well kind of easy to change because it's open-source, you can just readily we need the code right now and it's made the alterations.
02:13 They're trying to make these alterations on the code and they're gonna make it incompatible with the current version of Bitcoin.
02:21 That is what a hard fork is known as.
02:23 A hard work is when you implement something that's not backwards compatible and this results in the chain rejecting each other.
02:29 So one part of the clients would say, hey guess what, we're running this version of Bitcoin, and then the other one called Bitcoin gold, what say yeah, we want to run our version, we're gonna keep our transaction history.
02:42 So anything before October 25th will be the exactly the same, but stuff afterwards would be different.
02:49 So as a result, what we're gonna see is we're gonna see this chain split, it's gonna become two versions.
02:53 And if you have Bitcoin prior to October 25th, you're gonna have bitcoins of both branches, bitcoin gold and Bitcoin.
03:00 Well now dude, what value do they have, do they always have the same value?
03:06 No, well people most likely accept Bitcoin to be the real Bitcoin and the most valuable will be there, and the new for called Bitcoin gold will have some value.
03:14 How much value that is we don't know.
03:16 I mean it took a while for Bitcoin cash a similar project to find its value.
03:20 And it's gonna be exactly at the same thing for a Bitcoin Gold.
03:25 The thing is of course, Bitcoin cache proved a 14 Bitcoin is successful, people will use it even though there's other all currencies out there, people will still use Bitcoin cash.
03:34 And a result this is why Bitcoin gold has such a strong drive forward.
03:38 That also means that anyone who possesses Bitcoin and holds a lot of Bitcoin will also have a lot of Bitcoin gold as well.
03:44 So that's gonna be a motivation and a drive for these people to want the value of Bitcoin gold to go up.
03:51 However that said there are projects like this done in the past, and I see it said famously I've seen famously at the Bitcoin cash round table that they've talked about, you know these clones a Bitcoin not being successful two or three years down the road.
04:05 It's because if everyone keeps doing this it's gonna be a flood of whatever Bitcoin gold.
04:08 Bitcoin cash, bitcion silver, Bitcoin Rio, there's gonna be tons of these fake clones of Bitcoin and that's why they're gonna be less and less in value and over time, it might be a very little value they don't they don't even hit the top charts anymore for a quite market cap.
04:23 The other argument of course is that big goal might offer other advantages that's not seen in Bitcoin.
04:29 Because the mining algorithm is different, there might be an alternative, it might be an incentive for miners to want to do that.
04:34 Especially if you're doing Ethereum mining, you might have to lose or move something for hash power over to Bitcoin gold.
04:39 So we're going to see what's gonna happen.
04:40 So the summary of what's gonna happen is that there's gonna be a new type of coin, and if you hold Bitcoin prior to August of 25th, you're gonna have both Bitcoin and Bitcoin gold.
04:50 Of course Bitcoin is gonna have the most value and it's gonna be another fork coming up, called segwit 2x coming up.
04:57 So there's gonna be a lot of confusion in a market that's for sure.
04:59 But the thing is we survive one of these and we did create a new Bitcoin cash out there which does have value.
05:05 So maybe this one won't you have to.
05:07 Guys what do you guys think of Bitcoin gold in this project?
05:11 Do you think a different algorithm?
05:12 Is something that's interesting and that you might look towards, what do you think?
05:16 Thank you guys so much for watching this video, remember to subscribe and hit that notification button to be part of the notification squad guys.
05:24 Thank you guys so much for watching, see you next time.

Frequently asked questions[edit]

  • What is the difference between Bitcoin and Bitcoin Gold?
Bitcoin Gold is created as a result of the hard fork split of Bitcoin in October 2017. The difference of this split is mainly to decentralize bitcoin mining again. You can view Bitcoin Hard Forks for the differences.

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