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Bitcoin Gold Review

Bitcoin Gold is a new type of cryptocurrency which was designed by Jack Liao. Jack Liao is Hong Kong based mining enterprises. However, this currency is a clone of Bitcoin. If you have 1 BTC, you will be able to exchange it on 1 BTG. However, the creator has designed this currency with a purpose to become a better version than Bitcoin. This project was launched on global marketplace back in November 2017. Now, it is ready to grow a new coin generation.

It is supposed to be a different version of famous Bitcoin. However, if you own Bitcoins, the company will automatically exchange them in BTG. The value of both is same. You must be wondering what is different between both of them. Well, you will have the advantage to get stronger security with BTG. There will be no need to worry about inconveniences. Also, its base algorithm is designed in a way that it will work faster than the old version of Bitcoin.

Well, in order to get your BTG you will need to get a different wallet. However, it will have the same key as previous versions but they rules are imposed for you to execute them. You need to be careful regarding you private key because it will provide you with all the benefits that you are looking for.

Innovation In Blockchain Technology

The innovative element about this new coin is its new algorithm which is known as “Equihash”. This algorithm offers bigger hard memory as well as a higher security. This algorithm allows you to have access to pool miners. Therefore, you will not find professional miners there but you will also see the users that are having low power personal computers.

Advantages

·This new BItcoin Gold is predicted to be more decentralized as compare to the Bitcoin version. However, the creator has introduced a new algorithm which allows the processing of data to beginner, smaller and big miners. It has designed to work more conveniently than older version.

·It has a different hardware than Bitcoin. However, the new version promises the users to mine faster with a higher security.

·It is friendly for ordinary users.

·Miners with Bitcoin can exchange them to BTG for the amount.

·The transaction process will remain same as for Bitcoin.

Disadvantages

·Unfortunately, there isn’t much information about this new version. This project is a fresh launch and we still don’t have any idea how it will work for our benefit. However, the current users are ready to try something new if this will not harm their balance account.

·It is not really difficult to get Bitcoin Gold. However, you will need to create a new wallet having same private key.

What Is Bitcoin Gold?

It is the latest declination of Bitcoin which was developed and introduced by Jack Liao. However, this new currency aims to be a store of value which is even more stronger and effective than Bitcoin. The creator of this currency, Jack Liao is CEO of LightningAsic. He wants to achieve this goal by solving the centralization issues of miners by making use of a modification of the “proof of work”. However, a hard for was needed to achieve this goal.

According to Crypto-France, “a hard fork appears as a result when the blockchain gets split in two, under the force of a fundamental change in the rules that drives the system. However, this change in rules permits the creation of new blocks on the new chain – blocks that are not compatible with the old one”.

The algorithm which is used for this purpose is known as “Equihash”. It is a memory and work proof algorithm which is highly resistant to ASICs. However, this algorithm has already been used by ZCash. The idea of this algorithm is to allow the users to generate money with graphics processors (GPUs).

what is bitcoin gold

How It Works?

It works in such a way that it records details on the ledger during a specific time period. The tow transaction that are processed on it are identical to each but when the fork applies new rules on these transaction, they differentiate from each other. The scaling issues are solved in regard to bitcoin cash with two concurrent currencies Bitcoin Cash and Bitcoin.

With the launch of new Bitcoin Gold, miners are feeling afraid because they take a lot of risks regarding people to use their networks. Well, the solutions for scaling have been created in order to ensure miners to keep on earning their fees instead of it being expensive.

How To Mine and Where To Mine It?

The mining of Bitcoin Gold can be carried out by making use of GPU’s and using equihash as an algorithm. As compared to Bitcoin and Bitcoin Cash, both of them are using ASICs machine for the purpose of mining. This is a dramatic change which is aimed at decentralizing bitcoin.

In order to enable yourself to mine, you will need powerful GPU chips that are made by AMD/Nvidia.

The major idea behind Equihash is that the algortithm is limited more by memory than by computing power. You can mine this new coin easily without facing any troubles like you faced with previous coins. However, you will be glad to know that it works in such a way that even a beginner will find it easy to mine Bitcoin Gold. The creator has designed it specifically for all types of miners.

This network makes use of hard fork technology which was introduced back on October 25th 2017. However, a hard fork appears as a result when the blockchain gets split in two, under the force of a fundamental change in the rules that drives the system. However, this change in rules permits the creation of new blocks on the new chain – blocks that are not compatible with the old one.

You will need GPUs to start mining this coin as it is a memory based network, so users having low powered computer can also mine by making use of their computers.

You can choose any of these mining companies to mine Bitcoin Gold:

·Eobot: Eobot is a platform which offers you opportunity for cloud mining.

·Minergate: It is a multicurrency mining pool which offers easy to use GUI miner.

Best Methods for Mining

While mining, you will have the choice to mine by yourself (solo) or you can mine with others (pool mining). However, the difference is that with solo mining you will have to everything on your own but in pool mining you will work with others to mine the block. It implies that solo miners will need powerful and multiple computers that are having high end graphics cards.

Well, pool mining is really simpler because you will pool together will other miners, and the hashrate will be combined and it will move towards solving the block. It is because the pool will be using the combined hashrate from all the miners. In pool mining every user will get paid according to their contribution to the block. For example, if you are contributing 10% while mining a block, you will get 10% of the total reward generated by the pool. However, if you are mining alone then you will liable to get the whole reward alone. If you are not an expert in mining and looking to mine then you should consider pool mining. It will be helpful for you to work alongside the experts to generate more rewards with mining.

Wallet For Storing Your Coins

Well, it is nice to have Bitcoin or Bitcoin Gold, but it will be better if you are able to keep them safe and secure. It is because nobody is ever too safe from digital scams and hacking. This is witnessed by the recent fraud of 3.3 million euro due to which several Bitcoin Gold holders suffered a lot. However, this fraud happened few weeks after the fork was introduced. The website MyBTGWallet.com is a hacking site and the owners of the site asked the users to share their private keys to generate a wallet. According to this information, the hacker owners of the site get access to crypto currencies which they transferred to other addresses. In result, the victims of this incident were left crying.

In order to get safe and avoid such experiences, here are some considerations:

·You need to save your private keys or seed phrase and then protect them with a strong password.

·You should never disclose your private key to anyone under any circumstances.

·You should keep only small amount of expenses in your wallet.

·In order to save your money, you should go for cold wallets whose keys are stored offline. Another better idea is to make use of a hardware wallet. In such case, there are many hardware wallets available in the market. The best hardware wallets in my opinion are:

Ledger Nano S Wallet

Trezor Wallet

Therefore, it is recommended to make us of a hardware wallet if you are looking forward to more security for your coins. There are various wallets available in the market but you should consider using a wallet which is safe and allows you to store your keys offline.

Where To Buy?

Bitcoin Gold is a new type of cryptocurrency which was designed by Jack Liao. Jack Liao is Hong Kong based mining enterprises. However, this currency is a clone of Bitcoin. If you have 1 BTC, you will be able to exchange it on 1 BTG. However, the creator has designed this currency with a purpose to become a better version than Bitcoin. This project was launched on global marketplace back in November 2017. Now, it is ready to grow a new coin generation.

It is supposed to be a different version of famous Bitcoin. However, if you own Bitcoins, the company will automatically exchange them in BTG. The value of both is same. You must be wondering what is different between both of them. Well, you will have the advantage to get stronger security with BTG. There will be no need to worry about inconveniences. Also, its base algorithm is designed in a way that it will work faster than the old version of Bitcoin.

Since November 2017, it has gained a lot of popularity of among cryptcurrency investors and people are looking forward to invest more and more in it. There are various exchanges that are offering opportunity to invest in Bitcoin Gold.

Here is a list of few exchanges:

·CEX.io

It is one of the oldest platforms for cryptocurrency. It was launched back in 2013 in London. It is a very safe platform.

·Binance

Binance is a Chinese based company which was launched in the middle of 2017. It is very safe and professional. However, it offers very low fees.

·BitBay

BitBay is an exchange which is Polished based. However, it only supports 7 currencies for now.

·HitBTC

HitBTC was launched back in 2014. This platform supports a lot of coins which makes this platform ideal for arbitrage opportunities. However, this platform only supports blockchain deposits.

BTG to USD

However, the prices of BTG varies everyday but at the time of writing this article, it has a value of $48.29 USD (10.43%).

bitcoin gold

Reddit

There are several reviews about Bitcoin Gold on Reddit but the majority of people are happy with this new coin. There are many people who are looking forward to invest in it. According to our research, around 85% are showing their interest to invest in this coin. It is a safe platform as it works on an advanced algorithm. People are looking forward to Bitcoin Gold mining as well as there are several mining pools to contribute in. If you are looking forward that where to buy Bitcoin Gold then you should consider that there are several exchanges working to provide you with best rates. Bitcoin Gold has a growing community on Reddit and number of subscribers are growing day by day.

Conclusion

We have provided the best of our knowledge in this Bitcoin Gold Review. Well, if you are looking forward to invest in this coin then you should go for it as it is growing day by day. It is a safe platform but in order to get yourself save from the scams or hackers, you should consider using a hardware wallet or any other wallet that is safe.

 

 

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