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CEO, PhD in data science with 3 years solid experience in blockchain and cryptocurrencies, 10 years in IT. Konstantin is well-known as the co-founder and CEO of Changelly.com, biggest cryptocurrency instant exchange with over 2 millions active customers monthly and $0.5bln in monthly turnover. Konstantins interests are: decentralization, custody-free solutions, p2p exchangers.
Strategic Advisor and Visionary, is an American entrepreneur and bitcoin advocate. In 2011 he co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation, formerly serving as vice chairman. The Bitcoin Foundation is a nonprofit founded in 2012 with the mission to standardize, protect and promote the use of bitcoin cryptographic money.
One thing for sure is that the cryptocurrency space is filled with many controversies, and one of the most controversial topics is that most cryptocurrency forks that have Bitcoin as part of their name are pointless. Moreover, hundreds of cryptocurrencies are created every day, and some of their founders tend to highlight their «big papa» known as Bitcoin by adding it as part of their name. Bitcoin Gold is one such cryptocurrency, but what is Bitcoin Gold, and how is it significant and different from the original Bitcoin crypto, you ask? Don't worry. You'll find your answers further in this article.
What is Bitcoin Gold?
Bitcoin Gold is a fork of the original Bitcoin cryptocurrency, which was done back in October 2017. Hard forks usually happen for various reasons, whether there is some disagreement with the direction of a project or creating another version. In this case, Bitcoin Gold's hard fork was an initiative by the team to create a more decentralized version of Bitcoin. In essence, the Bitcoin Gold team does not believe that Bitcoin is still decentralized as it should be, which was the creator's intention.
While this might sound quite contrary, the Bitcoin Gold team's stance on the matter is that the mining process of Bitcoin is not decentralized. Bitcoin Gold's founder and his team implemented a new mining proof of work technology known as Equihash. This new algorithm seeks to solve the need for a huge amount of computing resources to mine the Bitcoin Gold cryptocurrency. Most people who were late to the Bitcoin mining process cannot compete with miners who were early. With Bitcoin Gold, this is not the case.
Bitcoin Gold's implementation prevents the mining process from running faster than it should with specialized computing equipment. Hence, there is no 'golden parachute' for miners like with Bitcoin, where the more computing power one has, the more Bitcoin they can mine at a faster rate. While Bitcoin Gold was not the first major hard fork of Bitcoin, it seeks to solve some critical problems in the space. Some of which might even be overlooked by holders of Bitcoin and other cryptocurrencies.
What is a Bitcoin Gold wallet?
A Bitcoin Gold wallet is a place that allows you to hold, send and receive Bitcoin Gold tokens securely. Usually, there are two types of wallets that users can access: light wallets and full node wallets. Both of these types of wallets are important and interact with each other through blockchain technology. Nonetheless, a Bitcoin Gold light and full node wallet are suitable for different individuals.
A Bitcoin Gold light wallet is the best fit for you if you are using a device with limited amounts of resources. Be it RAM or processing power. These wallets do not need to download all the information about transactions from the blockchain. Light wallets perform in a way where they only download necessary information regarding a transaction query or update. So if users send or receive Bitcoin Gold, only this information about the currency transaction is uploaded and downloaded across the blockchain network.
On the other hand, full node wallets tend to download the entire batch of information from the blockchain. This occurs because full node wallets are very resource-intensive and use much RAM and processing power to get the job done. One advantage here is that it is always up to date and in sync with the blockchain network. Due to this factor, full node wallets are not suitable for limited resources since they will be inefficient.
Finally, one key thing to note is that full node and light node wallets have some connection with each other. For light wallets to sync and interact with the blockchain, they need to connect to full node wallets. Full node wallets broadcast all transactions. Therefore light wallets that fetch specific transactions will need to interact with full node wallets. During this process, though, light wallets do not require any additional resources since they were decided to work on limited amounts of processing power and RAM.
When sending Bitcoin Gold (BTG) from one wallet to another, whether from a light wallet to a full node or vice versa, the fees are the same. A transaction fee on the Bitcoin Gold network will cost 0.00026 BTG, approximately (USD 0.00726) on average. This is very cheap and much more cost-effective than its big brother Bitcoin.
Bitcoin Gold wallet Features:
Bitcoin Gold wallets have a host of different features that make the experience very smooth when managing your assets. Now, all Bitcoin Gold wallets are essential. Therefore, you will need to choose carefully between exchange wallets and your light or full node wallet mainly because they will have different features. With a centralized exchange wallet, users are often limited on what they can do with their wallets and are at some security disadvantages.
Centralized exchange wallets prevent users from having access to their private keys and storing all of their data and information on a centralized server. Technically, you have no authority over your assets when using these types of exchanges. Moreover, you will need to register and become verified before using those exchanges at any point.
With your personal Bitcoin Gold full node or light wallet, you eliminate the need for these disadvantages and are exposed to a host of other features. You are also in control of one of the most important things in crypto, your private keys . This is certainly not possible with a centralized exchange wallet.
Your wallet addresses will update after each transaction so that you can see your currency balances. Should you want to purchase Bitcoin Gold, you can do that directly from your Bitcoin Gold wallet. Additionally, you can also exchange instantly between Bitcoin Gold and other cryptocurrencies and manage them. Additional features or your personal Bitcoin Gold wallet include but is not limited to the following:
- Built-in exchange with over 300 different cryptocurrencies
- Ability to purchase Bitcoin Gold with a credit card
- Password, PIN, and Fingerprint security (mobile wallet)
- Mobile and Desktop platform availability
- QR code scanning to easily send and receive Bitcoin Gold (BTG)
- Display Bitcoin Gold (BTG) balance in your local supported currency
- Password/fingerprint required on each transaction
How to store Bitcoin Gold (BTG) Safely?
Securing your Bitcoin Gold digital assets is just as important as having an efficient wallet. Various steps can be taken to ensure that your BTG is stored safely and securely in your wallet. Firstly, upon creating your wallet, you will be prompted to store a vital piece of information known as a 12-word mnemonic seed phrase that can be used to restore your wallet and the private keys of your assets. You should never share this information with anyone. Instead, ensure that you write it down carefully and store it in a safe place. It is vital to understand that whoever has your seed phase will have access to your wallet regardless of location.
The next important security ensures that you need to create a strong password that is not easy for an attacker to guess and access your wallet. After writing down your seed phrase , you will be prompted to create a password used to log into your wallet. If a password is lost, you can quickly restore your wallet by using your seed phrase. However, if you happen to lose your seed phrase , nothing can be done, and your funds will be lost. This is why you must store them safely and securely.
Storing your wallet information such as private keys , seed phases , and passwords should not be done digitally or online. This will leave room for an attack and/or security breaches. Hence, the safest way to protect your Bitcoin Gold and store them safely is to ensure that all of your wallet security information is stored offline and not digitally. Upon following these steps, you should have robust security measures in place that will lessen the likelihood of losing your Bitcoin Gold (BTG).
Top 5 things to know about Bitcoin Gold:
Here are the top things to note about the Bitcoin Gold network and the BTG cryptocurrency token:
- There are only 21 million BTG coins- Bitcoin Gold has the same supply as Bitcoin, which is capped at 21 million. There will only ever be 21 million BTG and no more; however it mines at a much slower rate despite an individual's hardware to present fairness in mining power.
- Bitcoin Gold launched with 100k pre-mined coins- While this might sound a bit contradicting to the team's vision, their idea was that this process of mining 8000 blocks was needed to secure a treasury for the expansion and growth of the Bitcoin Gold network.
- Bitcoin Gold nodes are worldwide- On March 2018, Bitcoin Gold nodes hit 253, which was very high for a new cryptocurrency. Most of these nodes are located in Germany with 46 nodes, the United States with 38 nodes, France with 37, and Russia with the lowest of 18 nodes. These were the current stats as of 2019 and can change over time.
- Coinbase Skeptical of Bitcoin Gold- Coinbase- The US's largest exchange made it clear that they were not fond of Bitcoin Gold at launch. This was primarily because the developers of BTG have not made the code public for others to review. Coinbase believes that this is a security threat to users of the network.
- Bitcoin Devs were accused-During the initial phase of the project, the Bitcoin devs were accused of minting an additional 0.5% mining fee. While this controversy could not be proved, it was said that they hid it from the public.
Bitcoin is genuinely a phenomenal technology that has been getting a lot of attention over the years. Bitcoin forks are important, and Bitcoin Gold is one fork that aims to be fairer since most early individuals own a lot of Bitcoin. According to most analysts, Bitcoin Gold (BTG) can be found on many different marketplaces and should do very well in the future. At the time of writing, the price of one BTG is $27.22. Numerous price predictions speculate that one BTG could be worth as close to its all-time high of $391. While this is only an opinion of analysts, the future of Bitcoin Gold is bright.
Without a doubt, you must store your Bitcoin Gold (BTG) safely and securely with the Atomic Wallet. Should you be thinking about acquiring some Bitcoin Gold, you can purchase it with a Visa/Mastercard directly in the wallet. Additionally, you can send, receive or exchange other cryptocurrencies for Bitcoin Gold in the wallet. The Atomic Wallet is free for download and available on all major platforms. Download our secure wallet for iOS, Android, PC, Mac, and Linux with frequent updates.
Stay tuned for more updates and the latest cryptocurrency news in the space!