Bitcoin Gold is the resulting currency which will come with the second division of the main Bitcoin during this year. Where it will be launched as planned on October 25, and coins from Bitcoin Gold will be available on 1 November.
Difference between the resulting currency (Bitcoin Gold) and the main Bitcoin:
The main difference is the proof-of-action change from “PoW” SHA256 to Equihash, the ASIC-compliant memory algorithm, and the optimal GPU mining. This, in turn, will make the miners less important. The main developer of "h4x" on the (Bitcoin Gold) “BCG” channel on the slack program said that the main goal of this split is to bring two smaller minerals into this area and make the Blockchain truly decentralized, as large mining farms dominate the market today.
Who is behind this division?
This initiative comes from a mining company called "LightningASIC", located in Hong Kong. It is a company equipped with mining equipment, especially the special equipment for coin mining. The CEO and leader of this project at this company is Jack Liao. It is interesting that ASIC mining equipment producer wants to implement this division. Where this division also began as seen from China by the mining equipment supplier. As for the (Bitcoin cash) “BCH” decomposition resulting from the previous split, it started from Bitmain.
How to get a Bitcoin Gold "BTG"?
As with the previous major split of the BCH, keep your Bitcoin in a safe wallet on October 25, not on exchange platforms, some exchange platforms are not bound to give you the currency produced. This is a nice opportunity, as you will be given this coin free of charge. Even if you do not reach the success of the BCH because it now accounts for 12% of the market value of the Bitcoin, you will eventually get free coins. It is interesting to see the evolution of the BCH and the BCG after this split.
The possible danger of BCG:
Since there is not much information about the project available, there are many open questions, such as what the project is about, and the team behind it is not yet known. The debate is still effective on mass capacity. Another point is that this division did not receive the media power it received from the previous division of the Bitcoin, which resulted in the Bitcoin Cash. This would lead to a lower initial price for the BCG compared to the initial price of the BCH.
As a result of the division of the Bitcoin:
This is the second division of the Bitcoin Blockchain. It will be time to see whether these divisions will benefit the system or not. Where some believe that these divisions are often for money, while others see it as a natural development. At present, those who own the Bitcoin can benefit from division. In the long term, there are many open and major questions that affect the credibility of the currency produced by the Bitcoin.
Watch out for Bitcoin Silver in December. The next split is just around the corner!
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Watch out for Bitcoin Silver in December. The next split is just around the corner!