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Bitcoin Gold: A big failure? – Coinnounce

Bitcoin Gold: A big failure?

What is Bitcoin Gold (BTG)?

It is a new cryptocurrency that is known as BTG or it is called bitcoin gold, It is a part of the original Bitcoin, which was the first launch in the year 2008 by Satoshi Nakamoto.

Bitcoin Community definition for bitcoin gold

“BTG is a community activated hard fork of Bitcoin to make mining decentralized again.”

The inventor of bitcoin gold is a team of developer’s miners and their head Jack Liao, the CEO of the LightningAsic, A hong-kong based mining manufacturing company. The team have one another lead developer of Bitcoin gold who named as h4x3rotab, he/she gave a definition

“Bitcoin Gold is also called a real blockchain to Upgrades pilot Bitcoin.”

Why this bitcoin gold was created?

The reason behind its creation because of it’s without any consensus voting, it was being driven by a few people who believe that the original bitcoin mining system has become centralized and monopolized by a handful of mining companies.

The founders of bitcoin gold have believed all these things because of ASIC miners, which have made almost impossible for GPU miners like you and me to mine Bitcoins.

And after this, these hard fork supporters want to make Bitcoin mining decentralized by hard forking the existing bitcoin i.e. creating a new bitcoin using an algorithm

Features of Bitcoin Gold

Bitcoin Gold (BTG) has following features given below

1. Bitcoin Gold will always base on Equihash which means that it will be GPUminable.

2. Bitcoin Gold is a direct fork of Bitcoin, which means that it will have an inbuilt replay projection.

3. Bitcoin Gold will have a variable difficulty that will change per block, which is a good thing for GPU miners.

4. Bitcoin Gold will have a pool of pre-mined coins for around 16,000 blocks

Apart from this, there will be no changes.

It is also important to that Bitcoin Gold will be following this suit of the original Bitcoin core developers for the future perspective of their coin.

Reasons  why “Bitcoin Gold” failed miserably

1. Bitcoin Gold (BTG), suffered difficulties when the software became available as Users reported issues about connecting their computers nodes on the network.

2. After published this software, some users claimed that they received emails containing links to fake email clients.

3. According to some sources, there are lots of issues in the codes of BTG programming, as Bitcoin Gold does not have completely formed consensus code, implemented replay protection, auditing, and testing.

4. Though Bitcoin Gold does offer comparatively low fees this, unfortunately, that is not enough justification to use an altcoin when there were already so many other alternatives that offer similar or lower fees.

5. If we talk about use cases, bitcoin gold has so far been unable to find or attract any specific businesses or partners with which to work. While the other currencies are supported by a number of instant exchange services like shapeshift, it has not seen much adoption elsewhere.

6. As there were huge development issues just after the launching of BTG, which down the rating & working processes and this is also becoming the cause of BTG failure.

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