Written by Claus Jensen
The cryptocurrency was initiated with the introduction of Bitcoin back in 2009. But it wasn’t all red roses and blue skies for them. They had to make the ultimate choice between the values of Bitcoin and the user demand. Unfortunately, they chose the basic values of Bitcoin over user demand and the users left Bitcoin. This created some loss in Bitcoin cryptocurrency users which didn’t affect the market of Bitcoin. The departed users created an alternate cryptocurrency which they named Bitcoin Gold.
The Bitcoin Gold was just like any other altcoins but the difference is the technologies that the developers wanted to change in the Bitcoin. The Bitcoin Gold became an open source cryptocurrency which differed from Bitcoin in the mining technique. The hard fork occurred to satisfy one purpose of mining BTG (Bitcoin Gold coins) with the help of traditional GPU (Graphics Processing Units) instead of specialized ASCI chipsets. There were many investors that bought Bitcoin gold in the start due to its low price and great potential. In the later stages in time the Bitcoin gold performed well. Here is a brief view towards the history of Bitcoin Gold.
The initial release of Bitcoin Gold was back in November 2017 which was a fork generated from Bitcoin. The Bitcoin Gold miners started creating blocks with new proof of work algorithm at 491406 blocks which caused the division of Bitcoin Blockchain. The Bitcoin Gold continued the transaction history from Bitcoin up to the point of the fork so that the investment of the users doesn’t get lost. The users who had a balance in the Bitcoin immediately had a balance in Bitcoin Gold which they were able to transact.
The initial distribution of Bitcoin Gold was based on the same process of Bitcoin Cash, back in August. The miners mined Bitcoin Gold using a different algorithm which bifurcated the Bitcoin blockchain and the users who owned Bitcoin where given the exact same amount at the rate of 1BTC = 1 BTG. This was the initial distribution for Bitcoin Gold which made it to the $100,000 market.
The fork of Bitcoin and initiation of Bitcoin Gold happen during a fortunate time which was during the massive cryptocurrency market surge in December 2017. Being fresh to the market it was able to start with a bang. The market capital during the time of the surge spiked up to $5 billion USD which was a significant spike. The market for Bitcoin remained stable for quite some time after it deteriorated.
Future Of Bitcoin Gold
Although the market for Bitcoin Gold is low at the moment, the cryptocurrency shows immense potential. There are many Cryptocurrency Exchange platforms such as Evonax, coinbase, Kraken, etc who support Bitcoin Gold and its trading which is a great sign. If you ever wish to invest in Bitcoin Gold make sure to conduct extensive research on the cryptocurrency before you make an investment. As the market of cryptocurrency is volatile and prone to fluctuate, you must research about any cryptocurrency before you invest.