Presentation and definition of the crypto-currency Bitcoin Gold (BTG)

Presentation and definition of the crypto-currency Bitcoin Gold (BTG)

  • Name of the crypto-currency : Bitcoin Gold
  • Abbreviation : BTG
  • Where to buy the Bitcoin Gold ? Binance
  • Creation Date : November 2017
  • White paper of the Bitcoin Gold
  • Website of the Bitcoin Gold

A fork of Bitcoin

Bitcoin Gold is a fork of the famous Bitcoin network aiming to solve the problem of centralization of the miners. This fork took place in October 2017, at the block level 491407. The developers have taken what is called a “snapshot” of the blockchain. Before the block 491407, Bitcoin, and Bitcoin is Gold, therefore, have the same historical and diverge afterwards. From a technical point of view, this new crypto-currency is very similar to Bitcoin.

At the time of the fork, all the holders of Bitcoins (BTC) were able to receive free of charge an equivalent amount in Bitcoins Gold (BTG) directly in their wallet. It is an “Airdrop”, a free distribution of corners to quickly spread the chips and do the promotion of the new currency.

History of the fork

Today, the mining of Bitcoin is done by a small minority that has a top gun machine. This computing power is totally inaccessible to private individuals. Bitcoin Gold, and is therefore to propose a solution to this problem based on a new algorithm : Equihash. This is the same algorithm used in the system Zcash, it has the particularity to be resistant to ASICS. The objective is to give members the opportunity to undermine with their processors and their graphics cards. At the launch, there has been a pre-mine of 100 000 tokens.

The DDoS attack

At its launch, the site Bitcoin Gold has been the victim of a DDoS attack and was down for 4 hours. This attack has undermined BTG, the users of crypto-currencies that have called into question the competence of the team.