Review on Bitcoin Gold by David Olayide
Bitcoin Gold Improved Mining Algorithm
If you know what the term hard fork means then you have most probably heard about hard forks like Bitcoin Gold (BTG). Bitcoin Gold, is a cryptocurrency that was built on the foundations of the original Bitcoin cryptocurrency. This fork happened in 2017 and BTG said it had a purpose to make bitcoin decentralized again. Now that sounded a little bit strange to me, because if you look closely enough, you will undoubtedly see that the network of Bitcoin is largely decentralized because there is actually no centralized head in control of the activities of the entire blockchain.
However, I found that a major issue that Bitcoin Gold sought to solve was the problem of profitable mining. So the developers of BTG made sure to develop an algorithm that would favor the mining of the cryptocurrencies. Mining bitcoin today, requires a lot of resources and highly efficient computers. So mining as an individual is not really profitable in the long run. The best way to mine BTC currently, is to merge or join forces with large mining corporations.
So essentially what BTG tried to do is improve the mining algorithm of BTC so that mining will be just as easy as possible. You mine on a PC just as fast as on a special rig with miners. You can find BTG on many major exchange sites like Bitfinex, HitBTC, Uphold, Binance, Bittrex, as well as Yobit and numerous other exchanges. For storage you can use, Coinomi, Guarda, BTG Wallet, and Exodus as well as many others.
The future of Bitcoin Gold is ambitious as it’s developers are looking to further improve and add more innovations to the network. They also plan to broaden their network. It is a good project with great intentions and is certainly worth investing in.
Pros
- BTG totally recreates the algorithm for mining coins making ot much easier to mine cryptocurrency
- Low fees and charges for transactions
- The coin is compatible witg a lot of popular and well used crypto exchange platforms and digital wallets
- Bitcoin Gold has the possibility to be successful in the future
Cons
- The coin is not as influential as Bitcoin
