MarketCrypto Market

Bitcoin Gold (BTG) Things You Need To Know Before Investing

What Is Bitcoin Gold (BTG)?

Bitcoin Gold (BTG) was founded in 2017 to become a user-friendly alternative to Bitcoin. The BTG network aims to combine the security and sturdiness of the Bitcoin blockchain and its characteristics with the opportunity for experimentation and development.

BTG enhances and extends the crypto space with a blockchain closely compatible with Bitcoin without using resources like Bitcoin hash power or vying for the “real Bitcoin” title. The company aims to present a coin with the implementation capabilities of Bitcoin, however, expanding on the opportunities for DeFi and DApp developers to use the coin.

Who Are the Founders of Bitcoin Gold?

A group of enthusiasts founded Bitcoin Gold with diverse backgrounds and skills. Hang Yin is a co-founder and lead developer at BTG. He graduated with a degree in computer science from Fudan University in 2015. His professional career started right after he graduated. In late 2015, Yin became a software engineer for Google. After three years with the tech giant, Hang Yin decided to venture into entrepreneurship by starting Bitcoin Gold. In 2018, he also participated in the founding of HashForests.

Martin Kuvandzhiev is the second co-founder of Bitcoin Gold, and he is also a board member of the company. He graduated with a degree in computer software engineering from the Technical University of Sofia, and his professional path started as a food service worker at McDonald’s. In 2015, he became an assistant professor at the Technical University of Sofia, and in 2016, he started a job as a lead iOS developer at phyre JSC. Since co-founding BTG in 2017, he has also launched another company called GoStartups.net. Currently, Kuvandzhiev is also the CEO of Casetify.

What Makes Bitcoin Gold Unique?

Bitcoin Gold is a unique combination of the inherent properties of the original Bitcoin blockchain and an innovative approach to blockchain development and applications. As a hard fork of the original Bitcoin token, BTG aims to revolutionize the mining process by introducing a new proof-of-work algorithm that combats the scalability issues Bitcoin struggles with.

As an open-source protocol, Bitcoin Gold allows developers to participate in the governance and development of the blockchain freely. According to the company, this is a must-have requirement for pushing decentralization and one of the major points where Bitcoin struggles.

Bitcoin Gold is one of the first hard forks of the original cryptocurrency, which has attracted institutional and enterprise investors’ attention. BTG is available on various exchanges and swap services, and wallets. Lastly, several online browsers and service providers have actively adopted BTG.

How Many Bitcoin Gold (BTG) Coins Are There in Circulation?

Bitcoin Gold has a maximum supply of 21,000,000 BTG tokens and a total supply of 17,513,924 BTG tokens. The current circulating supply is equal to the total supply.

Out of the total amount of BTG tokens, 30% went towards developing the blockchain and the project. Another 15% were reserved for ecosystem support and development, and 15% were distributed amongst the BTG community. About 20% of the total BTG token supply was reserved for yearly expenses. Close to 7% of BTG tokens were set aside for bounties and app collaboration, while another 5% went towards rewards for the founding team. The remaining 8% of tokens covered pre-fork costs and community development.

How Is the Bitcoin Gold Network Secured?

Bitcoin Gold relies on the proof-of-work (PoW) consensus mechanism as a Bitcoin hard fork. However, one of BTG’s main goals was to revolutionize the mining process by introducing the Equihash PoW, which favors GPUs for mining, unlike the Bitcoin blockchain.

While Bitcoin relies predominantly on application-specific integrated circuit (ASIC) miners, This version of Equihash uses more memory than an ASIC can offer but runs fine on many graphics cards. Unlike the Ethereum blockchain, which relies on the proof-of-stake (PoS) mechanism and favors stakeholders, Bitcoin Gold emphasizes the processing power miners have.

Where Can You Buy Bitcoin Gold (BTG)?

As one of the first hard forks of Bitcoin, BTG is available on various exchanges. One choice is Binance, but other good options include:

  • Bithumb
  • Huobi Global
  • Bitfinex

Also Read: Ravencoin (RVN) Things You Need To Know Before Investing

Related Articles

Back to top button