Bitcoin Gold hard fork was a tough bifurcation on October 24, 2017, for the initial open-source cryptocurrency. While hard forks occur for several reasons, including to scale as the crypto-currency base of customers expands or to “de-center Bitcoin” due to developer dispute and differences in priorities. Nevertheless, Bitcoin Gold was one of the biggest bitcoin forks that were the most widely discussed. For more information, visit Bitcoin Boom.

On the surface, it can seem paradoxical to the idea of “re-decentralizing Bitcoin.” Bitcoin is meant to be decentralized, similar to all other cryptocurrencies, not connected to any central bank, country, or government body. However, one of the key concerns with Bitcoin that caused Bitcoin Gold development was not related to central issuance. It was related to the mining process instead.

Bitcoin Gold Comprehension

Mining companies that bring a wide range of mining plants are frequently the most profitable, requiring pricey and unique equipment. Persons who try to mine Bitcoin by themselves must either spend a lot of time building their platforms or pass-through this process since their computers cannot compete with professional platforms.

One of the main purposes of Bitcoin Gold was to tweak the algorithm by which the cryptocurrency itself is exploited so that mining cannot run faster than on the normal computer systems on specialized equipment. Bitcoin Gold isn’t Bitcoin’s first big hard fork. On August 1, 2017, Bitcoin Cash splintered off the main cryptocurrency. A hard cash fork was divided into two currencies on November 15, 2018: Bitcoin Cash and Bitcoin SV, respectively.

Distribution, Transparency, and Protection

In addition to the goal, Bitcoin Gold developers concentrated on protection and transparency issues. In contrast, Bitcoin Gold intended to strengthen its privacy by not posting transaction information or wallet addresses, as other ball chains were (including Bitcoin). Decentralization in the Bitcoin Gold community is essentially expected as a free open source community initiative. But hackers and other hostile actors are continuously worried about dangers.

In virtual currencies, smaller working proof-bloc chains such as Bitcoin Gold are particularly susceptible to attacks of 51 percent where an attacker is attempting to control computational power or hazard by 51 percent or more of the blockchain. Since it was started, Bitcoin Gold has claimed that it has taken further safety and security precautions, such as full protection against replay, to preserve its clients’ accounts and coins. Still, the blockchain suffered three attacks of 51 percent and several BTG wallet thieves.

In January 2020, 51% attacks occurred. The first attack in January 2020 stole 1,900 BTGs, worth $19,000. The second attack took 5,267 BTGs, valued at $53. Following a loss of 388,000 BTG, worth over $18 million, in May 2018, the Bittrex exchange decided to delist Bitcoin Gold’s blockchain. The first event led to an upgrade to the Equihash-BTG mining algorithm.

Bitcoin Gold History: Start and Dispute

Bitcoin Gold’s legacy is controversial. The BTG project, launched in October 2017, was attacked by a large DDoS on its cloud site. Additionally, a Bitcoin Gold designer was accused of adding a 0.5 percent mining fee shortly after the launch. There were concerns that Bitcoin Gold’s security mechanisms were not as robust as promised, which raised the risk of threats.

After its debut, Bitcoin Gold developed post-mining strategies related to crypto exchanges, considering BTG listing. This involved quickly mining around 8,000 blocks, which helped grow and maintain the Bitcoin Gold network. The remaining 95,000 coins were set aside to support the development of the BTG community.

Availability of Bitcoin Gold on Different Exchanges

One primary driver for determining short-term and long-term performance is its availability in cryptocurrency exchanges, as the Bittrex and Coinbase examples have proven. To make trades, users must be able to access cryptocurrency on trade.

Bitcoin Gold’s Future

The core elements in their tech stack are updated. Some updates, like for explorers and ElectrumG, are almost finished. Currently, Bitcoin Gold does not need a Layer2 lightning network solution. Transaction volumes and fees are on its radar. Bitcoin Gold hard fork recognizes this.