What is Bitcoin Gold?

What Is Bitcoin Gold?

What Is Bitcoin Gold?

Are you sweating hard to understand the world of Bitcoin? Cryptocurrencies are very popular on the Internet and there are hundreds of them at the moment just waiting to be tried. The fact that Bitcoin went through a number of forks doesn’t make things easier to understand. But Bitcoin Gold is definitely something to look out for. Why is this relatively new cryptocurrency worth trying? Read on and find out.

Bitcoin Gold features

Let us tell you right away – yes, Bitcoin Gold is different than other cryptocurrencies, and there are two main reasons for that. It was created in August 2017, so we can actually call it the new version of Bitcoin itself rather than just another spinoff that derived from the ‘source of all cryptocurrencies’. The second reason is that if at the time the fork happened you had some bitcoins in your possession, you got exactly the same amount of Bitcoin Gold.

The new cryptocurrency is actually tightly connected with Bitcoin mining. After Bitcoin became very valuable, it was discovered that the mining could be done much easier and much faster by using the so-called ASICs (application specific integrated circuits). But, ASICs brought a new problem – mining became a concentrated industry and mining companies got so much power in the Bitcoin network. This is where Bitcoin Gold comes in because it offers a mining algorithm that is less sensitive to ASICs optimization. All this brings us to early days of Bitcoin when people could earn some extra money with their spare computing cycles.

Bitcoin Gold Features

Bitcoin Gold Features

Conclusion

So, many cryptocurrency fans hope that Bitcoin Gold will bring freedom to the world of virtual money. However, there are many sceptics, too. The loudest critics say that this currency could split the Bitcoin community, confuse people and that it’s not fair to use the Bitcoin name.

Bitcoin Gold market value is still lower than that of Bitcoin Cash and vanilla bitcoin. For example, on the day of closing this article, the value of Bitcoin Gold was $80,41, Bitcoin Cash $1.349,84 and $9.469,91 for the normal Bitcoin. Only time will tell what the future of the new cryptocurrency is, but the fact that it brings some very interesting features to the table cannot be denied. Keep following our website for all the news on that and check out our other articles for more info about the crypto world.

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Author: Ben Prescott
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