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Bitcoin gold is a cryptocurrency that has only recently come into formation, emerging in 2017 as a fork of the Bitcoin blockchain. Since its fork however, it has remained independent and has had its own value over the recent months.
Hard forks take place for a number of reasons, either for scaling when a the customer base of a cryptocurrency grows, or because of developer conflict and the differences of opinion when it comes to the goal of the cryptocurrency.
The Formation Of Bitcoin Gold
Bitcoin gold came into existence with the main purpose of making bitcoin decentralised again. For many, this many seem like a confusing reason, as the whole point of Bitcoin is that it is already decentralised. However, the thing that prompted the development of Bitcoin gold in the first place was not the fact that it was decentralised, but rather the Bitcoin mining process.
Those who wanted Bitcoin gold to come into existence were those that wanted Bitcoin to adopt a new algorithm for the mining process, called Equihash. One of the primary goals of Bitcoin gold is so that the mining process cannot be run any faster on specialised equipment than it can on standard computers.
Additionally, Bitcoin gold also focused on having more safety and protective measures than the original Bitcoin, in an effort to secure its customers’ accounts and coins. These additional features were having a unique wallet address and included replay protection.
The problem with this cryptocurrency is when it first emerged, there was not enough wallets available that supported it, and it is taking many exchanges a long time to coming round and supporting it.
In The Beginning
Since coming into existence in October 2017, the price of Bitcoin gold has fluctuated dramatically. One of the biggest dips came about in February 2018, although at this time many cryptocurrencies were also in the red, with just a handful of exceptions. Bitcoin gold was one of the biggest casualties here, resulting in around a 20% drop in value.
Overall, it is one of the least successful of Bitcoin forks, yet despite this it has still seen its fair share of successes, at one point reaching the value of $500. There doesn’t seem to be any real reason for this price fluctuation, but the most obvious is that it is simply following the Bitcoin price momentum.
Where To Buy Bitcoin Gold
As of March 2018, the cryptocurrency was trading live on Bithumb, Bitfinex, Binance, Bittrex, HitBTC, Uphold, YoBit, Gate.io, Changelly, Shapeshift, BitBay, Abucoins, Change Now, Evercoin, Tdax, Bitsane, Bitstarex, QuadrigaCX, Cex.io, Okex, Anybits, BestRate, Bitmarket, Indacoin, CoinSwitch, and Unocoin, and many other will be considering offering it in the near future.
Bitcoin gold has some ambitious plans for the future, including integrating a lighting network and decentralised mining though P2Pool. There are also plans in place for a debit card programs and a number of conferences and events in 2018, all of which could contribute to the value of Bitcoin gold.