This hard fork of Bitcoin is not backed by gold as its name might suggest, its aim is to “make Bitcoin decentralized again” with a blockchain mined by individuals around the globe, not corporations with giant warehouses full of ASIC machines. While not as popular as other Bitcoin derivatives, it’s accepted by over 500 businesses.
Who Accepts Bitcoin Gold
Should you buy Bitcoin Gold?
If you’re looking for a hedge-against-inflation crypto this is not the gold you’re looking for. It’s more of a speculative play, the market value of these Bitcoin derivatives tend to ride on the coattails of Bitcoin’s ascent as the US Dollar is printed into oblivion. After an initial hype and crash upon its launch in 2018 its price has remained pretty stable and its value is now trending upward. Its popularity and good name mean that it’s probably here to stay.
Disclaimer: the Bitcoin Gold Organization (bitcoingold.org) cannot take responsibility for third party providers, such…
It’s specifically engineered to be a coin that the average Joe or Jane can mine. So if you’ve got a good graphics card, maybe you should mine it while you sleep.
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About Bitcoin Gold Official
Bitcoin Gold is a community-led project to create an experimental hard fork of Bitcoin to a new proof-of-work algorithm. The purpose for doing this is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of whom have engaged in abusive practices against individual miners and the Bitcoin network as a whole.
Bitcoin Gold will provide an opportunity for countless new people around the world to participate in the mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations. A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision. Perhaps, if the Bitcoin Gold experiment is judged by the community to be a success, it may one day help build consensus for a proof-of-work hard fork on Bitcoin itself.
From the abstract of the Bitcoin Gold whitepaper
What is Bitcoin Gold? BTG is a cryptocurrency with Bitcoin fundamentals, mined on common GPUs instead of specialty ASICs. ASICs tend to monopolize mining to a few big players, but GPU mining means anyone can mine again — restoring decentralization and independence.