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Bitcoin Gold/Bitcoin (BTG/BTC) rate
Fork Bitcoin Gold occurred on the night of October 23rd to 24th, 2017. The official mission behind the creation of this currency was: "Bitcoin Gold is a hard fork of Bitcoin initiated by the community whose purpose is to allow decentralized bitcoin digging again." It can be concluded that Bitcoin was cloned along with all its parameters. However, a new mining algorithm has been introduced, which is known from another digital currency - ZCash,. As with the Bitcoin Cash forks, each Bitcoin owner (BTC) received the same amount of BTG.
As inseparably connected with Bitcoin, the Bitcoin Gold digital currency depends on the BTC rate. Despite the same time of generating the block and similar capacity dictated by operations on an exact copy of Bitcoin blockchain, BTG was distinguished as an alternative currency that was modernized, accessible to novice investors. The project was initiated by an international six-member team, which includes: Jack Liao, Robert Kuhne, Alejandro Regojo, Martin Kuvandzhiev, Franco Niebles and the main programmer hidden under the pseudonym "h4x3rotab".
Before the official release of the client, just after the launch of the hard fork, the team digged out 100 000 coins, which act as the investment capital of the Bitcoin Gold Organization. 5% of this amount (around 833 BTG per person) was paid to the founders in the form of bonuses and remuneration for work performed on the project. The planned launch of the Bitcoin Gold network was to take place on November 1, 2017, but the date was moved to November 12 due to a series of DDoS attacks. The whole attacks are shrouded in secrecy, because among the IP of attackers, most of the addresses were located in China. In the light of this fact, the suspicion has been placed on the producents of the BTC miners type ASICs (specialized integrated circuits) located in PRC, on which Bitcoin Gold is completely resistant. Numerous turbulences surrounding the premiere of the BTG client and the first month of the currency's operation have meant that the Bitcoin Gold/Bitcoin rate fluctuated significantly for four months after the launch of the blockchain.
What distinguishes Bitcoin Gold from Bitcoin, is the upgraded Equihash encryption algorithm, which is the basis of mining-oriented digital currencies, including ZCash and Komodo. It solves the problem with the scaling of BTG, which Bitcoin is unsuccessfully battling. The BTC network has been designed in such a way as to gradually increase the level of difficulty of block mining along with the increase in the number of digging users. The creator of Bitcoin - Satoshi Nakamoto - did not predict, however, that specialized integrated circuits can easily break through the relatively easy-to-access SHA-256 and "monopolize" the extraction of the digital currency. Even the Scrypt algorithm released in 2009, which was used to create Litecoin, made LTC resistant to ASICs for about six years. It is worth noting that Scrypt was a provisional solution, the specifics of which only delayed the inevitable. Equihash was released for use in 2016, that is, 15 years later, than SHA-256, on which Bitcoin blockchain was based. It is an algorithm designed for cryptocurrency, and its developers promise full resistance to the action of specialized mining stations such as ASIC and FPGA (Directly programmable gate array).
Thanks to Equihash, Bitcoin Gold mining has become easier and (more importantly) possible for the average home computer user. This is a key advantage of the currency, because while a digger that has invested in a single integrated circuit or FPGA is not a problem, large-scale mining operations have prevented once-available digging with CPUs, graphics cards and even USB miner. This situation discourages potential Bitcoin diggers, leading to a deeper problem of network oligopolisation. The BTG developers team was guided by the choice not only of the miners' interest, but of the Bitcoin Gold exchange market in general. Problems with block processing slow the transaction posting process, which has a negative impact on the end-user experience. Equihash gives users equality and freedom, which significantly influenced the initial success of the Bitcoin Gold rate.
The entry of BTG into the exchange market was a huge step that had a positive impact on the BTG/BTC rate and Bitcoin Gold trading pairs with fiat currencies. Despite the initial difficulties, BTG is in the top 30 of the coinmarketcap ranking with market capitalization of 138 467 BTC, or nearly 1,500,000,000 USD (as of the 1st of May, 2018). At the peak, on 20th of December, 2017, it was over 8,000,000,000 USD. Shortly before this, on 1st of December, Bitcoin Gold was launched on BitBay. It was a period of exceptionally strong price fluctuations, when two days could have increase by a 30% or drop a 50% in the Bitcoin Gold/Bitcoin rate. The relative stabilization in the BTG rate took place around mid-February 2018, smoothing significantly the Bitcoin Gold price chart. A stable, low price, however, turned out to be a salvation for investors susceptible to stress. In mid-April 2018, when the BTG course showed a stable upward trend, the transaction volume noted a visible increase, proving that Bitcoin Gold remains on the radars of many speculators.