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Bitcoin Gold/Euro (BTG/EUR) rate
Digital currencies have decentralized payment systems around the world. The cryptocurrency revolution has ensured instant, anonymous transactions. At its lead was Bitcoin digital currency created by the programmer hidden under the pseudonym "Satoshi Nakamoto". Its creator, however, did not predict that one key aspect of BTC was susceptible to centralization. The community, however, did not remain indifferent, which resulted in the creation of Bitcoin Gold.
Bitcoin Gold (BTG) was created as a result of the hard fork of Bitcoin blockchain, which took place on the night of 23rd to 24th of October, 2017. In contrast to Bitcoin Cash, which appeared out of nowhere, BTG was a initiative proposed by the community. The voices that opted for the introduction of corrections in the Bitcoin code appeared already on June 2011, when the FPGA (field-programmable gate array) excavators began to displace CPUs and graphics cards, which foretold changes for Bitcoin. Digital currencies, that were a hobby, on which one could passively earn around 4 euros per day, have inevitably changed into industry. The fact that the FPGAs were almost immediately supplanted by specialized ASICs did not help, ASICs were designed for one purpose - to dig as much as possible. Since the creation of the first altcoins, such as SwiftCoin or Litecoin, however, it took a long time before a solution completely resistant to mass digging of digital currencies arose.
The cryptographic algorithm - Equihash gave new hope to the diggers who could not afford to invest huge amount of money in mining operations. Launched to market in 2016, it has become a phenomenon that has revolutionized the exchange market. The first cryptocurrency using the Equihash algorithm was ZCash, which in the first month of launch already enjoyed a volume of few million euros every day. The new, friendly for diggers algorithm proved to be the solution to the problem that Bitcoin has been struggling with since the first ASIC mining stations were put into circulation. A six-member team emerged from the community, which started Bitcoin Gold market. These include Jack Liao, h4x3rotab, Robert Kuhne, Franco Niebles, Alejandro Regojo and Martin Kuvandzhiev. Their goal was to create a digital currency that will not cause problems for novice diggers and restore Bitcoin's decentralized nature. It could be said that the effect of the work was a faithful copy of BTC based on a new, better encryption algorithm. To ensure a good start and a high initial Bitcoin Gold/Euro rate, each Bitcoin owner received BTG in an amount equal to the BTC wallet.
The road of BTG to fame was not made of roses. The team did a great job in terms of design and code, but involvement in the project and passion has been overcome by several good practices that are considered as a standard in the world of digital currencies. The result was a preliminary distrust of the community and the omnipresent FUD (Fear, Uncertainty, Doubt). The team admitted that 100,000 coins were dug out as a post-mine, before launching an official client for diggers. The extracted digital currency served as the investment capital of Bitcoin Gold Organization, and 5% was allocated to the creators. In addition, the BTG network did not have Testnet, which discouraged many experienced diggers and well-informed enthusiasts of cryptographic currency. The fact that the source code of Bitcoin Gold was published only after the release of the client did not help as well. The team turned out to be attentive to the public opinion, thanks to which a difficult start full of unfavorable entries, and even DDoS attacks that delayed the launch of the public network, lost its importance over time. The echo of the controversy was reflected some time after the publication of the client on November 12, 2017, due to which the Bitcoin Gold rate fluctuated considerably on the exchange market.
Bitcoin Gold maintains a stable, relatively high position in the ranking of digital currencies on coinmarketcap. At the beginning of May 2018, BTG ranked 24th, overtaking ZCash by three places. The peak market capitalization of BTG has been around 6 732 602 200 EUR. It took place on 20th of December, 2017 - less than three weeks after the introduction of the BTG/EUR rate and other trading pairs with fiat and Bitcoin currencies on the Bitcoin Gold BitBay exchange. It is worth noting that BTG is an extremely young cryptocurrency, which has a long way to go. Nevertheless, both long-term investors and day-traders-speculators maintain a high interest in the new, improved BTC counterpart. The changes on the Bitcoin Gold market were particularly felt by European countries, where news about the currency spread a bit later than in North America. The BTG/EUR rate was characterized by huge volatility, which meant that investments were more risky - but also possibly with much greater profit. In mid-February 2018, it brought a period of stabilization of the Bitcoin Gold rate, making BTG one of the most popular positions in the portfolio of new players on the digital exchange market.