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Bitcoin Gold/Dollar (BTG/USD) rate
BTG was created as a result of the BTC fork, which took place on 23rd of October, 2017. From that time until January 2018, his rate was considered unpredictable and vulnerable to rapid changes. The BTG/USD rate stabilized more or less in mid-February 2018. Although it managed to decrease to 40 USD from that time and increase again to 70 USD (as of 1st May, 2018), the characteristic spikes were missing on the chart. It makes the Bitcoin Gold exchange one of the most stable on the market.
There are many potential reasons to do hard fork. Creating an independent branch in the blockchain can resolve scaling problems, help with network upgrades or solve the developer's differences of interest. However, the creation of Bitcoin Gold was guided by a completely different idea - it was a project proposed by the community whose objective was to "re-decentralize the Bitcoin network". At first look, the motto may seem at least unintuitive, because digital currencies (especially BTC) are not dependent on central banks or other state organizations. The problem that Bitcoin Gold intends to resolve is related to the emission at the level of extraction, which was intended to be equal for every aspiring digger. The SHA-256 algorithm used in the original BTC proved to be a too simple solution to cope with the scale to which Bitcoin grew within a few years since it was launched. Being vulnerable to dig the currency by using specialized integrated circuits (ASIC), the Bitcoin algorithm favored large-scale mining operations, leading to oligopoly. Bitcoin Gold developers believe that the Equihash algorithm, which is used to dig the popular altcoin - ZCash, should solve the digging problems that Bitcoin is struggling with.
The "re-decentralization" of the digging system was not, the only thing the developers took care of. A number of patches related to distribution, transaction system and protection were introduced, which were only possible to implement in the case of hard fork. The creators of the digital currency also focus on the full transparency of business practices. Interview statements and information provided on the Bitcoin Gold website indicate that BTG is a hard fork of Bitcoins blockchain that will distribute the new digital currency in a fair, efficient and secure way between investors on the Bitcoin Gold exchange market from around the world.
To guarantee the security of BTG in the environment of competitiveness between hackers and developers, a secure network infrastructure based on complex network nodes was created. Delays at the launch of the digital currency resulted from the upgrading of the security system. Data protection also takes most of the time spent on the current patches in the code. As a result, Bitcoin Gold is almost completely protected against double spending attacks. The only, purely hypothetical, chance is based on the so-called "51% attack", involving the takeover of control over the network by a person or group of people with more than half of the computing participation in digging.
The BTG business plan assumes an ambitious expansion, which may again shake the Bitcoin Gold/Dollar rate if it is implemented correctly. The first quarter of 2018 was devoted to the integration of open source libraries with the ecosystems of BitcoinJS, BitcoinJ and CoPay. The team also collaborated with numerous universities from around the world. The digital currency also was rebranded, as a result of which the design of the website was changed and the image of BTG was refreshed. Marketing activities have extended significantly. Then, the planned development includes dedicated payment systems - payment cards, integration of Bitcoin Lightning Network and other forms not defined yet. According to developers, Bitcoin Gold will achieve full functionality around 2019, when it will be used in private transactions, research grants and the payment of academic scholarship support. In the long-term, the Bitcoin Gold team intends to leave the currency in the hands of the community to conduct research on the possibility of implementing Intelligent Contracts and a decentralized brokerage network, initially tested in the BTG/USD rate.
On the day of launching the network, the Bitcoin Gold rate was strongly boosted. The opening price was from 480 USD. Two days after the launch of the market, the rate decreased significantly and amounted to around 140 USD. This was related to the difficulties in implementing BTG on the exchange market and the beginning of trading. The relatively low rate remained until the 11th of November. In connection with the information about the planned launch of the network on 12th of November, 2017, the Bitcoin Gold/Dollar went up, reaching 420 USD. Originally, the network was to be launched on 1st of November, but the developers did not make it on time. In the following days the BTG rate dropped again. The rebound took place on 21st of November, 2017, which resulted from the launch of trading on several foreign exchange markets. From now until mid-January 2018 BTG price stayed around 250-300 USD.