Bitcoin Gold is a fools gold!
What is Bitcoin Gold?
The Bitcoin Community
In the eyes of the Bitcoin community, Bitcoin Gold is basically a community activated hard fork of Bitcoin with the idea to make mining decentralized again.
The creator of Bitcoin Gold is a team of miners. Jack Liao is the CEO of LightningAsic and is the head of these developer miners. LightningAsic is a Hong-Kong based mining manufacturing company.
Why Was Bitcoin Gold Created Anyway?
Bitcoin Gold was created without any consensus voting. It was run just by a few people who had lost in the original Bitcoin. In their perspective, the original Bitcoin mining process had become monopolized and centralized by a handful of mining companies.
The creators of Bitcoin Gold believed this because of ASIC miners, who had it made it impossible for all the regular GPU miners to mine Bitcoins. All the hard fork supporters wanted to make Bitcoin mining decentralized like it was supposed to be by forcefully hard forking the existing Bitcoin by creating a new Bitcoin using an algorithm.
The Bitcoin Gold Features Which Makes It Different From The Rest
- Bitcoin Gold is based on Equihash which means that always be GPU-minable and can never be monopolized by a single mining company.
- Since, Bitcoin Gold is a direct fork of Bitcoin it has an inbuilt replay projection.
- The good new is that Bitcoin Gold has variable difficulty that will be changing per block and that’s a sigh of relief for GPU miners because the difficulty of the original Bitcoin per block keeps increasing per block. It makes it impossible for GPU miners to mine Bitcoin this way.
Unfortunately, Bitcoin Gold Didn’t See the Light Of Day
It was expected! People clenched to hope that it succeed. But, there are some reasons Bitcoin Gold failed miserably. As soon as BTG was launched the it suffered some difficulties when the software was finally available to it’s excited users. The users reported issues such as connecting their nodes on the network.
Whats even worse? Some users even complained about they had received emails which contained links to fake email clients. According to the experts, there were a lot of issues in the codes of Bitcoin Gold programming because Bitcoin Gold didn’t have a completely formed consensus code, auditing, implemented replay protection and the testing necessary for it to run smoothly.
The Slow Death
Sure, Bitcoin Gold did offer lower fees. But, that is not a good enough reason to use Bitcoin Gold over other altcoin in the crypto-verse. Especially, when there were so many issues with the programming the crypto-enthusiast eventually just gave up on BTG.
Unfortunately, Bitcoin Gold wasn’t able to attract any businesses or partners to work with. Other crypto’s often have the support of instant exchange services and the crypto community members in general. Bitcoin Gold had none!
The huge development issues encountered after launching Bitcoin Gold which eventually brought down the rating and working processes has also become the reason for Bitcoin Gold’s slow death.