COMPREHENSIVE REVIEW ON BITCOIN GOLD

Bitcoin Gold (BTG) is a proposed fork in the Bitcoin network with intentions of creating a new blockchain. It is simply a fraction of Bitcoin that will be released on the 25th of October 2017.

When will this fork occur?

Based on my research I discovered that the fork has already occurred at a point known only to the Bitcoin development team. BTG blockchain will be made available to the public when the Bitcoin Blockchain reaches block number 491,407 which is estimated to occur on the 25th of October 2017.

I am going to discuss this fraction of Bitcoin based on Decentralization, Fair Distribution, Replay Protection and Transparency

Decentralization of Bitcoin Gold

Bitcoin Gold is actually decentralized, it actually uses a PoW algorithm and Equihash that makes mining decentralized. Computer hardware that was designed for mining Bitcoin(BTC )is actually obsolete (old ) for mining Bitcoin Gold, this will give ordinary users an opportunity to mine with ubiquitous GPUs

Fair Distribution of BTG

Bitcoin hard fork is the most efficient way of creating and distributing a new digital asset. It is fair since coins that are created from genesis block always have ownership focused on a minor group of people.

Replay Protection in Bitcoin Gold

Replay protection is actually an important feature that prevents users from accidentally spending their coin. BTG uses this feature to ensure safety in the Bitcoin ecosystem.

Transparency in Bitcoin Gold

BTG actually ensures transparency by making its software open source software. This software is built by volunteer developers with high supports from a rapidly growing community of Bitcoin enthusiasts from around the world.

 

Below is a tabular representation showing the difference between Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG) and Segwit 2x (B2X)

Will this split affect the Bitcoin network

I can’t really say but based on research and experience, we are only anticipating a positive effect on the Bitcoin network.When this split occurs, we only expect you to have the same quantity of Bitcoin and Bitcoin Gold in your wallet. For more explanation, Read

 

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My conclusion on BTG

You don’t need to panic. All you need to do is decide if you want to be part of the split or not. You can move your Bitcoin to Bitcoin wallets that support this split else you might not receive Bitcoin gold after the split. Note that there is no certainty as to how BTG will be valued after the split.

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