Bitcoin Gold (BTG) Review: The Gold in Crypto?
We have all heard of forks. Well, Bitcoin Gold is a fork of the one, the only, the immortal, Big Daddy Bitcoin.
All of you, our loyal readers, know that we here at CryptoDetail openly endorse all cryptos that fall into what we call the "Satoshi Vision". That means that we love any crypto coin or token that embraces the ideals outlined in the "Bitcoin Bible" (our term for the Bitcoin Whitepaper).
The most important aspect of that sacred document that a coin or token must embrace for us to declare as part of the Satoshi Vision is that the project must be all-inclusive. The coin or token must be easily obtained, bought, traded, HODLed, mined, and (most importantly) used by anyone and everyone. One of those cryptos designed to bring the entire world together into one easily used monetary system is Bitcoin Gold.
What is Bitcoin Gold?
We have all heard of forks. Well, Bitcoin Gold is a fork of the one, the only, the immortal, Big Daddy Bitcoin. As with all other forks, the team that created Bitcoin Gold took their love of the original Bitcoin and tried to address issues that they saw in BTC works.
In general, we here at CryptoDetail do not agree with the teams building BTC forked coins. However, the Bitcoin Gold team has tackled a couple of issues we also see as needing improvement in Bitcoin.
What Are The Issues Solved By BTG?
The first of those issues addressed by Bitcoin Gold is the need for more decentralization and democratic protocol in the mining structure of Bitcoin. With its current setup, BTC mining has evolved into a large-scale industry. This eliminates the independent miners from the equation; which is most definitely not part of the Satoshi Vision.
Bitcoin Gold has utilized the Proof of Work algorithm known as Equihash. This algo is extremely profitable with miners running simple, factory standard GPUs. And, to further equalize the mining process; ASICs cannot run Equihash to mine Bitcoin Gold. All this means is that any person with a decent laptop or desktop computer can easily mine BTG; Simultaneously, large mining farms who have invested so much capital into purchasing ASIC rigs are excluded.
Bitcoin Gold goes a step further through their source mining capability code. The BTC algorithm monitors mining locations and checks hash power. The more hash power your location produces, the higher your difficulty becomes. Conversely, lesser hash power being produced by your location means lower mining difficulty. This equality is built into the code of the coin itself; so, it cannot be altered (no cheating!).
Bitcoin Gold also addresses the issue of anonymity. While Bitcoin is anonymous, the various third-party wallets and exchanges have gone to great lengths to connect those wallet addresses to user identities. BTC eliminates those connections. So, the only way anyone will know a BTG user's identity is if that user registers on one of the larger exchanges. Bitcoin Gold wallet holders can see where a transaction originated; and where one was sent. The anonymous nature of cryptos declared in the Bitcoin Whitepaper has come into its full evolution with Bitcoin Gold.
In short Bitcoin Gold is truly a new, improved version of the original. And not just for show; but in places that matter in the Satoshi Vision grand scheme of what a crypto coin is supposed to be.
What About Price History and Forecast?
Another of Bitcoin's huge issues is the price. Although we all know that Bitcoin can be broken down into many smaller parts; thereby allowing anyone to use it to transfer any amount of money; its price scares some would-be users away.
Bitcoin Gold was released in October 2017. At that time its price was $ 475. As a new fork, that price seemed reasonable, even thrifty compared to the market at that time. After the December 2017 Wall Street Invasion ended the price of BTG dropped to $ 100 just after New Year 2018. Today Bitcoin Gold has taken a much more realistic price for a new currency with a current value of $19.95/BTG.
Before you start talking about (forgive the term; but, we are all adults here, and this term is used rampantly throughout the crypto sphere) shit coins; think about this for a minute. Bitcoin Gold is still a young coin. When Bitcoin was less than a year old, its price was around $1/BTC. So, $ 19.95 at this age is pretty impressive. Plus, Bitcoin Gold is meant to be all-inclusive. This value is one that allows everyone to afford this unique currency. All of this, again, fulfils the Satoshi Vision. So, we here at CryptoDetail to strongly recommend Bitcoin Gold as part of your HODL.
Yet another reason to HODL
With that said, there is yet another reason we, ourselves, HODL this Bitcoin Gold. As with most other crypto coins, BTG value follows BTC value; at a much larger scale. It is our perception that Bitcoin, and the entire cryptosphere, is preparing for its end of year leap in price. If you are HODLing Bitcoin Gold when that leap happens; and if the value jumps back up to its original price (which we fully expect) by the end of 2018; you are going to be a very happy HODLer indeed.
Whether that large of a leap actually happens that remains to be seen. We here at CryptoDetail are not fortune tellers; this is merely our unique outlook for the remainder of this year. We fully expect Bitcoin Gold to become much more valuable than today when that yearly jump in crypto values occurs.
If you do not have any BTG yet; get some, buy some, mine a bunch and HODL, HODL, HODL. We are, and we hope you do too.
As stated above, we here at CryptoDetail are not fortune-tellers. We are also not financial consultants. Nothing written here is meant and/or presented as "financial advice".
Please consult a crypto-friendly CPA do discuss your own ideas and/or form your own plans concerning any cryptocurrency investment or purchase.
Thanks for joining us for this exploration! Good luck on your own crypto journey!! Happy HODLing!!!