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What currency does Bitcoin Gold belong to?

Emerging as a fork of Bitcoin in October 2017, Bitcoin Gold (BTG) employs the Equihash algorithm, promotes decentralization, and incorporates privacy-enhancing features like Confidential Transactions.

Nov 20, 2024 at 06:40 pm

Unveiling the Nature of Bitcoin Gold: A Derivative of the Pioneering Cryptocurrency

What Currency Does Bitcoin Gold Belong To?

Bitcoin Gold (BTG) stands as a fork of the renowned Bitcoin (BTC) cryptocurrency, emerging in October 2017. As a fork, BTG shares the underlying blockchain technology and principles of its parent, yet it distinguishes itself through the implementation of specific modifications.

Understanding the Bitcoin Gold Blockchain

Genesis Block and Supply:
- BTG's blockchain originates from a snapshot of the Bitcoin blockchain at block height 491407.
- It inherits the supply limit of 21 million coins, identical to BTC.
Proof-of-Work Algorithm:
- BTG employs the Equihash algorithm for proof-of-work, differing from the SHA-256 algorithm used by BTC.
- Equihash is ASIC-resistant, aimed at promoting decentralization by allowing mining on standard hardware.
Block Time and Reward:
- BTG's block time is set at 10 minutes, aligning with BTC's interval.
- The initial block reward was 12.5 BTG, subsequently undergoing halvings аналогично биткоину.
Replays and Compatibility:
- Transactions on the BTG blockchain are not compatible with the BTC blockchain.
- Events occurring on one chain do not replicate automatically on the other.

Unique Features of Bitcoin Gold

ASIC Resistance:
- BTG's Equihash algorithm is designed to resist mining by specialized ASIC (application-specific integrated circuit) hardware. This promotes decentralization in mining operations.
Improved Transaction Privacy:
- BTG incorporates a privacy-enhancing feature known as Confidential Transactions (CTs).
- CTs encrypt transaction data, concealing amounts and sender/receiver addresses.
Smart Contract Compatibility:
- BTG supports smart contract functionality through its integration with the Rootstock sidechain.
- This allows developers to create and deploy decentralized applications (dApps) on the BTG ecosystem.
Community Governance:
- BTG operates through a decentralized governance model, which involves community voting on proposed changes.
- Holders of BTG have a say in the future development and direction of the project.

Availability and Trading of Bitcoin Gold

BTG is widely available across a range of cryptocurrency exchanges, including Binance, Coinbase, and Kraken. It can be traded against fiat currencies (e.g., USD, EUR) and other cryptocurrencies.

Current Market Capitalization and Price

As of [insert date], Bitcoin Gold has a market capitalization of approximately $[insert value], ranking as the [insert ranking] largest cryptocurrency.

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