Bitcoin Gold aims to correct what backers see as a serious flaw in design of original bitcoin. The Bitcoin Gold was born in August last year and it is different in two very important ways. While Bitcoin Cash, the fork that preceded Bitcoin Gold fork, was designed to resolve Bitcoin’s capacity crunch by making use of larger blocks, the Bitcoin Gold aims to tackle Bitcoin’s original flaws – increasing centralization when it comes to mining which is responsible for verifying and securing bitcoin network and transactions.
About Satoshi
Satoshi Nakamoto created Bitcoin so that anyone would be able to take part in Bitcoin mining using their computer and in return earn some bitcoin as a reward. It was supposed to mineable by anyone and everyone. This was good in the early years but once it became more valuable, ASIC machines were created to mine bitcoin more efficiently.
Bitcoin became centralized
SHA-256 hash function is used for mining bitcoin and only ASIC machines are good enough for this. Slowly, the wealthy corporations took control over the entire hashrate. Not everyone has ASIC machine at home. This is where Bitcoin Gold shines. Everyone has a computer that is capable of mining Bitcoin Gold.
Bitcoin Gold can be mined using any graphics card. I have written a tutorial on how to mine Bitcoin Gold here. You can use any modern Nvidia or AMD graphics card to mine BTG coins. This is because equihash algorithm is fully compatible with the graphics cards, so the power is given to the people.
The ultimate goal of the Bitcoin Gold team is to prove the viability of GPU mining as alternative PoW compared to SHA-256 mining that is used in Bitcoin. This means power is in hands of people instead of corporations with ASIC machines.
So, those are my reasons why I think Bitcoin Gold is the future of cryptocurrencies. Bitcoin Gold fulfils Satoshi’s vision of a proper, decentralized currency and gives power in the hands of people.
I don’t know much about the whole potential of Bitcoin Gold vs Bitcoin Core, and that is the whole problem with it.
I think when the information isn’t being passed on, in the sense that people are not looking to get involved as much as they are looking forward and FOMO with Bitcoin Core, that’s a huge disadvantage .
I’m not familiar with any crypto called Bitcoin Core. Are you thinking of Bitcore?
Anyway, for investment purposes, I don’t think “Bitcoin Gold vs. other coin” is the right way to think. I diversify.
I have my personal money partly in traditional funds in a 401k saving plan, and partly in crypto investments. Most of the time, I am holding Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Gold (BTG). I also hold smaller amounts of other GPU-mineable coins because some of my mining rigs are auto-switching (some mine ETH or BTG exclusively.)
I personally consider Bitcoin Gold a good investment as part of a good diversified crypto portfolio, and think I that putting all investment funds into a single asset, hoping for the “moon,” is generally a bad strategy.
Now I understand, thanks for the explanation. I’m currently using only Bitcoin. Frankly speaking, I haven’t thought about only investing and waiting for years as it is pretty risky. But I’ll keep this idea in mind.
Your interpretation is an interesting one. Cryptocurrency is the next level of the businesses era. Moreover, investing in Bitcoin increases its value, and there is nothing like sales or tradings. When my friend wanted to invest money in this kind of currency, her family told her to develop a company instead. She asked for advice from people who work at https://www.doughroller.net/ and decided to take classes to learn how to invest her money correctly. Her balance account is increasing due to the things she has comprehended and thinks of starting a small business.
