The bitcoin block 491,407 marks another hard fork for Bitcoin, on 25th October 2017. Bitcoin Gold now contains a clone of the transaction history of Bitcoin, with the intention to evolve in its own separate path. All users with private Bitcoin (BTC) keys received free Bitcoin Gold coins equal in value during the fork. Everyone is seeking to buy Bitcoin Gold coins as the value of it keeps increasing since September 2017.
Where to buy Bitcoin Gold?
There are two possible ways. One is to buy Bitcoin Gold; the other way is to mine Bitcoin Gold. The code for Bitcoin Gold (BTG) is now in release state to the public. Cryptocurrency exchanges are working on implementing proper support to do trade in BTG. There are several well-known exchanges like HitBTC, Binance, YoBit, Bistar, Coinnest, Bleutrade and Bitfinex already allows purchasing and selling of BTG.
Is BTG secure for trade?
Some are eager to trade in BTG as soon as it is in the market. However, there are considerable safety concerns at the moment. It is unsure whether BTG has replay protection. “Replay protection” prevents re-transmitting transactions across both lines after the fork. So, when you spend BTG you might be unknowingly spending your BTC as well. Therefore, it is important to use exchange systems that can handle such scenarios properly.
Some exchanges have token schemes with limited functionality. This is to ensure secure trade on each chain using trade tokens. Also, some wallets only allow receiving of BTG, but does not allow to spend them till BTG replay protection is in action.
Can BTG go beyond BTC?
The current fluctuations in the market make it hard to predict. There are couple of factors to consider;
Special use case of fork
The intention of every fork is to make BTC more powerful. The previous fork into Bitcoin Cash (BCH) improved the transaction speed of BTC. The popularity depends on which chain miners will use in future. The more hardware resources used for mining, the better productivity and results on each chain.
BTC and BCH both use SHA-256 algorithm, but BTG uses Equihash algorithm. This can be mined with general purpose hardware and does not require an ASIC BTC mining system. This allows more users and shareholders to mine BTG which adds robustness and makes it less volatile.
Other things to consider
The process of decentralizing the BTG cryptocurrency may have a negative impact on its growth. BTC is known to have more centralization and collective powers by a number of users, which benefits BTC in some ways.
There was a DDOS (distributed denial-of-service) attack right after the BTG launch, posing a potential threat to the chain. Some users are reporting difficulty to connect to other nodes in the network from time-to-time.
More reliability and overcoming technical issues are the next big challenges BTG are facing now. As more investors buy Bitcoin Gold, the new cryptocurrency gradually moves closer to success.