Being a hard fork of Bitcoin, Bitcoin Gold was established in 2017 by the creator of Lightning ASIC Jack Lao who said that the main goal of the new crypto-money was to improve the initial protocol. The change should occur through the transition from the usual Bitcoin Gold mining algorithms to mining coins through high-speed graphics processors. The main algorithm was replaced by Equihash. Farm owners could choose the size of the block, set specific mining goals and earn coins to store them in Bitcoin Gold wallet.
The main goal of Bitcoin Gold is to provide the miners with the opportunity to mine electronic currency using a graphics processor instead of ASICs. This method has certain advantages, including:
- use of different graphic processing units is allowed;
- ASIC bypass
- the range of users who can mine Bitcoin Gold is way wider;
- decentralized mining of crypto money;
- the decrease in the influence of large companies on BTG;
- stable prospects for Bitcoin Gold;
- wide capitalization of Bitcoin Gold.
When BTG hit the market in October 2017, it was worth over $400 – there was no ICO because BTG could only be mined and bought. The founders organized the pre-mining process, which raised concerns among the crypto community: it’s not clear how many BTG coins were mined by the team.
Bitcoin Gold Coin Fundamental Value
The main benefit of Bitcoin Gold is the change in the mining algorithm: Instead of SHA-256, it uses Equihash. This algorithm allows all users with ordinary personal computers (Windows 7 and newer, with 4Gb RAM min.) without overloading them.
Bitcoin Gold has a number of undeniable advantages:
- The cryptocurrency has an increased degree of security.
- The algorithm allows ordinary users to have access to mining pools – only a PC is required.
- The BTG network features enhanced code to provide better overall performance.
There’s only one thing that the team needs to address: weak protection against duplication. For this reason, various services confuse Bitcoin Gold with Bitcoin, and as a result, prohibit certain operations.
As for BTG value, the cryptocurrency is mostly interesting for miners. Its value has seriously dropped during the last year, so it’s not the best option for investment and trading. BTG price today is $10,59, which is 40 times lower than when it was introduced.
|Project name||Bitcoin Gold|
|Market cap||$185 438 932|
|Curr. Supply / Total Supply||17 513 924 / 21,000,000 BTG|
|ROI since launch||-97,79%|
|Launch date||24 October 2017|
Bitcoin Gold Price History
As we see on the chart, Bitcoin Gold price did not recover to the previous glorious levels. When it has only entered the market, its cost was around $479 – all thanks to descending from Bitcoin blockchain. By the end of 2017, during the mega-bullish period, BTG also skyrocketed to enormous levels ($474), but after a major selloff, it did not restore the value. During 2018, its price plummeted to $267 and lower, falling by 23% and lower overnight. After the serious dropdown, BTG has been trading in the range of $10-25 since the middle of 2018.
Bitcoin Gold Technical Analysis
What do traders and crypto enthusiasts think about trading opportunities of Bitcoin Gold? Check the technical analysis from TradingView: it reflects the opinion of users:
Bitcoin Gold Community Reputation
Although Jack Lao’s motto “Make Bitcoin decentralized again” seems to be a great idea, the appearance of Bitcoin Gold has caused mixed feelings among the crypto community. While miners were happy to have the opportunity to mine Bitcoin’s copy almost without restrictions (especially when BTG coin price was worth $400+), experts expressed doubts in the initiative.
For example, the CEO of Satoshi Labs, Marek Palatinus published a skeptical twit before the appearance of BTG on the market:
On the forum of bitcoingold.org, people were discussing why BTG is less popular than BTC. Users came to the conclusion that Bitcoin Gold needs rebranding, and the fall of its price also matters.
Anyway, the miners and crypto community acknowledges the benefits of BTG, and the coin is being gradually introduced on crypto exchanges. Recently, the bank of New Zealand has officially approved BTG as the means of payment. That’s a true victory for the hardfork!
It goes without mentioning a growing volume of transactions, which proves a higher rate of adoption:
The interest to Bitcoin Gold was a bit higher in recent months. It’s directly connected with the BTG stock price: the more it costs, the more people it attracts.
Influencers Opinions On Bitcoin Gold
When it comes to Bitcoin Gold price predictions, experts don’t rush to share their opinions. However, amateur traders make some suggestions:
- When it comes to BTG/BTC pair, positive changes can also be expected. AlanMasters claims that If BTG/BTC pair moves above EMA10 (0.001346), traders can expect 11,400% potential profits to All-Time High (though very unlikely to be hit again). Anyway, RSI is oversold, and there is a strong bullish divergence on MACD, so in the nearest future, the pair can make all-time low.
- According to the longforecast.com website, BTG will cost will fall to $4 during 2020.
- WalletInvestor also provides pretty pessimistic opinions: in 2020, it forecasts BTG price of $1.9.
- audtoday.com states that BTG in 2020 will go down to $5-7.
There are practically no optimistic forecasts for BTG. Probably, such conclusions are based on the current downtrend that has been lasting pretty long.
What to expect from Bitcoin Gold Price in 2019-2020?
Judging by various BTG cost predictions, the cryptocurrency is not likely to hit the resistance, so its price can stay within $10-20 range during 2020.