What is Bitcoin Gold (BTG) - What You Need To Know About the New Hard Fork

10/12/2017 - 13:22 UTC
What is Bitcoin Gold (BTG) and What You Need To Know for the Hard Fork

Some believe it could bring the end of all altcoins, while others fear that forks like this end up devaluing Bitcoin. We are talking about the brainchild of Jack Liao, Bitcoin Gold (Bgold or BTG), yet another hard fork of Bitcoin.

To be clear, Bitcoin Gold is not 2x, it was announced before even the Bitcoin Cash fork and at the time of writing it is scheduled to go live on October 25. The main innovation of BTG is a change in the proof-of-work algorithm.

The Bitcoin Gold developers have chosen  Equihash instead of original Bitcoin's SHA256. Equihash is memory-hard, meaning it is fairly ASIC resistant and is also used by ZCash for years so it is well-tested.

The main reason for the proof-of-work change is to decentralize the bitcoin mining business, which is dominated by ASICs most of which are produced by the Chinese company Bitmain.

In this video, you can learn what Bitcoin Gold really is, how and when the hard fork will happen and of course what you need to do to prepare.