Bitcoin Gold is based on the open-source platform. Also, it is the newer version of Bitcoin. It is a fork which was recently executed as well. It was 1st executed in October 2017. As a result, it is actually on the newer side. It does not have a lot of history.
Also, the algorithm which is used for Bitcoin Gold is completely different as compared to other variants of Bitcoin. It uses Equihash and proof-of-work. This is the reason why it is different as compared to the other cryptocurrencies. A transaction replay is possible in Bitcoin Gold. When you compare it, the closest rival is Ethereum. Ethereum uses GPU in order to mine. Similarly, Bitcoin gold mining will also require GPU.
Mining will be entirely decentralized
In addition to that, the mining will be entirely decentralized as well. When the mining is entirely decentralized, you can be sure that a single entity will not have a significant amount of control over the entire network. As a result, the mining will be completely decentralized and the digital assets will be completely decentralized as well. Since it is based on the open source software project, you can be sure that it will become much easier to provide transparency in Bitcoin Gold.
Moreover, it is getting listed on many different exchanges as well. Currently, it is listed on Coinbase, Bittrex, Binance and other cryptocurrency exchanges. That is why the demand for Bitcoin Gold is also increasing consistently.
Can it increase significantly?
The current price of Bitcoin Gold is around $240. In the coming few months, experts believe that it can increase significantly. That is why, if you’re thinking of investing in any variant of Bitcoin, you should definitely look at Bitcoin Gold. It is gaining more and more traction. As it gains more and more traction, it will also be easy for individuals to get good returns in Bitcoin Gold. However, only when you’re investing at the current levels, you will be able to get these returns. Otherwise, if you’re investing at the higher levels, there will only be volatility and you will not be able to get good results.
If you’re confused about the different Bitcoin forks, it is important to look at Bitcoin Gold. Due to the completely decentralized mining, it provides a security and there is also transparency on the network which will help you in utilizing Bitcoin Gold quite easily and as a result, the potential of Bitcoin Gold is also on the higher side.