A beginner introduction to Bitcoin Gold (BTG)

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What is Bitcoin Gold (BTG)? How it is better Than Bitcoin

When Bitcoin Gold (BTG) was being launched on October 24, 2017, Jack Liao was of the opinion; gold was better than the actual Bitcoin.  Through proof-of-work change which requires a hard fork, it aims at breaking miner centralization and monopoly. With this innovation, BTG is one instrument that depends upon peer-to-peer distribution across all networks.

In mid-November, this new version, BTG was created to increase the sizes of blocks up to 2MB. To preserve the independence from miners, users have found ways of mining gold directly. As Bitcoin’s pioneer fork, it is an open source cryptocurrency which is geared towards cutting links through altering the algorithm aimed at solving blocks.

How does it work?

Bitcoin Gold (BTG) works by recording details on the ledger during a specific period. The two transactions are identical to each other but the fork applies new rules which differentiate the two. With two concurrent currencies, Bitcoin and Bitcoin Cash, scaling issues are solved with respect to bitcoin cash.

With the new BTG, miners feel threatened since they take a lot of risks in order for people to use their networks. However, scaling solutions have been created to ensure miners continue earning their fees despite it being expensive.

Price analysis

With new cryptocurrencies coming up, Bitcoin Gold is rather progressive this week maintain the $200 and above. Currently, BTG is trading at $183 it has recorded a positive gain of 21.01% in the last 24 hour changes.

As of January 15, 2018, Analysts have raised their concerns since BTG miners did not hit their target as expected. It has maintained about the $200 range since it was first launched. From the look of things, it could fall way below the $200 mark as time progresses. Even though there is a team of experts working hard to prove its efficiency, BTG still has a long way to go.

How to sweep from the wallet

Potential users need to make use of BTG stored in wallets through their secured private keys. It is easier when you use either Bitpie or Bither as your main iOS apps. Even though it is not strictly necessary to use your current wallet, it is safer to move your bitcoins to a new address and retain your old seeds at the same time.

Download the apps directly from registered websites and ensure they are open correctly prior to moving your BTG. Upon confirming the Bitpie app is activated, import all your details from the paper wallet to the new address. Remember to copy your deposit address from Bitpie into Bither screen and reenter the new password once again. Finally, upload your new seed into a Bitcoin Gold (BTG) wallet then spend, store or send it to an exchange platform like Binance.

Do not forget to get rid of your wallet once you have completely swept the entire content in your wallet to obtain the full balance once you issue your private keys.

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