Bitcoin Gold (BTG) Profile

Bitcoin Gold Token Profile (PDF)

Bitcoin Gold was forked from Bitcoin in October 2017 by developer Martin Kuvandzhiev. The only thing that the project changed from the original Bitcoin source code was the consensus algorithm; from SHA-256 to Equihash, the consensus algorithm used to mine Zcash. This was seen as an unnecessary change by the general community, and only a small number of mining pools supported it. Kuvandzhiev used the rise of ASIC mining to justify the change, but the fork was still very much scrutinized. In November 2017, a report revealed that a hidden hard-coded algorithm was sending a 0.5% fee directly to Kuvandzhiev’s wallet along with the coinbase (block reward) transaction. Bitcoin Gold’s network value decreased significantly following the release of this report. That same month, bitcoin users looking to get a free bitcoin gold balance were targeted by mybtgwallet.com, an elaborate scam disguised as a wallet that stole its users’ private keys. Despite these issues, Bitcoin Gold continues to be a highly traded cryptocurrency due to its extensive exchange support.