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Shortly before the Bitcoin spin-off "Segwit2x", long discussed by the community, was cancelled at the last second, the next "Hard Fork", this time from Bitcoin Gold (BTG), was scheduled for 25 October 2017.
The Bitcoin family was thus extended by a further member to three digital Bitcoin currencies (Bitcoin, Bitcoin Cash and Bitcoin Gold) following the splitting off of Bitcoin Cash in August 2017.
The new crypto money had to struggle with some initial difficulties when it was introduced and was initially supported only by a few file-sharing networks. The official launch did not take place until November 12, 2017, when the network was opened by the general "Mining" release.
Until then, the "digging" process had been carried out by the developers themselves, virtually in camera. As was the case with the first spin-off, the new BTG also provided for every Bitcoin owner to receive the same amount of new monetary units for his virtual coins in the old currency.
Bitcoin Gold: "Back to the roots" as a goal
Behind the new Bitcoin Gold are some well-known personalities of the crypto industry as well as the basic idea to decentralize Bitcoin mining more in the spirit of the inventor (Satoshi) and to make it attractive for many people around the globe with common computer hardware.
Since the new currency is based as closely as possible on the Bitcoin development code (Bitcoin Core), the gold variant, unlike the Bitcoin Cash, is not actually a competitor, but rather a supplement to the original currency. It therefore serves more as a kind of pioneer for further developments and updates of the original Bitcoin.
The Bitcoin Gold also rewrites the block chain
However, from a technical point of view, the Bitcoin Gold was again split off from the output blockchain and a modified mining algorithm was introduced. In addition, the new coins, similar to the crypto currency Ethereum, can easily be mined with graphics card chips (GPUs).
The main purpose of the technical changes is to simplify the mining process and avoid the risk of greater centralization as with Bitcoin Cash. In addition, the initiators also expect BTG to deliver faster and cheaper transactions than the original Bitcoin.