Niloofar S.
Niloofar S.
Nov 04, 2021

Is Bitcoin Gold A Good Investment In 2022?

tl;drBitcoin Gold may be a free, open-source cryptocurrency project developed by volunteer bitcoin enthusiasts. it absolutely was first announced on 23 October 2017 and launched on November 12, 2017. Bitcoin Gold is supposed to place digital mining back in the hands of normal people. rather than needing specialized equipment, Bitcoin Gold will be mined by regular computers. this permits anyone with a daily computer to mine Bitcoin Gold, much the way Bitcoin was mined within the beginning. Bitcoin Gold's price today is $64.76 with a 24-hour trading volume of $27,457,949. BTG price is up 0.4% in the last 24 hours. It has a circulating supply of 18 Million BTG coins and a total supply of 21 Million. At the time of writing this post (November 4, 2021), BTG 's Return On Investment (ROI) over the past year was 850%, underperformed in the 'Cryptocurrency' category which had 1996% growth over the past year. It underperformed in the crypto market which had 35545% growth over the past year. Projects with public Github account have more transparency and reliability. Regularly, investing in projects with multiple contributors and commits is considered a safer and better investment (this means they are busy working and building the project). According to its Github account, there are 28 Contributors to the development of BTG. Another critical factor in the success of any project is gaining public attention. Our data shows that BTG's Twitter account saw a growth of 4% over the last months in the number of followers. Over the last five months, BTG's Market Capitalization rank followed an overall declining trend, starting at the rank of 90-103 on Aug-Sep 2021, reaching 104 in Oct 2021. However, by the time of writing this post, BTG's market cap rank is about 115, and its value is $1,134,255,519 Billion. Moreover, its liquidity score is 46% below the market's average score, making it relatively harder to sell in bear markets.
Is Bitcoin Gold A Good Investment In 2022?
Is Bitcoin Gold A Good Investment In 2022?
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Introduction

Bitcoin Gold may be a free, open-source cryptocurrency project developed by volunteer bitcoin enthusiasts. it absolutely was first announced on 23 October 2017 and launched on November 12, 2017. Bitcoin Gold is what’s called a tough fork of the bitcoin blockchain. a tough fork creates a brand new branch of the bitcoin blockchain that contains the identical transaction history as Bitcoin up until the fork but exists in parallel with the bitcoin blockchain after the fork. This creates a replacement cryptocurrency.

You can “mine” Bitcoin with specialized "ASIC" mining computer equipment. this can be expensive hardware and consumes lots of energy. That cost has caused the most version of Bitcoin production to land more and more within the hands of the elite. Bitcoin Gold is supposed to place digital mining back in the hands of normal people. rather than needing specialized equipment, Bitcoin Gold will be mined by regular computers. this permits anyone with a daily computer to mine Bitcoin Gold, much the way Bitcoin was mined within the beginning.

How is Bitcoin Gold Different from Bitcoin?

In essence, Bitcoin Gold is incredibly the same as bitcoin. They both have the identical transaction-processing time of 10 minutes (it takes approximately 10 minutes to verify a transaction after crypto coins are transferred) and they both have 21 million coins maximum supply (there will never be over 21 million BTG in circulation). Yet, there are some vital differences that we’ll review now.

a replacement mining algorithm Where bitcoin uses the SHA-256 algorithm to mine new blocks and transactions, Bitcoin Gold uses Equihash. Both are proof-of-work algorithms, meaning they require the miner to unravel a tough cryptographic puzzle so as to mine a block. However, while bitcoin miners gain a definite advantage when using expensive, mining-specific equipment called ASIC, there's no such advantage with Bitcoin Gold. With Bitcoin Gold, anyone using commonly manufactured equipment can mine, providing a civil rights environment more in line with bitcoin inventor Satoshi Nakamoto’s vision of “one CPU, one vote”.

How Does Bitcoin Gold Work and What Technology Is Behind It?

The Bitcoin Gold ecosystem is driven by the Equihash proof of labour algorithm, which links block output to the memory available for storage. Effectively, ASIC machines were put at an obstacle from the onset of Bitcoin Gold as custom modifications are required at intervals to stay up with the updates to the algorithm. In simple terms, the machine won't have delivered its expected ROI before it's rendered obsolete, and not suitable purpose.

Smallholder hardware miners are projected to be the massive winners, meaning that the blockchain and its reward system will remain democratic and decentralized. With the Bitcoin blockchain being primarily open-source and technology-driven, room for transparency and decentralization is provided, making it a community project. Compared with other cryptocurrencies, it bears a semblance to Monero in terms of anonymity. It differs from Ethereum and Bitcoin, which are both known to publish transaction details via their respective explorers. this is often some extent of departure for Bitcoin Gold, which doesn't reveal actual wallet addresses.

Financial Analysis

Bitcoin Gold's price today is $64.76 with a 24-hour trading volume of $27,457,949. BTG price is up 0.4% in the last 24 hours. It has a circulating supply of 18 Million BTG coins and a total supply of 21 Million.  At the time of writing this post (November 4, 2021), BTG 's Return On Investment (ROI) over the past year was 850%, underperformed in the 'Cryptocurrency' category which had 1996% growth over the past year. It underperformed in the crypto market which had 35545% growth over the past year.

Projects with public Github accounts have more transparency and reliability. Regularly, investing in projects with multiple contributors and commits is considered a safer and better investment (this means they are busy working and building the project). According to its Github account, there are 28 Contributors to the development of BTG. Another critical factor in the success of any project is gaining public attention. Our data shows that BTG's Twitter account saw a growth of 4% over the last months in the number of followers.

Over the last five months, BTG's Market Capitalization rank followed an overall declining trend, starting at the rank of 90-103 on Aug-Sep 2021, reaching 104 in Oct 2021. However, by the time of writing this post, BTG's market cap rank is about 115, and its value is $1,134,255,519 Billion. Moreover, its liquidity score is 46% below the market's average score, making it relatively harder to sell in bear markets.

Is Bitcoin Gold (BTG) the best cryptocurrency to invest in?

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