Numerous cryptocurrencies try to imitate Bitcoin in many different ways. Not all of these projects are equally successful, which is only to be expected. In the case of Bitcoin Gold, there have been some significant setbacks and improvements along the way. The currency also celebrated its one-year anniversary, which marks an important major milestone.
The Bitcoin Gold Idea
When Bitcoin Gold was first announced as another altcoin with Bitcoin fundamentals, most people expected it to fail quite miserably. That vision has not come true by any means, primarily because it is mined on GPUs rather than ASIC mining hardware. That alone makes it a very different form of Bitcoin compared to what most people are used to, even though that doesn’t mean the Bitcoin Gold isn’t prone to attacks.
The Bitcoin Gold Vision
Every cryptocurrency needs a long-term plan first and foremost. In the case of Bitcoin Gold, their main purpose is to offer a blockchain compatible with Bitcoin but without relying on the same resources. Moreover, the altcoin isn’t interested in claiming the title of “real Bitcoin”, unlike what Bitcoin Cash is mainly known for. This makes it a more approachable version of Bitcoin in many different ways, even though it will not rival the real thing in any department.
The Issues to Date
Unfortunately for Bitcoin Gold, most people know the network for its recent issues. Not one, but two separate 51% attacks have been performed against the network. This also caused Bittrex to delist this altcoin earlier this year. It is not a positive development, although it would appear the network has recovered pretty well from these setbacks. It is evident altcoins face a lot of pressure in this regard, but it remains to be seen what the future will hold for BTG in this department.
Positive Developments to Take Note of
There are some interesting developments in the Bitcoin Gold department which users need to be aware of. Earlier this year, the network went through a successful network upgrade, which should put all 51% attack concerns to bed fairly quickly. Additionally, the latest Bitcoin Gold implementation of the Electrum wallet has come to market in August. It is known as ElectrumG, and makes it a lot easier for users to access this network.
Perhaps the most interesting development is how the Lightning Network is coming to Bitcoin Gold as well. As this fork is compatible with SegWit and the Lightning Network implementation, there is a very good chance BTG will be Lightning-capable in the coming months as well. It will improve the overall network speed and reduce transaction costs, which is pretty interesting to keep an eye on.
The most recent “major” development affecting Bitcoin Gold is how it is now supported on the KeepKey hardware wallet. Cryptocurrency users need to take funds security seriously first and foremost, and a hardware wallet will be of great value in that department. Having KeepKey officially support this fork of Bitcoin confirms there is an interesting future ahead for BTH and its community.