Although it has already been one of the top five cryptocurrencies in market value, the Bitcoin Gold (BTG) currently ranks as 40th. That way, the crypto is no longer as debated as it was before. For those who do not know much about this asset, we are providing some relevant information.
1. The name Bitcoin Gold was an accident
Unlike many can imagine, the name of the currency has nothing to do with gold. According to Alejandro Regojo, one of the co-creators of Bitcoin Gold, there is no link between the two assets. “It’s just a name we thought was good, we weren’t trying to create an association between the bitcoin and gold”, he said in an interview with Bitcoinist.
“It’s just a name we thought was good, we weren’t trying to create an association between the bitcoin and gold”
2. Satoshi Nakamoto is the creator
Although Regojo is quoted as a “co-founder” on the Bitcoin Gold website, the truth is that he doesn’t feel comfortable with such title, as do the other team members. Although he had participated in the initial version of the project, the founder is Satoshi Nakamoto.
The BTG was initially created as a bitcoin hard fork in 2017, designed to keep the mining fair for individuals and “combat Bitmain’s monopoly”. However, Rejojo points out that, unlike Bitcoin Cash or Bitcoin SV, the Bitcoin Gold has never been in competition with the bitcoin.
The idea is just to implement the Bitcoin in a similar way to Satoshi’s vision in the whitepaper. It is designed for daily use and to allow individuals to explore with a CPU. “One CPU, one vote” is the ethos of Bitcoin Gold. ASICs cannot mine on the Bitcoin Gold network thanks to its Equihash algorithm that keeps them out.
3. The Bitcoin Gold has never paid any registration fees
Even going through some challenges since its creation, the Bitcoin Gold has managed to hit the market strongly. The cryptocurrency has suffered several public attacks since it was launched, including a DDOS attack during the initial fork, impersonation scams and a 51% attack that hit the exchanges. “People understood the importance of what we were doing”, he explains, regarding the currency’s initial success.
So why did the asset stop being ranked among the top five in the market and went to the 40th position? Because the Bitcoin Gold has a policy of not paying listing fees. They also do not pay for any press or media fees. “We’re still among the top 100 currencies at Coinmarketcap, but we pay the same amount as the bitcoin in wallets and exchange – which is zero”.
He points out that this is the only cryptocurrency included in the top 100 that does not pay listing or media fees. “That’s what can happen if you don’t pay for things”.
4. Many developers also work on the bitcoin network
Regojo and many other BTG developers also work on the bitcoin network. He points out that he intends to promote the progress and adoption of both and teach the world about their financial options. Thus, the executive also points out that there are alternatives, be it the Bitcoin, Bitcoin Gold or any other cryptocurrency.
Finally, he explains that he is not a type of Bitcoin maximalist. “I see Coinmarketcap’s top 100 cryptocurrencies as the new generation of startups. Probably 90% of them will fail, but many will succeed. People need to know that there are other available options”.