Home / Others / Overview Bitcoin Gold (BTC): a strange case of high value currency with almost no activity and community following

Overview Bitcoin Gold (BTC): a strange case of high value currency with almost no activity and community following

Bitcoin Gold is currently far from its glory days and its historical highs. After reaching peak at $ 27.79 / 398144 satoshi at the beginning of August, the currency fell to the monthly lows of $ 15.42 / 258428 satoshi. He continued to soar for about 300 thousand satoshi for quite some time before he decided to start slowly climbing on September 12th.th. The currency has been on this upward trend since then and peaked at 26th at $ 24.19 / 370281 satoshi.

A BTG can be purchased for $ 23.66 USD (up 9.79% in the last 24 hours) / 366836 satoshi (up 8.83% in the last 24 hours). The daily trading volume has increased recently and stands at 2459 BTC, most coming from Bithumb (47%) and Bitfinex (8.7%). With a market capitalization of $ 408,298.350, Bitcoin Gold is currently 23rd most valuable cryptocurrency on the market.

An emerging trader babelii published this analysis of Bitcoin Gold technicians.

Created after parts of the original Bitcoin community decided to move from the SHA 256 algorithm to Equihash, in an attempt to have a cryptocurrency that is resistant to ASIC extraction, Bitcoin Gold has gone through an existence that was in some way mired by the negatives. From DDoS attacks, problems with the recognition and acceptance of the community / exchange, a (slightly) delayed launch and security breaches, including false BTG portfolios promoted by the official social media of the project and the last double expense / attack of the 51 % of the currency suffered in May of this year, much went wrong.

The aforementioned double strike attack recently broke the camel's back while Bittrex, a larger rare exchange that originally supported the currency, decided to remove Bitcoin Gold just a couple of weeks ago. Apparently the exchange did not like the fact that the attack caused them to lose about 388,000 BTG (18 million dollars at the time) and was even less pleased that the project refused to pay very low compensation for this loss:

"Bittrex informed us that they made this decision because the BTG team would not" take responsibility for our chain "and that assuming responsibility meant paying Bittrex 12.372 BTG to cover the loss it suffered. part of the loss from BTG's own reserves and we asked to pay the remaining ~ 6,000 BTG ($ 127,000), and that if we did not, we would be removed from the price list " he said this official statement regarding the problem made by the Bitcoin Gold team. Bittrex blamed BTG's PoW algorithm; Bitcoin Gold said their team "is not responsible for the security policies inside private entities like Bittrex". The delisting was met with an overwhelming approval by the general crypto community.


🏆 What are bitcoin forks anyway?

The lack of liquidity caused by Bitfinex delisting was mitigated only a few hours ago, when the team's official Twitter account appeared with the following announcement:

The meaning of this can be seen at the beginning of the article, where it is possible to note that Bithumb is currently responsible for half of the total volume of BTG's daily trading. This will probably decrease when the initial trade demand decreases, but it is quite safe to say that the currency pair with the Korean won will involve new investments in the currency.

However, as Redditor hapticpilot summarized well:

"

There is little activity in the basic software (their implementation of an entire node) and there seems to be only one anonymous developer who is doing most of the work.

It does not seem to have a significant following of the community. Their primary subreddit (r / BitcoinGoldHQ) is dead and is not very successful in the official forum.

Since its inception it has been tormented by strange events and technical problems. The Github for the complete node software has been compromised. The official BTG website linked to a scam portfolio at the time of the launch that stole funds from people. He suffered a 51% attack in the beginning. There were also many other problems.

The slogan is "to make the decentred Bitcoin again", but it does not. It is not Bitcoin.

The main strength of BTG seems to be "mining decentralization", but there are literally hundreds of other coins that have this focus, but unlike BTG, many of these other coins actually have big development teams and bring something unique or precious to the market.

"

Bitcoin Gold is not exactly the currency with the best past. Some of their previous setbacks and problems had to be solved with a difficult fork, but overall this did not help much, at least from a price point of view. They say that it is necessary to start with a solid foundation to build something stable and lasting in life. Judging by what Bitcoin Gold offers at this time, stability is the last term that comes to mind.


The writers and authors of CapitanAltcoin may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice, nor does it replace the advice of a certified financial planner.

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