The key difference between Bitcoin Gold and Bitcoin
You may want to exchange BTG to BTC, but before you do this we recommend to learn a little bit to learn about technologies that stand behind these cryptocurrencies.
Bitcoin is the first cryptocurrency that was launched back in 2008. It represents a revolutionary technology to exchange value between two parties without involving any banks or financial institutions that could verify the transaction. All the transactions on bitcoin are registered in the network for anybody to see them.
Bitcoin Gold is a hard fork of Bitcoin which aims to make cryptocurrency mining available for end users. The problem with the usual Bitcoin mining is that in order to maintain its profitability you should buy special equipment. Bitcoin gold makes it possible to mine cryptocurrencies on a usual laptop or a personal computer. This is an important fact that you should consider in case you decided to convert a Bitcoin Gold to Bitcoin.
What is Bitcoin mining algorithm?
Before converting BTC to BTG it’s worth to understand how these currencies are obtained.
In order to create the new blocks on the Bitcoin network, special equipment named ASIC resolves computational tasks and gets a reward in cryptocurrency for the work that it does. This is where the name of the algorithm Proof-of-Work (PoW) comes from. The technical name of this algorithm is SHA-256.
The blocks that are linked into one chain are containers for the information about transactions that users make between each other. This information is available for anyone who has access to the internet and thus it helps to eliminate third parties.
As Bitcoin gained popularity and huge companies joined the mining rush purchasing big sets of equipment, it has become unprofitable to mine Bitcoin on the end-user machines.
What is Bitcoin Gold mining algorithm?
Bitcoin Gold utilizes a different mining algorithm than Bitcoin. It is called Equihash and can only be applied by consumer-grade hardware. This is also the proof-of-work algorithm which requires electricity to create new blocks, but it is way more difficult to optimize it for special hardware.
Bitcoin Gold can be mined on unusual PCsby usual people and gives them possibility to make money in such a way.
Bitcoin Gold supply
The circulating supply of Bitcoin Gold equals to 17,413,924, while its maximum supply equals to 21,000,000.
For Bitcoin, the circulating supply equals to 17,550,300, while its maximum supply equals to 21,000,000.
If you want to exchange BTG for BTC, the market capitalization is a very important index that you should pay attention to.
For Bitcoin Gold, the current market capitalization equals to $214,932,333.00. Bitcoin’s capitalization equals to $69,517,936,209.00.
Volume of transactions
During the last 24 hours, Bitcoin Gold volume of transaction equals to $10,815,033.27. For Bitcoin, this index equals to $8,454,443,504.43.