There are many crypto currencies on the Internet, but the most popular being the bitcoin which has gained prominence over the past few years. The acceptance levels are increasing with many major companies across the world and people taking bitcoin into their fold of transactions replacing the use of paper money. The new term to hit the market in the recent times is bitcoin gold
Bitcoin gold is the version of the bitcoin which is used currently and uses the bitcoin source code to function. This benefits as the transaction history is maintained and you can own the bitcoins previously owned along with the gold bitcoins with this version to, they are just carried over. This version increases the capacity of the blocks used for mining during the bitcoin generation. Bitcoin gold has helped to erase the looming threat of monopoly by the mining network and encash all the reward to themselves. With the new version the ordinary bitcoin users will be able to reap the reward as in the beginning of the bitcoin era.
The new version aims to democratise the existing gambit of vested powers to threaten to gain control over the bitcoin reward system. The new system is has employed the Equihash proof of work algorithm. This makes the calculation harder as it is memory based. These measures will hopefully bring back the original bitcoin legacy of a decentralised currency system back into place.
Though this too has its skeptics calling the spades out in the new system, wherein the launch of the bitcoin was launched without much fanfare and the initial miners were allowed to get some of gold bitcoins for themselves. It has been perceived as threat to divide the existing bitcoins community. There is another notion that so many other versions of bitcoins in the market may confuse the public and make them averse to employing the bitcoin usage. It has been said that bitcoin gold is just using up the popularity bitcoin already holds in the market.
At present the initial version of bitcoin, then bitcoin cash and the most recent one is the bitcoin gold are trending the market with various degrees of success. The bitcoin, the original is still high in value in the market whereas the bitcoin cash is close second and bitcoin gold is yet to catch up. But the bitcoin gold fork developers are optimistic and are sure that eventually the network miners will be in the favour of the new system, but for the time being, bitcoin gold foray is still viewed with suspicion and it still has to gain the foothold in the crypto currency market and bitcoin is still leading the race.
The graphic processing units employed in this new version allow a larger number of users to mine hence breaking apart the strong hold of a few miners who would walk away with all the reward bitcoins which would be thousands in terms of real cash. This new version enables users to ample opportunity to compute and take their reward points. Bitcoin gold uses a private key as the older version. The new version will disable any further upgrades and let the bitcoin community immune to mining networks that have specialised hardware to compute mining faster than anybody and get the rewards themselves.