Over the years, Bitcoin has experienced numerous branches and forks as a result of technological innovations. Bitcoin Gold is one of them. Bitcoin Gold was created to make BTC decentralized again as hard forks can help get rid of problems like differences in goals between the developers, scalability, etc. People might wonder that Bitcoin is already decentralized. But the thing is it has something to do with the mining process. According to Bitcoin developers, by creating a new algorithm for the mining process, Bitcoin wouldn’t unreasonably favor the primary mining operations. Hence, Bitcoin Gold was created to improve the initial protocol by providing the miners with the opportunity to mine the digital currency using high-speed graphic processors instead of ASICs. Bitcoin Gold is a lot different than the original BTC.
So, in order to understand the Bitcoin Gold price prediction, you first need to understand what is Bitcoin Gold and what are the factors that influence BTG price. In this post, ChangeNOW has gathered information from around the crypto space to provide you with reasonable predictions on Bitcoin Gold price chart.
Let’s get started.
What is Bitcoin Gold?
Bitcoin Gold is a digital currency with Bitcoin fundamentals that is mined on the standard GPUs rather than the specialty ASICs. ASICs mining is only expensive, but it tends to monopolize mining to just a few big players. GPU mining, on the other hand, means anyone can mine, which ultimately restores independence and decentralization. One of the perks of GPU mining is that the rewards directly go to the individual miners, instead of just ASIC warehouse owners. This helps in recreating the network effect that the world’s most popular cryptocurrency used to have.
Bitcoin Gold was founded by Jack Liao and his team of five people. Jack is also the CEO of BitExchange and LightingAsic. Bitcoin Gold BTG is a community-led project that gives users a fair opportunity to mine with common GPUs. It is a hard fork from the Bitcoin blockchain with a more democratic mining and decentralized infrastructure than Bitcoin.
It uses a proof of work (PoW) algorithm that runs Equihash. It is designed to decentralize the mining operations and to authenticate and legitimize Bitcoin transactions.
The salient features of Bitcoin Gold include:
- Unique Address Format — in order to prevent confusion with the Bitcoin address, Bitcoin Gold has changed its address format. As a result, it inhibits the unintended transfers of BTC to BTG address and the consequent loss of coins.
- Protection Against Big Swings — Bitcoin Gold uses the difficulty adjustment algorithm to prevent the fluctuation in the total amount of hash power. This helps in protecting against big swings in hash power.
- Replay Protection — this feature of Bitcoin Gold protects BTG users from malicious hacks and attacks. It does it by preventing the transaction replay and funds loss by making transactions valid on one chain and invalid on others.
- Decentralization — the proof of work algorithm helps in decentralizing the mining operations on BTG’s blockchain. Moreover, it also restricts the use of specialized chips for mining. Mining with GPUs truly makes it decentralized.
BTG Price: What Does It Depend On?
The primary reason why the BTG price is fluctuating over the years is that many people are skeptical about the cryptocurrency. At the time of its inception, the developers made the network private, hence resulting in mining the BTG privately with nobody having to compete with each other. According to industry players, this act has made it nearly impossible for the miners to mine the cryptocoins as there isn’t much left to mine.
On the other hand, there are other arguments as to why Bitcoin Gold ICO price isn’t making waves in the market. As per the critics, people aren’t motivated about the BTC community having multiple versions of the coin. But, it is said that as people get to realize that the Equihash algorithm is way easier and better than using ASIC systems, the Bitcoin Gold project will be great in the long run. Moreover, the existing token holders of Bitcoin Gold will also play a crucial role in how the coin value turns out this year as well in the future. That is, the Bitcoin Gold value will hugely depend on the activity of the token holders since the price is set as an element of a deal.
BTG Price Prediction 2020
When Bitcoin Gold entered the market, it was priced around $479. However, it was all because of the descending from Bitcoin blockchain. During the mega-bullish period of 2017, Bitcoin Gold skyrocketed to enormous levels of $474. It was turning out to be a profitable market for BTG, but due to a major selloff, the cryptocoin failed to restore its value. In 2018, Bitcoin Gold price dipped to $267 and further. The serious dropdown in the token value has caused the cryptocurrency trade in the range of $9–30 since 2018.
At present, the Bitcoin Gold is valued at $9.94 with a market cap rank of 36, the total market cap of $173,171,738, and a circulating supply of 17,513,924 / 21,000,000. It is important to make a staunch Bitcoin Gold price analysis to get a better understanding of the fluctuations and understand the Bitcoin Gold price real time.
It can be said that the Bitcoin Gold price prediction is not an easy task. Everyone has their own theory about this extremely volatile market. So, a prediction made without proper market knowledge shouldn’t be considered.
To make it more credible, we have compared what industry experts think about BTG price prediction.
#1 Crypto Ground
Crypto Ground is a popular prediction site that forecasted that the BTG price might reach $16.7937 by the end of 2020. The prediction seems quite optimistic as the BTG price will take a big leap compared to its current price.
#2 Digital Coin Price
According to Digital Coin Price, the Bitcoin Gold token price might remain stable at $10 throughout 2020. However, they are uncertain about how it is going to play out in the future, with them predicting that the coin price might plummet drastically.
#3 Long Forecast
Long Forecast is a crypto prediction site that has given a detailed prediction of Bitcoin Gold. According to the website, by the end of 2020, the BTG coin price might reach $15.
#4 Wallet Investor
Wallet Investor is known for its conservative predictions. As per their latest predictions, this year isn’t going to be the year for Bitcoin Gold. They have predicted that the BTG token price might fall down to $0.471 as 2020 ends. That’s a pessimistic prediction that you should keep in mind as well.
Overall, experts aren’t rushing to share their opinions regarding Bitcoin Gold price prediction. However, some amateur traders have taken to Twitter, making some suggestions. The majority of them believe that BTG will experience positive changes in 2020. They claim that if the BTG/BTC pair goes beyond EMA10, traders can expect potential profits of up to 11,400% of an all-time high. However, some pessimistic predictions can also be seen as some believe that the coin price will plummet to $4 by the end of 2020. You can also convert Bitcoin Gold to USD that increases its benefits as well as the precariousness. It is important to ascertain which exchanges support Bitcoin Gold.
BTG Long Term Price Prediction
As backed by the Bitcoin community, BTG might finally achieve its long lost market valuation in the coming five years. According to the experts, BTG token might reach the value of $401.1464 by 2025. Nevertheless, not everybody is this much optimistic, but they believe that the token price will rise and might reach $43.44 in five years.
Where to buy BTG?
Bitcoin Gold BTG is available to trade on numerous exchanges like Binance, Bitfinex, etc. But since it is available in multiple exchanges, it can get a bit complex to get the best price for your transaction. This is where ChangeNOW comes into the play. With ChangeNOW, you can buy, sell, or trade cryptocurrencies for fiat and other cryptocurrencies.
- Go to the ChangeNOW homepage and select the currency and the total amount you want to deposit. ChangeNOW will automatically calculate the amount of BTG you will get
- Click the Exchange button
- Provide your wallet address where you will receive your BTG tokens
- Carefully check the information provided before clicking Confirm
- That’s it! You will receive your BTG tokens to your wallet
We hope you find this post informative. There are several aspects that determine the price of BTG tokens. We have tried to cover all of that so that you can make an informed decision.