Bitcoin Gold (BTG)

From Trezor Wiki
Jump to: navigation, search


Bitcoingold.png

Bitcoin Gold (BTG) is a hard fork of Bitcoin (BTC) and shares the same transaction history up to the point of the fork. The Bitcoin Gold hard fork took place on October 24, 2017. The stated purpose of the fork is to restore GPU mining functionality to Bitcoin, as opposed to specialized ASICs.

See also: Bitcoin (BTC) (basic) - Fork, Soft fork, Hard fork & Coin split (advanced), Supported cryptocurrencies

Overview

Firmware (device) support Trezor One 1.6.0, Trezor Model T 2.0.5
Available in Trezor Wallet? Yes
Third-party wallets No

How to use Bitcoin Gold with Trezor

Bitcoin Gold is integrated in Trezor Wallet. It is, therefore, possible to use it in the standard interface.

  1. Plug in your Trezor device.
  2. Go to wallet.trezor.io.
  3. Select Bitcoin Gold in the top-left corner of the screen (see Getting to know Trezor Wallet#Switching cryptocurrencies (1)).
  4. Work with Trezor Wallet as usual. For more information, see User manual.

The fork and differences from Bitcoin

The Bitcoin Gold fork happened on October 24, 2017, at block height 491407. One of the primary goals of Bitcoin Gold was to change the algorithm by which the cryptocurrency itself is mined. The change means that process is not faster on specialized equipment than it is on standard computer systems, making mining more affordable for smaller miners. Bitcoin Gold uses Equihash instead of SHA-256.

In most of other important aspects, Bitcoin Gold is very similar to Bitcoin.

Controversy and criticism

There have been accusations that the main motivations of the fork was personal financial gain, as the developers did a post-mine after the launch, retroactively mining the first 8,000 blocks, or 100,000 BTG coins. However, these assets were allegedly set aside as an endowment to help maintain and grow the Bitcoin Gold network. 5,000 of the pre-mined coins were distributed to the founding team members as a bonus. For more information, see this blog article.

Bitcoin Gold 51% attack

In May 2018, Bitcoin Gold was hit by a 51% attack, resulting in a loss of cryptocurrency assets worth almost 18 million US dollars at the time. An update published by the development team behind Bitcoin Cash confirmed that the attacking party had gained majority control of the hash rate, using it to reorganize the blockchain and reverse transactions.