Are you looking for Bitcoin Gold price predictions for 2021? Get to know everything about altcoin, what is Bitcoin Gold (BTG), how it works, and what makes it different from Bitcoin.
What is Bitcoin Gold?
BTG, which stands for Bitcoin Gold, is the newest technology in the realm of digital and currencies utilizing the famous realm of blockchain.
Known as cryptocurrency, just like Bitcoin cash, Bitcoin Gold shares familiar characteristics and attributes as Bitcoin, BTC while adding and incorporating many moderations and changes that set it apart. x
Due to its nature and apparent economic concerns, BTG price prediction is still uncertain and is very tricky and almost impossible to place accurately.
Satoshi Nakamoto, the founder of the cryptocurrency, is the pseudonym of the person or group which wrote the white paper in 2008, which laid out the foundations of the peer-to-peer digital currency system.
BTG is arguably coined as keeping more closely to the original principle outlined in the original white paper, despite the fact that BTC has achieved prominence and is frequently mentioned in recent headlines.
The asset Bitcoin Gold was created by a hard fork of the BTC blockchain network, followed by the previous hard fork that resulted in Bitcoin Cash (BCH) in August 2017.
Even though it has a proof-of-work blockchain like BTC, it is simpler and has established its own community.
A hard fork is defined as a split cryptocurrency, which further means that an alternative currency is made from the one it is split from.
To increase the size of each block in the blockchain, developers indulge in the process of creating a hard fork of an established cryptocurrency. The core purpose was to enable more daily transactions and increase the threshold.
But Bitcoin Gold is an open-source protocol, just as in AMC, which was created with the intent of decentralizing mining of the BTC back to regular computers from existing expensive processing hardware equipment.
The utilization of the heavily cost-inclusive processing hardware meant that bitcoin mining was becoming increasingly centralized.
Bitcoin Gold and its Features
Similar to Bitcoin and Bitcoin Cash, the features discussed above make Bitcoin Gold an excellent value embedded currency exchange with an effective transaction medium.
This technology also enhances and gives the world global economic freedom and a decentralized network, one which cryptocurrencies initially aimed for.
Along with this, there are multiple features of BTG as well. Some of them are:
Long-term store of value
The supply of BTG is limited to 21 million coins like its counterparts and can never exceed this number. This is embedded in the code of BCH, and as said, it depends upon the user how they use the protocols defined.
It is not in the users’ best interests to dilute BCH because it pays them through transactions.
Highly effective medium of exchange
As discussed in our previous article, the peer-to-peer transfer mode between parties in the digital realm makes this model unique and effective.
An incentive for sending BTG is per transaction, and payment is carried out instantly (taking 10 minutes).
Without consideration of the localities of the participants, this is highly efficient for remittances and global trade and also advantageous for domestic business purposes such as paying outsourced activities, etc.
Bitcoin Gold enables robust protection against monetary confiscation and censorship along with devaluation in case of abnormal or any inflation.
This cash alternative is the most significant support for economic freedom since it gives an opt-in basis.
Fundamental Difference between Bitcoin Gold and its Predecessors
Unlike its parent and its brother (Bitcoin and Bitcoin Cash, respectively), Bitcoin Gold utilized the Equihash Proof of Work (PoW) algorithm.
This algorithm shift allowed users and miners to mine blocks or currency coins using common GPUs rather than using expensive and costly ASICs (Application Specific Integrated Circuits).
This remarkable shift in the mining process allowed normal users who couldn’t afford such equipment to get back into the mining game and address the issue of scalability by utilizing its Equihash algorithm that can disturb the use of the blockchain used by Bitcoin.
BTG token has a maximum cap in its supply of 21 million coins, just like its original counterpart. To grasp a view of this currency, there are 17.5 million Bitcoin Gold coins in circulation in the world right now.
It equals the total market capitalization of $1.2 billion. These numbers make this currency the 91st most prominent cryptocurrency in the exchange.
Using Bitcoin Gold
Bitcoin Gold is listed as an asset for trading on many popular exchanges for trading. Despite the anonymity of cryptocurrencies, exchanges need appropriate identification to know who they’re dealing with and to meet anti-money laundering concerns. This is a formality and is standard practice.
BTC Gold Price: Live Data and Stats at the time of writing
The price today of BTG is $69.60 USD. It is up 2.04% from the last 24 hours, with a total market capitalization of $1,218,895,003.
It has a supply of 17,513,924 BTG coins out of 21,000,000 – meaning that 3,486,076 coins remain.
Bitcoin Gold Vs. Leading Standards of Value
The main unique attribute of the Bitcoin family is that along with its blockchain technology, and it has a cap, prescribed in its protocols and code, of 21 million coins. It can never proceed above this figure, and this makes it stand out amongst its counterpart hard assets.
In comparison to gold, the supply of gold is subject to and limited by supply and demand forces. Although gold’s supply is limited, as its values grow, more and more miners are enticed to earn such benefits by looking for and financing the commodity.
This expands gold’s supply base, decreasing deflationary pressure on its price.
The above side of gold sets it apart from the cryptocurrency ideology, which is to control inflation by employing a decentralized network.
Current Market Status of BTG
This altcoin crypto asset in the market today has achieved and recorded a growth rate of 2.55%, well above 1.55% of BTC, in the last quarter. This has enabled BTG to garner the position of one of the most looked upon digital assets in the trading and crypto world.
The lead developer and co-founder of Bitcoin Gold is a person named Hang Yin, who is also a co-founder and the chief scientist behind the infamous Phala Network.
Martin Kuzandzhiev, Franco Niebles, Alejandro Regojo, Robert Kuhne, and Jack Liao are among the other founders. The last three names are now inactive, according to Bitcoin Gold’s website.
Bitcoin Gold Analysis
The cryptocurrency market since July 2021 has been on an upward trend, and the BTC chart also confirms this. The BTG price was on its low at $34.27 on 20 July, and it reached a high of $79.09 on 21 August.
After bouncing back, the price fell and reached a three-month high of $94.49 at the end of August. But, soon after the first week of September, it fell to $61.85 and then was unable to touch the $70 base.
Bitcoin Gold was trading at 2.55%, and Bitcoin was trading at 1.55% soon after, and BTG saw volatility after that too (going to $168.19).
It is to note that Bitcoin Gold has seen the highest ever price point of $539.72 as soon as it was launched in October 2017.
Bitcoin Gold Price Prediction from 2021
This year – 2021
General trends and historic indicators predict that BTG’s price would see its coin trading in the $70 range in the month of October. It can then fall back in the $60 range. However, the end of this year can see the coin rising up to cross the $100 mark.
Next year – 2022
Continuing on its momentum, the price may incline towards the $160-$170 mark by the end of 2022, with fluctuations in between.
The price momentum will be carried forward with a less bullish trend and will see double the prediction of the year 2022.
The figure estimated is going to be in the $370 range by the year 2025, with arguably touching the $400 mark by the year 2026.
Major alterations and development on its blockchain are going to shape this forecast, as is expected by the developers to work on them.
Of course, these figures are predictions, and it is advisable further to keep track of current developments for accurate speculations.
How to Buy and Utilize BTG Coins
Bitcoin Cash can be bought on cryptocurrency exchanges like Huobi Global, Binance, HitBTC, Gate, and Bitfinex. From there, these coins can be transacted or transferred to secure software or hardware, whichever wallet the recipient may prefer for their keeping.
Financially, BTGs can also be traded by utilizing a financial instrument called CFDs or Contracts for Difference. This instrument allows buyers to speculate price fluctuations on a short-term basis without actually buying the coin.
This trading opportunity enables the interested in taking advantage of any trend in the pricing: bullish or bearish. If the trader expects the price to fall or drop, they can opt for a short position, and if they think the price is going to rise, they can go for a long position.
In both scenarios, traders can make a profit regardless of the price direction of the coin.
Final Verdict: What to make of the Altcoin
Traders dealing in cryptocurrencies, especially in altcoins, must trade wisely. Stock frenzy may detract from large gains, while a careful approach may prevent unexpected losses owing to previous crypto price fluctuations.
As already known throughout, due to its apparent nature, crypto assets have faced non-pattern-like graphs and predictions, and BTG is not an exception.
It is evident from the fact and current economic conditions that cryptocurrency markets are incredibly dynamic and changing. This nature makes it extremely hard to pinpoint a predictive range, as prices soar and fall in a matter of hours.
So naturally, analysts and websites can get their predictions off the mark. But following the news and trends and fundamental historical analysis may work wonders when it comes to making the decision to invest or not.
Ongoing advancements in the field of digital assets and the currency universe make these developments a key indicator when it comes to a price range. But one thing is for sure, traders and onlookers can expect the currency to reach a new domain and possibly break records. If you want to know more about cryptocurrency and expect to gain high returns, you might also like to know about the Ethereum price predictions and trx price predictions!