Why wasn't Bitcoin Gold (BTG) listed on domestic exchanges? Is the 51% attack the issue? A thorough explanation of its features and future prospects!
Bitcoin Gold (BTG) was formerly listed on domestic exchangesCoincheck andbitFlyer, as announced, so some people may know it.
However, currently there are no domestic exchanges that handle Bitcoin Gold.
There are rumors that the reason involves the Financial Services Agency (FSA).
Also, in May 2018, Bitcoin Gold suffered a 51% attack, and a large amount of BTG was illegally withdrawn from cryptocurrency exchanges.
In this article, we will thoroughly introduce the reasons Bitcoin Gold did not list on domestic exchanges, as well as details about the 51% attack, while also covering Bitcoin Gold's characteristics, so please read to the end.
What is Bitcoin Gold (BTG)/Purpose
Bitcoin Gold isBitcoin and, as the name implies, was created in May 2017 through ahard fork from Bitcoin, making it an altcoin.
Bitcoin Gold aims to address the issue of mining monopolies by large companies in Bitcoin, by developing a cryptocurrency that allows anyone to mine easily with PC GPUs.
Therefore, the reason for the name Bitcoin Gold is not due to a split among the development team.
Although it bears the name Bitcoin, it is not Bitcoin, butaltcoinbelongs to.
Characteristics of Bitcoin Gold (BTG)
The biggest feature of Bitcoin Gold is its different mining method from Bitcoin.
While Bitcoin uses the SHA256 algorithm, Bitcoin Gold uses the Equihash algorithm.
By changing the algorithm, ASICs—the mining hardware used for Bitcoin mining—could no longer be used, and mining could be done with a PC GPU.
In other words, Bitcoin Gold was created to make mining easier.
Because mining became easier than Bitcoin, mining beginners could participate more easily.
Also, to avoid mining monopolies, Bitcoin Gold can adjust the difficulty per block, which is another feature.
Bitcoin mining faced increasing competition and more complex calculations, making it impossible for individuals to compete effectively.
Therefore, by addressing Bitcoin's issues, Bitcoin Gold enables many people to mine.
Details of the 51% Attack on Bitcoin Gold (BTG)
On May 15, 2018, Bitcoin Gold became the target of a 51% attack, and about $17.5 million (approximately 2 billion yen) worth of Bitcoin Gold was stolen from cryptocurrency exchanges.
In addition to the 51% attack on Bitcoin Gold, the hackers also combined a double-spend to illegally withdraw funds from exchanges.
A 51% attack occurs when an attacker controls more than 50% of the network's hashing power, allowing transactions that should not be confirmed to be confirmed, or valid transactions to be invalidated.
The attackers can also monopolize mining rewards.
Double-spending means making multiple payments from the same transaction.
The same coins can be sent to different wallets.
The hackers combined a 51% attack and double-spending and repeated it over several days, illegally withdrawing more than $17.5 million worth of Bitcoin Gold.
Bitcoin Gold's developers advised increasing the required confirmations to 50 or more blocks because the hackers rewound 22 blocks to alter transactions.
The hackers who carried out the 51% attack on Bitcoin Gold have not been arrested yet.
And hackers continue to target cryptocurrency exchanges.
In Japan,Coincheck'sNEMtheft incident andZAIFhacking incident are well known.
Therefore, to avoid losing precious funds, please store assets securely in a hardware wallet, etc.
Why Bitcoin Gold (BTG) Was Not Granted Listing on Japanese Cryptocurrency Exchanges
Initially,Coincheck andbitFlyer stated that if there were no issues with the Bitcoin Gold airdrop from Bitcoin, they wouldgrant the listing.
Both exchanges were positive about granting it, but ultimately neither exchange listed Bitcoin Gold.
It was not granted due to problems, but while there are obvious technical issues, Bitcoin Gold is data, so listing should be possible.
However, the true reason Bitcoin Gold was not granted listing isthe Financial Services Agencyinvolved.
For a forked cryptocurrency to be listed on an exchange in Japan, FSA approval is required, but for Bitcoin Gold, approval did not come through.
Therefore, Bitcoin Gold is not listed on Japanese cryptocurrency exchanges.
To obtain Bitcoin Gold, you need to use overseas exchanges.
Overseas exchanges such as Binance offer purchases, so if you want Bitcoin Gold, use Binance.
Future prospects of Bitcoin Gold (BTG)
Bitcoin Gold is.......The rest continues below⇩
