Why Bitcoin Gold (BTG) And Bytecoin (BCN) Are Catching Investors’ Eye?
It is increasingly becoming crowded in the cryptocurrency market, with new coins and tokens being listed every other day. At the moment there are more than 1500 cryptocurrencies listed on XBT.net.
Among the many projects are two coins whose performances in the last few days mean they deserve to be looked at keenly. We are talking about Bitcoin Gold (BTG) and Bytecoin (BCN). A look at the market rankings reveals that BTG is ranked 26th while BCN comes in at 30th.
If there are so many cryptocurrencies in the market, what makes these two deserve to be looked at? As most people will somehow tell you, the performance on the market gives clues to the coin’s direction. BTG is 29.54% higher while BCN is 99.23% higher. That’s reason enough to check out these coins.
Though this isn’t the best way to look at it, the steady decline and leveling of the two coin’s prices is an indicator of their potential to grow steadily once a rally begins. Let’s look at each coin briefly.
Bitcoin Gold (BTG)
“What is BTG” could be one of the first questions you ask. However, that shouldn’t be because, as the name suggests, its origin is much tied to Bitcoin. What is it anyway?
Bitcoin Gold is a fork of Bitcoin (BTC), first made public in October 2017 and finally launched in November of the same year. It shares a lot in common with Bitcoin, including its deflationary feature, a similar block time of 10 minutes, and a maximum coin supply capped at 21 million.
Even though the team would like to enhance the original Bitcoin Core, one of the major differences between the two involves its adoption of a new mining algorithm. Whereas Bitcoin uses the SHA-256 consensus, BTG uses Equihash.
Why should you look at BTG?
One of the main features of Bitcoin Gold that attracts is its ease of mining. It’s one of the easiest coins to mine. With BTG, the ASIC-resistant algorithm means a miner with a CPU or GPU can still mine. Mining remains its selling point, as it aims to decentralize it via P2Pool.
However, there are other features in their 2018-2019 roadmap that makes for a brighter future. BTG developers have indicated a plan towards integrating Lightning Network into its platform that will definitely improve its transactions. Later in Q3, the crypto will try to integrate sidechains and cross-chains, focusing on enabling atomic swaps. Long-term, the team wants to explore smart contracts usability on the blockchain.
Not many people outside the crypto-fanatics know about this coin, never mind it’s in the top 50 list at 30th.
Bytecoin is an open-source privacy-leaning cryptocurrency. Its decentralized nature allows community participation in its development. By concentrating on privacy and security, the network aims at attracting users who wish to maintain financial anonymity in their transactions.
Bytecoin uses the CryptoNote consensus algorithm for mining. Like other coins that utilize this protocol, the mining process is ASIC-resistant.
What makes BCN attractive?
One aspect of Bytecoin that makes it attractive is its deflationary nature. With a total supply of 184.47 billion coins, its value is threatened to remain very low. However, that has been taken care of as the total number in circulation will keep reducing.
At the moment, there are 183 billion coins in circulation. The value is expected to increase with time. The slow rate at which the blocks reduce means that the coin is protected against huge price swings.
The other attractive point relates to mining through pooling of computational power. If you donate a certain amount of your CPU power towards the network, you earn from it. This model not only gives you the chance to get BCN but also helps you secure your transactions.
Bitcoin Gold has a market cap of $891 million and trades at $52.51, having surged by +29.54% over the last 7 days. Its ATH was $509 in November 2017, meaning the coin can still rally from the current price. With the extensive roadmap being implemented, we can expect its price to go back to near $100, an increase of about 50% on current value.
Bytecoin trades at $0.0042 against the USD. The coin has a huge 11.34% upsurge on USD while its 7-day change of +99.23% means that if the trend continues, it represents one of the best short-term return to profits.
If you are looking for a mineable coin to invest in, consider looking at these two options. The increasing value would be good for any miner.