Bitcoin Gold (BTG): tokenomics, risks and score
A 2017 Bitcoin fork intended to restore graphics card mining, which was attacked successfully twice through 51 percent attacks.
What Bitcoin Gold is, and what it does
This is a base blockchain. It runs and secures its own network, and its token is what you pay to use that network and what secures it.
What the BTG token itself does: It captures no protocol revenue. Any value rests on governance rights, on speculation, or on a change that has not happened yet.
Where it runs: Bitcoin Gold. Mechanism: Proof of work, Equihash. It has been running since 2017, so roughly 9 years.
The facts
- TICKER
- BTG
- SECTOR
- Layer 1
- CHAIN
- Bitcoin Gold
- LAUNCHED
- 2017, so around 9 years of operating history
- MECHANISM
- Proof of work, Equihash
- MAXIMUM SUPPLY
- 21 million
- VALUE CAPTURE
- None
- UPGRADE CONTROL
- Immutable
- VESTING
- In progress
- LIQUIDITY BAND
- Micro cap. Thin, often a single venue or pool. Treat the quoted price as indicative only.
How the score breaks down
Each dimension is explained on the directory page, and the reasoning behind it is taught in the Academy research process.
Supply and value capture
A hard maximum supply that cannot be raised without the agreement of essentially every participant. The token captures no protocol revenue. Any value rests on governance rights, speculation, or future changes that have not happened yet.
Contracts are immutable and there is no admin key. Nobody can change the rules after the fact. Ownership is moderately concentrated. A handful of large holders could move the market.
Where it is strong and where it is not
- Has operated for around 9 years and through at least one full bear market
- Supply is capped, so holders are not diluted indefinitely
- Immutable contracts with no admin key to abuse
- Audited, with published reports
- The token captures no protocol revenue, so its value rests on sentiment
- Thin liquidity. Check order book depth before assuming you can exit
- Has 2 recorded incidents on its history
Incident history
A 51 percent attack enabled roughly 18 million dollars of double spends against exchanges.
Attacked again with further chain reorganisations and double spends, prompting further delistings.
Our read
The main risk
Successfully 51 percent attacked twice with real double spends, and it remains cheap to attack.
Before you buy anything
Check the contract address against the project's own documentation rather than a search result or a screener link, since impersonation tokens with identical names and logos are listed constantly. Check the order book depth before assuming you can exit at the quoted price. And write down what would make you wrong before you buy, not after. The Academy thesis module covers why that single habit protects more capital than any indicator.