This Bitcoin Gold review has revealed that Bitcoin Gold also known as BTG, addresses some issues that Bitcoin faces, especially that regarding transparency, protection, and distribution. By hard forking the blockchain of Bitcoin, it efficiently distributes a new digital asset immediately to everyone around the world who are interested in crypto.
Choose your quick section of our Bitcoin Gold review below.
A Quick Overview of our Bitcoin Gold Review:
Bitcoin Gold is listed on major cryptocurrency exchanges and it is consistently being added.
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What is Bitcoin Gold?
Bitcoin Gold was the result of a hard fork in Bitcoin on October 24, 2017 on block 491 407. The proposed fork which resulted in Bitcoin Gold was to move to the Equihash consensus algorithm, making Bitcoin gold ASIC-resistant.
Key Features and Takeaways of Bitcoin Gold
Bitcoin Gold is one of the most popular projects in the cryptocurrency industry which has the following key features and takeaways:
- Bitcoin Gold addresses some issues that Bitcoin faces, especially that regarding transparency, protection, and distribution. By hard forking the blockchain of Bitcoin, it efficiently distributes a new digital asset immediately to everyone around the world who are interested in crypto.
- The developers of Bitcoin Gold added additional security measures to the BTG coin from the start, one of which was to create a unique wallet address for BTG in addition to institute replay protection to avoid double spending.
- Bitcoin Gold also added transparency by making it open-source and the fact that the source code can be accessed freely, is a strong draw for potential users as well as investors.
- As of May 17, there are 90 Bitcoin Gold nodes spread across 10 worldwide locations in Germany, the US, France, Netherlands, Canada, Russian Federation, Croatia, Bulgaria, China, and Japan.
- During 2018, Bitcoin Gold launched the Bitcoin Gold Insight Explorer which is a blockchain explorer for BTG which runs on a full Bitcoin Gold Bitcore node, hosted by the Bitcoin Gold Organisation.
- Bitcoin Gold is listed on major cryptocurrency exchanges and it is consistently being added.
- Bitcoin Gold is still a new blockchain and this means that it does not yet have the benefits associated with decentralisation such as high security, making the blockchain susceptible to a 51% attack.
Bitcoin Gold Mining
Bitcoin Gold came from a fork in the Bitcoin blockchain and thus it shares the same Proof of Work (PoW) consensus mechanism that Bitcoin uses, making BTG minable. However, unlike Bitcoin mining, Bitcoin Gold can be mined without sophisticated tools and significant expertise.
Bitcoin Gold can be mined by any computer that has a graphics card (GPU). Miners use their laptops or desktop computers to validate BTG transactions and when authorised, the miners are rewarded with a block for their efforts.
To mine Bitcoin Gold, users can either mine solo or they can join a mining pool to increase their chances of adding a block to the blockchain and thereby being rewarded.
Solo mining requires a fast, powerful laptop or desktop that has a powerful video card whereas pool mining is less demanding, with resources pooled together to achieve the same objective. With pool mining, rewards are shared between miners according to the percentage of work that each does, whereas in solo mining, the miner receives the reward without having to share.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Bitcoin Gold allows miners to use GPU mining and not only ASIC-rigs as is the case with Bitcoin | Bitcoin Gold is a new blockchain which may succumb to a 51% attack |
| Bitcoin Gold is easier and more cost-effective to mine | There was a scandal right after the fork which crippled the reputation of Bitcoin Gold before it could build a good reputation |
| Holding BTC at the time of the fork would have given traders and investors with an equal amount f BTG | The back-and-forth statements from the developers regarding mining in the initial stages made users doubt their word on the project |
| Bitcoin Gold proudly claims to be returning to the visions that Satoshi had when Bitcoin was initially created | The release of the source code was delayed, adding to allegations that Bitcoin Gold was a scam |
Transaction Fees
| 💰 Type of Fee | ℹ️ Information |
|---|---|
| Trading Fees | 0.000065 BTG or 0.08 ZAR |
| Withdrawal Fees | 0.002 BTG |
| Mining Pool fees | Between 1% and 2% |
Should you buy Bitcoin Gold?
Bitcoin Gold’s development team is consistently busy with development on the platform, with new ways being discovered to expand the blockchain as well as the network. Founders and developers are fully aware that Bitcoin Gold has a broader connection to the world of crypto, especially when considering the performance of its parent, Bitcoin.
Even though Bitcoin Gold is strongly associated with Bitcoin, which has grown to become the largest and most popular cryptocurrency in the world, it is important for Bitcoin Gold developers to focus on improvements that will improve the ecosystem of Bitcoin Gold as well as the broader cryptocurrency space.
Bitcoin Gold has a market capitalisation of more than 20 billion ZAR, at the time of writing and its price still allows for any investors, even beginners, to obtain coins and invest in them either short- or long-term, depending on the objectives of the investor.
Bitcoin Gold’s value is expected to follow that of Bitcoin, even though it is a much more affordable investment option. For investors who use the HODLing strategy (Hold On for Dear Life), the value of Bitcoin may bring about a variety of rises in the price of Bitcoin Gold as well.
Bitcoin Gold aims to return decentralisation to the Bitcoin blockchain, in addition to offering miners with the opportunity to cash in on awards for verifying transactions and adding blocks to the chain without demanding significant amounts of computational power.
How to buy Bitcoin Gold (BTG)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Bitcoin Gold/BTG and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
BTG can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading BTG.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading BTG, select the option from the “Trade” Menu. Enter “BTG” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select BTG_USDT or BTG_BTC. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair BTG/USDT or BTG/BTC.
Here, you will see that you have the option to buy or sell BTG either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy BTG through via Limit Order
To buy BTG and create a limit order for it, you can enter the amount of BTG you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell BTG through via Limit Order
To sell BTG, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, BTG that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
Frequently Asked Questions
When was Bitcoin Gold first launched?
Bitcoin Gold came as result of a hard fork in the Bitcoin blockchain in 2017.
Who founded Bitcoin Gold?
Hang Yin, Alejandro Regojo, Martin Kuvandzhiev, Jack Liao, Robert Kuhne, and Franco Niebles founded Bitcoin Gold.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Bitcoin Gold’s ICO and how much did it raise?
Bitcoin Gold did not have an ICO as it came as result of a hard fork in the Bitcoin blockchain.
Is Bitcoin Gold legit?
Yes. Despite earlier controversies and allegations that Bitcoin Gold is a scam, it is legit.
What is Bitcoin Gold’s total supply?
There is a total supply of 17 513 924 BTG tokens.
What is the purpose of Bitcoin Gold?
Bitcoin Gold aims to bring Bitcoin back to decentralisation while addressing security, privacy, and transparency.
On which blockchain is Bitcoin Gold based?
Bitcoin Gold is based on the Bitcoin blockchain.
Does Bitcoin Gold work with smart contracts?
No, Bitcoin Gold is not associated with Ethereum and therefore does not use or support smart contracts.
Does Bitcoin Gold have potential to become more valuable?
Yes, Bitcoin Gold has a significant number of supporters and the promise that it will appreciate long-term.
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