Bitcoin Gold (BTG) is a part of the authentic Bitcoin Cryptocurrency. It is aimed at breaking down the Bitcoin mining monopoly.
As per the Bitcoin Gold’s website bitcoingold.org
Since its inception, mining is one of the key features of Bitcoin and Cryptocurrencies. It strives to fix the domination of mining by professional businesses by changing the algorithm used to solve blocks.
- 1 What is Bitcoin Gold
- 2 How is Bitcoin Gold if Different From Bitcoin
- 3 How to Get Bitcoin Gold (BTG)
- 4 How to Get Paid in BTG
- 5 How to Make Payments with Bitcoin Gold (BTG)
- 6 How Safe is it To Trade BTG
- 7 What is the Future of Bitcoin Gold (BTG)
What is Bitcoin Gold
Bitcoin Gold (BTH) was first announced on 23rd October 2017 and launched on 12th November 2017. Bitcoin Gold (BTG) is a free open source cryptocurrency project that is developed by the volunteer Bitcoin enthusiasts.
It is also known as a hard fork of the Bitcoin blockchain. It is a new branch of the bitcoin blockchain that contains the same transaction history as bitcoin up until the fork, however, exists in parallel with the bitcoin blockchain after the fork.
|Symbol||Initial release date||Algorithm type||Max. supply|
|BTG||12th November 2017||Equihash||21 million BTG|
How is Bitcoin Gold if Different From Bitcoin
There are a lot of similarities between Bitcoin Gold and Bitcoin. Both of these take 10 minutes as a transaction – processing time (i.e. it takes approximately 10 minutes to confirm a transaction after cryptocoins have been transferred). Also, the maximum supply of both of these coins is 21 million (i.e. there will never be more than 21 million BTG in circulation).
However, there are few differences in them, which are as follows:
|Differences||Bitcoin Gold (BTH)||Bitcoin|
|Total Supply||21 million||21 million|
|PoW (Proof of Work) Algorithm||Equihash||SHA256|
|Mining Hardware||GPU based mining hardware||ASIC mining hardware|
|Block Interval||Block interval of 10 minutes||Block interval of 10 minutes|
|Block Size (Actual)||Block size of 1 MB (2 to 4 MB actual)||Bitcoin blockchain is also able to contain 1 MB of data, meaning that the block size of bitcoin is 1 megabyte|
|Difficulty Adjustments||Difficulty is adjusted with every block||Difficulty adjustments takes place in every two weeks on|
How to Get Bitcoin Gold (BTG)
You can get Bitcoin Gold (BTG) from the (a) hard fork and (from an exchange):
From the hard fork
If you hold Bitcoin on your wallet, at the time of the fork and not in any exchange, then you are in luck because the Bitcoin Gold fork awarded you BTG at a rate of 1 BTC = 1 BTG.
From an Exchange
You can also purchase Bitcoin Gold (BTH) from an exchange as well. Bitcoin Gold (BTH) is available on the following exchanges:
|Name||Payment Methods||Available Fiat Currencies||Available Cryptocurrencies|
|Changelly||Credit Card, Debit Card||USD, EUR||BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC etc|
|Indacoin||Credit Card, Debit Card||USD, EUR, RUB||BTC, BTG, BURST, BYC, CANN, CFI, CLAM, CLOAK, CLUB, COVAL, CPC, CRB, CRW, CURE, CVC, DASH, DCR, DCT, DGB, DMD, DNT, DOGE, DOPE etc|
|CoinSpot||Cash, BPAY, POLi, Cryptocurrency||AUD||BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG|
|Cryptopia||Cryptocurrency||BTC, BCH, ETH, LTC, DOGE, NEO, XMR, POWR, DASH, PIVX, XEM, OMG, GNT|
|ShapeShift||Cryptocurrency||BTC, BCH, BTG, ETH, ETC, FUN, 1ST, ANT, BAT, BNT, BLK, CVC, CLAM, DASH, DCR, DGB, DNT, DOGE, EDG, EOS, FCT, GAME etc|
How to Get Paid in BTG
You can be paid in BTG if you provide a service or product online. Because as of November 2017, the currency is still in its infancy, you might want to offer the customers the option to pay with BTC or other altcoins, alongside Bitcoin Gold, however, if the cryptocurrency does gain more acceptances, you might see more people willing to pay you for services and products using BTG.
How to Make Payments with Bitcoin Gold (BTG)
In order to transfer money with Bitcoin Gold (BTG), one requires a BTG wallet, some BTG on your account and a destination address. Follow the below mentioned steps for the same:
Install a Bitcoin Gold wallet
Firstly, you are required to install a wallet that is compatible with Bitcoin Gold and through which you can access your BTG
Get the Recipient’s Wallet Address
You should get a destination address by the recipient of your BTG. The destination address should be made of letters and numbers. Make sure to type this address correctly.
Enter the Amount of BTG to Send
Enter into your wallet the value in BTG that you want to send the recipient, making sure you have enough funds
Send the Crypto Coins
In order to send the BTG to the recipient, click on the “Send” button on your wallet application. Funds can be transferred almost immediately, however shall take up to 10 minutes to be entirely confirmed
How Safe is it To Trade BTG
Security is one of the prime concerns which stop the immediate trading of BTG. To be specific, BTG may not have replay protection. Hence, it is better to check out the exchanges that have clearly explained how they plan on handling this.
What is the Future of Bitcoin Gold (BTG)
As per the official roadmap of Bitcoin Gold (BTG), the developers aims at continue pushing towards making Bitcoin Gold a standalong cryptocurrency. It says it will develop new features on top of the Bitcoin blockchain, but an exact detail is yet to be seen.