|Circulating Supply||17,513,924 BTG|
|Max Supply||21,000,000 BTG|
About Bitcoin Gold
Bitcoin Gold is a hard fork of Bitcoin that was launched on the 12th of November in 2017. This is the second hard fork of the worlds leading cryptocurrency and while it has split opinion in the industry, this is a coin that aims to bring decentralization back to the coin.
As of now, Bitcoin Gold has a market cap of just over $2 billion, a coin supply of almost 17 million and is valued at $119.16. For that reason alone it can be assumed that despite that split in opinion, it is a currency that is performing very well on the exchanges.
What is The Bitcoin Gold Coin (BTG)?
As mentioned, BTG is a cryptocurrency that was created as a hard fork of Bitcoin. The second hard fork in a year, in fact. Despite Bitcoin Cash seemingly resolving a few of the main issues with Bitcoin, there were still some in the Bitcoin camp that believed the cryptocurrency could still be improved further.
They disbanded and created Bitcoin Gold, a currency that was designed to give more power to the community rather than having to rely on big corporations for its mining. They believed that there was far too much reliance on major corporations with regards to the mining of the original Bitcoin which went against the whole decentralization concept of cryptocurrency as a whole.
Whats Special About Bitcoin Gold (BTG)
Bitcoin Gold has one major difference with Bitcoin and that is that it has been repurposed with regards to how it can be mined. Bitcoin Gold can be mined using GPUs (graphics processing units) which enables far more of us to have the ability to mine the cryptocurrency.
As for what is special about Bitcoin Gold, apart from it being very similar to Bitcoin, the following are where the main differences lie:
- Increased block sizes – Bitcoin Cash uses block sizes on their blockchain that are 8mb in size. This allows them to provide quicker transactions when compared to Bitcoin. Where BTC can complete a transaction once every seven seconds, BTG is known to be about to complete around two million a day.
- GPU mining – As mentioned at the start of this topic, the team behind BTG wanted to give smaller players the ability to mine and make a contribution to the BTG cryptocurrency. This means that no single large mining firm can have as much influence on the network.
The above mining is made possible through the use of a modified ‘proof of work’ algorithm which is highly resistant to ASICs. It actually uses the same algorithm as ZCash which allows the use of GPUs for the mining of the currency.
This means that more users will have the capability to mine for the currency and essentially earn themselves some free money. Bitcoin requires expensive mining equipment which has essentially made it impossible for the everyday person to mine for the currency without spending significant sums of money.
Where to Buy Bitcoin Gold (BTG)
As a hard fork of Bitcoin and through using similar technology to Bitcoin, there should be no trouble finding an exchange that you can trade the cryptocurrency on. There is a good number of cryptocurrency exchanges that you could use but it is establishing which of them is the best that can take some time.
To help you speed up the process of finding one that you can trust, we have listed five of them below:
Gate.io is a cryptocurrency exchange that is relatively new having only been launch back in 2017. Since then it has already proved to be a popular choice among traders due to the exchange supporting a good selection of cryptocurrencies.
Cryptopia is based in New Zealand and is an online cryptocurrency exchange that has been operating since 2014. With hundreds of trading pairs on offer, this exchange is one that many traders swear by.
Having been around since 2013, Bithumb is a cryptocurrency exchange that attracts a large following. Offering traders, the ability to trade fiat currencies for cryptocurrencies, this exchange is one that we feel is a good option for most of you.
Bitfinex is one of the oldest cryptocurrency exchanges around having been in the industry since 2012 and for that reason is one that we highly recommend. There is a good number of trading pairs available but credit cards are not an accepted payment method.
There might not be too cryptocurrencies that are supported by Coinone compared to other exchanges but Coinone is still a very popular cryptocurrency exchange. Boasting low fees and a three years history, Coinone is a trustworthy option for you.
Investing in Bitcoin Gold (BTG)
When Bitcoin Gold launched it proved to be quite controversial due to their already being another hard fork in Bitcoin Cash that had already been launched earlier in the same year. Many in the Bitcoin community felt that Bitcoin Cash and its use of the SegWit2x had already solved any design issues with the original coin.
However, despite this, another hard fork was created by a small minority that believed they had a better vision for the Bitcoin cryptocurrency.
While many are a little disheartened at the continued split in the Bitcoin community, there are others that strongly believe in what BTG can achieve. This has been reflected in a decent start for the cryptocurrency on the exchanges. Should you invest in BTG? This depends on whether you believe in what they are trying to achieve by making the currency easier to mine for everyday people like us and you.
Do I Need a Bitcoin Gold Wallet?
In much the same way that you will want a physical wallet to store your cash or an online wallet such as PayPal to send fiat currencies, you will also need somewhere to store your cryptocurrencies.
The many cryptocurrency exchanges will have their own wallets that you can leave your cryptocurrencies in and they will no doubt want you to leave them there as well. This is not advised, however, simply because there is always the very real possibility that these exchanges can be hacked.
This has happened various times and for that reason, you should look for a third-party wallet that you can use instead.
Hardware wallets (or hard wallets) are widely known for being the best option when it comes to cryptocurrency storage. These will allow you to keep your currencies and their keys offline which makes it virtually impossible to be stolen unless somebody actually steals the wallet itself.
- Ledger Nano S
The Ledger Nano S is actually the only hard wallet that accepts Bitcoin Gold at the moment but the Trezor will soon be following. The Ledger can also hold a number of other major cryptocurrencies too which makes it a good option for a good portion of your cryptocurrency portfolio.
While the Trezor hard wallet does not currently support the storage of Bitcoin Gold, the developers of the device have announced that they are working on adding the support of this coin for future updates. This wallet can also store a few other cryptocurrencies as well and is always updating to add new cryptocurrencies.
If for whatever reason you cant or do not want to use a hard wallet, you should at the very least use a software-based wallet. These are not quite as secure but will be an improvement on leaving your currencies on the exchanges. These wallets can either be clients or apps that you download or online wallets that you can access through the browser.
- Bitcoin Gold Core Wallet
The Bitcoin Gold Core Wallet is the official wallet for storing Bitcoin Gold and it can be downloaded directly from the website of the cryptocurrency. This wallet is probably the safest software-based wallet to use as it is created by the developers of the cryptocurrency itself.
Exodus is one of the more popular third-party wallets available and it will allow the storage of a number of cryptocurrencies. Bitcoin Gold is one of the currencies that it can store but you can expect to see the other major coins supported as well.
Pros & Cons
Bitcoin Gold is the latest Bitcoin incarnation and while it is still in its early days, it has already become one of the more talked about coins in the last few months. Whether that is a good thing will come down to interpretation but the continued growth of this cryptocurrency on the exchanges must stand for something.
Below are the pros and cons of Bitcoin Gold:
- Allows for mining through the use of GPU.
- Faster transactions times.
- Aims to focus more on decentralization.
- Splits the Bitcoin community.
- A small team of developers.