Bitcoin Gold Trading
In This Article
What is Bitcoin Gold ?
Bitcoin Gold trading is the process of dealing in Bitcoin’s fork, and the main aim is to decentralize the mining process by making it easy to mine crypto through a standard computer. Unfortunately, mining Bitcoin is a tedious task requiring compelling computers. Still, mining Bitcoin Gold is different as you need a regular computer and offers no advantage when mining it with high-end machines.
As of 2020, cryptocurrency is being used as a decentralized alternative to traditional fiat currencies (the central government usually backs fiat currencies), such as the US dollar (USD). On the other hand, cryptocurrency technology, including blockchain and smart contracts, is being used for several other purposes, such as cloud computing, apps, and many more.
As of September 2017, there were more than 1,100 cryptocurrencies, and the entire market capitalization of all cryptocurrencies achieved an all-time high, surpassing the $60 billion mark! Then, by December 2017, the total reached $600 billion (that was a ten-time increase in two months).
It is May 2022, and the market cap of all the cryptocurrencies combined has reached above $2 trillion. But the future is uncertain, and cryptocurrency has proven itself to be more than a trend. Whether you accept it or not, cryptocurrency is restructuring the growing market, and despite the pros and cons, it will stay for a long time.
In four simple steps, learn how to trade bitcoin gold CFDs.
- You need to maintain a account with a bitcoin gold trading platform.
- Fund your account.
- You need to put in the preferred investment amount.
- Now you can BUY (go long) or SELL (go short) Bitcoin Gold.
5 Bitcoin Gold Facts You Should Know
- The creator of the BTG coin is Jack Liao, also the founder of Lightning ASIC, a computer mining firm in Hong Kong. Liao made the public announcement of the project in July 2017.
- The new protocol that Bitcoin Gold uses is called Equihash. Bitcoin uses the Secure Hash Algorithm (SHA-256 bit). BTG replaced this Algorithm with the PoW algorithm, Equihash, which is rumored to be superior, with expanded memory and even faster execution.
- It has been designed to keep the Bitcoin ecosystem safe, as BTG implements unique cryptocurrency wallet addresses and a replay protection system. It means twice the protection against hackers and malicious threats.
- It is an open-source software project. Thus it has full transparency. The project is powered and built by volunteer developers and avid Bitcoin enthusiasts worldwide.
- As Bitcoin Gold uses a decentralized mining system, it gives ordinary users an equal opportunity to mine with universal GPUs (Graphics Processing Units)
How Is the Bitcoin Gold Network Secured?
Distribution, Protection, and Transparency are these three words that make Bitcoin Gold Network Secured. However, the goal was to “re-decentralize” Bitcoin and make it a more accessible digital asset for the miners who do not use professional equipment. The asset is distributed fairly and effectively. Bitcoin Gold’s developer also focuses on protection and transparency issues. It is different from other blockchains (even Bitcoin), as Bitcoin Gold increases anonymity by not publishing transaction details or wallet addresses. Since the beginning, it has been a free, open-source community project, decentralization, and transparency in the Bitcoin Gold trading community. However, multiple hackers and other malicious entities are an ongoing concern.
The world is full of virtual currencies. Unfortunately, blockchains like Bitcoin Gold have small proof-of-work and are vulnerable to 51% attacks, where an attacker seeks to gain control of 51% or more of the blockchain’s computing power or hash rate. Time and again, Bitcoin Gold has claimed it has executed additional safety and protective measures since the day of its launch, including full replay protection. The only aim was to protect its customers’ accounts and coins, and the blockchain has defended itself in front of 51% attacks and numerous BTG wallet thefts.
The most recent 51% attack happened in January 2020. The first January 2020 attack obtained attackers 1,900 BTG, or $19,000; in the second attack and approx. 5,267 BTG or $53,000 was stolen. But after the attack in May 2018, the loss was 388,000 BTG, and it was an approx. $18 million. The cryptocurrency exchange Bittrex chose to remove the Bitcoin Gold (BTG) blockchain. The first incident of roughly $18 million was why Bitcoin Gold updated its mining algorithm to Equihash-BTG.
Where Can You Buy Bitcoin Gold (BTG)?
You buy Bitcoin Gold (BTG) with any digital currency exchange, even if you do not have an account.
Here is how you can start at full speed:
- Go to a trading website and click sign up.
- Enter the required information (email address and personal details).
- Verify the account by connecting to the link sent, and then you have a green flag to buy.
We recommend you to buy Bitcoin Gold on Blockchain Tradein, and it is one of the enormous and most well-known cryptocurrency businesses in the world. The benefits of purchasing Bitcoin Gold (BTG) from Blockchain Tradein are that it has lower fees than competing exchanges, increases liquidity, and helps you buy and sell instantaneously. At the same time, you take advantage of market movement news.
Understanding Bitcoin Gold
Bitcoin mining is a tedious and resource-intensive process but profitable. The best mining projects pool together multiple mining rigs, each of which requires expensive, special equipment. If an individual attempts to mine for bitcoin on their own, you either have to invest a ton of capital and time into creating their rigs or get passed by, as regular computers cannot compete with the professional rig systems.
The main goal of Bitcoin Gold is to change the algorithm used for cryptocurrency mining, and it will change to run at the same speed if you are using a standard computer system or a piece of specialized equipment.
Bitcoin Gold is not the first major hard fork of bitcoin. Bitcoin Cash was forked off from the primary cryptocurrency on Aug.1, 2017. On Nov. 15, 2018, the Bitcoin Cash hard fork split it into two currencies: Bitcoin Cash and Bitcoin SV.
What Is the Difference Between Bitcoin Gold and Bitcoin Cash?
Bitcoin Gold (BTG) and Bitcoin Cash (BCH) are hard forks of the original cryptocurrency, Bitcoin. A fork happens when a blockchain splits. It is a hard fork when there are significant changes to make it a new protocol or programming, and it prevents backward compatibility in newly created blocks.
In the past, developers have worried about different scenarios regarding bitcoin’s security, accessibility, and mining speed. The community couldn’t reach an agreement and didn’t understand how to process it, so the community created a fork and new cryptocurrencies that aligned with their goals and strategy.
Special Features of BCH and BTG
Here are the features and differences between Bitcoin Cash and Bitcoin Gold.
- The Hashing function in Bitcoin Cash uses the SHA-256 mining algorithm, whereas Bitcoin Gold uses the Equihash mining algorithm.
- Bitcoin Cash can be mined on ASIC miners, but Bitcoin Gold is ASIC miner resistant.
- Bitcoin Cash uses the SecureSigs protocol, and Bitcoin Gold uses the SegWit protocol.
- You can buy Bitcoin Cash on any popular exchange, but you cannot buy Bitcoin Gold anywhere. You have to mine it.
- There is 19 million Bitcoin Cash in circulation, but only 17.5 million Bitcoin Gold is in circulation.
How to Mine Bitcoin Gold and Bitcoin Cash
You can mine both the cryptocurrencies, but Bitcoin Cash can only be mined on application-specific integrated circuit (ASIC) miners created with one specific job mining. The downside to this is that ASIC mining systems are high-speed for average miners with a household computer to keep up with, so the only option left for a commoner is to buy BCH in an exchange, or you will have to buy an expensive ASIC machine. You will also have to pay for the energy.
But! Bitcoin Gold is mined using a personal computer, but you will require an excellent graphics card and a mining customer for the operating system. Bitcoin Gold levels the playing field for everyone as it uses the Equihash mining algorithm, where ASIC becomes useless. Equihash is more memory ferocious than SHA-256, which means you cannot mine it on ASIC miners that utilize computational power to solve the hash.
The best way to mine both BTG and BCH is to join a mining pool that mines the coin of your choice. There are many cryptocurrencies to select from in the market. However, you need to pay attention to fees and how you are compensated for your mining contributions.
How to Buy/Invest in Bitcoin Gold and Bitcoin Cash
You cannot buy BTG on any centralized exchanges. But there are instances where they are traded on certain decentralized exchanges. However, the citizens of the USA are not allowed to trade on these platforms.
Bitcoin Cash can be bought from various exchanges including Blockchain Tradein. Of course, prices will change every second, so it helps to understand how these exchanges work before actually investing in them. For example, let’s take a trading platform designed for crypto traders who enjoy day trading, since the prices are always fluctuating. On the other hand, several credible exchanges are for those who buy and hold or want to convert their cryptocurrency.
What factors influence the price of Bitcoin Gold?
Bitcoin Gold trading is beautiful, and it has the attention of retail and institutional investors. Its demand, increasing media coverage, and investing “experts” and business owners are helping its value grow. It has also become very prominent in countries with high inflation and devalued currencies, for example, Venezuela. Additionally, it is popular with personalities that transfer enormous amounts of money for illegal and unlawful activities.
It means the shortage in future supply has combined with a surge in demand to fuel a rise in Bitcoin Gold price. However, there is a fluctuation in the price from time to time, with booms and busts. For example, there was a ramp-up in the price of cryptocurrencies in 2017 after a good time low, which continued by two sharp increases and downticks through 2021.
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Frequently Asked Questions
Yes, mining Bitcoin Gold is very much profitable. The data provided by the mining hardware is at the current hashrate of 1,180.00 H/s. We are taking electricity costs and pool/maintenance fees into account.
- You need a trading account with a Bitcoin Gold trading platform.
- Fund your account.
- You need to put in the preferred investment amount.
- You can BUY (go long) or SELL (go short) Bitcoin Gold.
No, Bitcoin gold is not related to Gold or backed by gold, precious metal, or fiat. Instead, Bitcoin Gold gets its value from various types of factors. The list includes usability, acceptability of a decentralized system, technological importance, and demand—the price changes following usability and market.
Bitcoin Gold has many applications. These include smart contracts, open-source bridges for computing technology, and payments.
We recommend you to buy Bitcoin Gold on Blockchain tardein, and it is one of the enormous and most well-known cryptocurrency businesses in the world. The benefits of purchasing Bitcoin Gold (BTG) from Blockchain Tradein are that it has lower fees than competing exchanges, increases liquidity, and helps you to buy and sell instantaneously. At the same time, you take advantage of market movement news.
There are plenty of top cryptocurrency trading exchanges where you can buy Bitcoin Gold at the current rate. Blockchain Tradein is one such credible exchange that offers a varied list of financial assets.
Depositing and withdrawing are not yet permitted, but you are allowed to trade Bitcoin Gold tokens. The most famous and offered pair for trading are BTG/BTC and BTG/USD.
Bitcoin Gold is a cryptocurrency created from a fork of the Bitcoin blockchain. In addition, there was another fork, Bitcoin Cash, that focuses on the faster transaction, and the goal of Bitcoin Gold focuses on further decentralizing cryptocurrency.
Bitcoin Gold is a cryptocurrency. It is a hard fork of Bitcoin, the open source cryptocurrency. It is a decentralized digital currency, open source without a central bank or arbitrator that can be transmitted from user to user on the peer-to-peer Bitcoin Gold network.
Bitcoin gold has many uses, such as open-source bridges for computing technology, smart contracts, and peer-to-peer payments.
Investors say that bitcoin gold will see a bullish market. As a result, it is considered an “outstanding” long-term investment. By the end of 2022, the average price of BTG will touch approx. $85.05, $103.17 by the end of 2023, and $139.88 by 2025.
Bitcoin Gold has a limited supply of 21 million BTG coins, and currently, the circulating supply is at 17.51 million BTG coins, which is about 83%.
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