Do you know Bitcoin? If yes, then you should know that there is a new bitcoin variant. around the corners called Bitcoin Gold (BTG).
Bitcoin Gold project is an attempt to improve Bitcoin’s technology and has been launched a process known as ‘hard fork’ in which a new version of a protocol is created to generate more value out of the already existing currency.
So, let’s look at Bitcoin Gold and how it is different from its variants and why it is being launched into the cryptocurrency blockchain.
- What is Bitcoin Gold
- Team Behind Bitcoin Gold
- How to Buy Bitcoin Gold
- How to Setup Bitcoin Gold Wallet
- How to Store Bitcoin Gold
What is Bitcoin Gold?
As we already mentioned, Bitcoin Gold is a new cryptocurrency which was built on the bitcoin blockchain and is an alternative version of the bitcoin protocol. Basically, Bitcoin Gold aims to achieve two major objectives:
- Bitcoin Gold has been introduced to change the mining process and to get rid of powerful mining machines like ASICs.
- It wishes to attract more people to this new fork so that the bitcoin network is freed from the companies which are offering these products and are holding undue command over the bitcoin network.
So basically, Bitcoin team has introduced bitcoin gold to support more bitcoin users and to make bitcoin decentralized again. Here are a few key features and advantages of introducing bitcoin gold into the market:
Bitcoin gold uses PoW algorithm, Equihash, which cannot be used by powerful mining machines and gives a fair chance to the normal users who are mining with their GPUs
Since Bitcoin is hard forked into bitcoin gold, users on the bitcoin blockchain all over the world have a new digital asset to employ. The newly created bitcoin gold is equally distributed on the blockchain to all the people.
Bitcoin gold has implemented complete replay protection, special wallet addresses, and important features to protect the users and their coins inside the Bitcoin ecosystem.
Since BTG is an open and free project which is created by a group of volunteers and is supported by the Bitcoin enthusiasts’ community, it offers transparency to the users.
Although Bitcoin Gold and Bitcoin cash were created by the same protocol, both of them have a few differences. Also, while bitcoin gold plans to become the de-facto version of bitcoin, it is, in fact, an altcoin, a term that is used to specify any cryptocurrency which is created by bitcoin protocol but has an alternative use case or market plan.
Team Behind Bitcoin Gold
The team behind bitcoin gold is a small group of people in which Jack Liao, Hong Kong-based, is the founder of bitcoin gold and is an honest critic of bitcoin mining structure. He is also the CEO of LightningAsic which sells mining equipment like GPU which is what bitcoin gold relies upon.
The team currently consists of pseudonymous lead developer along with a few volunteers who work on developing and promoting cryptocurrency in their available time. If you want more information on this project, then you can simply track it via Github or Slack community group.
How to Buy Bitcoin Gold?
Last year, in August, bitcoin gold was released as a cryptocurrency as the rate of 1 BTC – 1 BTG and all bitcoin owners had the newly launched bitcoin gold tokens in their wallet too. Basically, if you owned bitcoins when block 491406 was mined then you also have bitcoin gold in your wallet now. If you had 10 BTC at the time of hard fork then now you have additional 20 BTG as well.
Since bitcoin gold (BTG) is intuitive, it is easier to retrieve funds from exchanges or wallets that recognize bitcoin cryptocurrency. So, to retrieve bitcoin gold, you need to move your bitcoins to a wallet or exchange which supports bitcoin gold or a bitcoin wallet where you own private keys and then exchange it for bitcoin gold.
How to Purchase Ethereum and Exchange for Bitcoin Gold
To purchase Ethereum, you will need to select an Ethereum exchange and make an account over there. Once you have done that you need to go an exchange where you can exchange your ETH for BTG. The entire process is quite simple and barely takes 15-30 minutes.
1. Navigate to an exchange like Coinbase and then click on ‘Sign up’ to create a new account. If not Coinbase, try out Coinmama.com or if you’re looking to make the trade using Bitcoin, LocalBitcoins is another good exchange.
2. Fill your phone number, image, and payment details to verify your account.
3. After verifying your payment details, go to Buy/Sell page.
4. Choose Ethereum and then enter the number of coins that you want to purchase or the amount of currency you want to spend.
5. Click on the ‘Buy’ button and then ‘Confirm Buy’ button to confirm the purchase.
6. Navigate to Binance.com so that you can get BTG for your ETH.
7. Register on Binance and confirm your email address.
8. Login to Binance with your credentials and set up 2FA for security. You can use the Authy app for this.
9. Go to ‘Funds’ page and then click on ‘Deposits Withdrawals’ section.
10. Now, find Ethereum wallet and click on deposit to get some funds. Copy the Ethereum wallet address for transferring ETH coins.
11. Return to your Coinbase account and go to ‘Accounts’ page.
12. Search your Ethereum wallet and then click on the ‘Send’ button to transfer your ETH coins.
13. Type in the Binance wallet address saved in step 10 in the ‘Recipient’ box and then enter the number of ETH coins that you want to transfer.
14. Click on ‘Continue’ and then confirm your transaction via phone/email.
15. Check your ETH wallet at Binance. Once you see ETH coins, you can go to the BTG/ETH exchange market by selecting the BTG/ETH option from the trade drop down menu.
16. You have an option to choose the ‘Limit’ or the ‘Market’ option. Choose the ‘Market’ option and then enter the amount of BTG that you wish to purchase.
17. Click on ‘Buy Coin’ button and your order will be placed and fulfilled.
18. Go back to ‘Funds’ and check your BTG wallet in ‘Deposits Withdrawals’ section.
How to Set up a Bitcoin Gold Wallet
If you are planning to set up a bitcoin gold wallet for yourself then we would advise you to not go to a desktop or website wallet if you want to keep your coins safe. It would be better to store your BTG coins in a hardware wallet where it will be safe and secure.
You can purchase them from Ledgerwallet.com as it is easy to use and provides you with utmost security. Ledger Nano S is one of the most trusted hardware wallets which is easy and convenient to use and once you have bought it, you will need to first configure it and initialize it before you can store your BTG coins in it.
- Purchase the Ledger Nano S and then open the received package.
- Navigate to start.ledgerwallet.com to configure your wallet.
- Choose Ledger Nano S from the available Ledger devices and click on ‘Configure my device’.
- Choose the ‘Configuration’ tab and plug in your Ledger Nano S to the USB port of your laptop or computer.
- Your device will display ‘Welcome’ and ‘Press both buttons to begin’.
- Press on both left and right button to continue with the configuration.
- Enter a PIN code with 4-8 characters.
- Choose a recovery phrase for your wallet with the help of the left/right buttons. Enter 24 words and then validate them.
- Save the phrase and then press both the buttons to continue again.
- Once the phrase is checked, your device will display ‘Your device is now ready’.
- Press both buttons again to continue.
Need help? Check out the video tutorial below
You have successfully configured your Ledger Nano S but you now need to install the Ledger Bitcoin wallet app to set up your Ledger Bitcoin wallet.
- Go to ‘Apps’ page on the Ledger website.
- Select the ‘Ledger Wallet Bitcoin & Altcoins’ app.
- Click on ‘Get the apps’ and select your device.
- Select ‘Ledger Wallet Bitcoin Gold’ app which can be now used with your Ledger Nano S.
- Press both the buttons on your Ledger Nano S to select your BTG wallet and your newly downloaded app will get opened up.
- Click on Receive and copy the Bitcoin address that is being displayed.
You can now use your Bitcoin Gold wallet to store your BTG coins safely and securely.
How to Store Bitcoin Gold
An important thing to keep in mind when you are trying to access bitcoin gold tokens is that a few wallets may provide you direct access to BTG but a few others would need you to take some additional steps. You can find verified wallets for BTG and BTC listed on the Bitcoin Gold home page.
A hardware wallet would be safer to store your BTG coins and access them so you can purchase the Ledger wallet for yourself.
- For transferring the BTG coins to your Ledger wallet, you simply need to go to the Funds page on Binance exchange and click on the ‘Deposits Withdrawals’ section.
- Find your Bitcoin Gold wallet and then click on ‘Withdrawal’ button.
- You need to enter the Wallet label, Wallet Address (Wallet Address of your Ledger Nano S’ Bitcoin Gold wallet), and the Amount of BTG that you wish to transfer.
- Just submit the information and then verify via 2FA and email.
After some time, check your Ledger Bitcoin Gold app and you will see the BTG balance showing in it.