It seems like a lot of people never know the real difference between bitcoin (btc) and bitcoin gold (btg), but don’t worry, I found the perfect video to help us with that. take a look below:
hope you now have an idea how they are different and if you don’t already i will explain clearly what btg is as most of you already know what btc is. In addition, I will share with you where bitcoin gold is traded, among a few other things.
Reading: How to sell bitcoin gold
so let’s not keep you waiting!
what is bitcoin gold (btg)?
After bitcoin cash, bitcoin gold is the next cryptocurrency to emerge from the bitcoin blockchain. having taken place in 2017, the platform retained the history of bitcoin, even though it operates completely separately.
this means that anyone who owned bitcoin before btg existed automatically received the same amount of bitcoin gold.
This digital asset makes it possible for users to earn more from their trading cycles by introducing a new mining algorithm that is not prone to aisc-related optimization.
how to trade bitcoin gold
You can trade this cryptocurrency in four easy steps:
- set up a trading account on avatrade
- have funds in your account
- choose the amount you want to invest
- buy (go to long) ) or sell (go short) your bitcoin gold
bitcoin gold mining
If you’ve heard of bitcoin mining, you’ve probably also heard of how profitable it can be.
However, I guess what you may not have known is how expensive bitcoin mining can be. most miners cannot afford to mine bitcoins on their own; therefore, most of the time, teams of miners will pool their resources to mine bitcoin. the mining process requires facilities to accommodate hundreds of mining rigs as well as other heavy computing equipment.
As you can see, if someone embarked on the mining business as an individual, they would end up spending huge amounts of resources in terms of money, time and energy. most of the miners who have tried it have confessed that the biggest cost has to do with electricity consumption; Apparently, the systems consume more electricity than most manufacturing industries you might know today.
this is the reason why btg decided to change the way mining is done, changing its algorithm and banning the use of asic chips in the mining process. this measure also prevented large companies from dominating the sector due to their advantage in terms of resources; instead, bitcoin gold made sure to allow independent miners to participate in the process using the minimum amount of resources at their disposal.
bitcoin gold exchanges
The survival of most coins largely depends on their performance on the various exchanges they are listed on.
Bitcoin gold has done well since it was first listed and has seen a consistent and positive trend in its price over time. Currently, the cryptocurrency is traded on more than thirty exchanges around the world. some of the major exchanges that trade btg include binance, bittrex, and bitfinex.
However, other exchanges such as bitflyer and coinbase are expected to list btg soon enough. In addition, you will also find it useful to know that Bitcoin Gold is compatible with numerous wallets, including Ledger Wallet, Exodus Wallet, Trezor Wallet, Bitpie, Coinomi, Btg Wallet, Cobo, Kasse, and Freewallet.
where to buy, sell and trade bitcoin gold
After the 2017 hard fork, bitcoin gold is now available for trading.
After being released to the public in late 2017, the coin has been well received by the crypto community. At the time of writing, the coin has a market capitalization of around $1.5B, with a current supply capacity of $16,805,449btg.
where to trade btg
Currently, btg can be bought, sold and traded on 27 exchanges, namely:
binance, hitbtc, bithump, bitfinex, instant bitex, binance, upbit, exmo, indodax, okex, huobi, koineks, p2pb2b, yobit, exrates, cex.io, bitinka, korbit, gate.io, dsx, crex24, kucoin, trade satoshi, bitsane, southxchange, bit-z, braziliex and bigone.
As I mentioned earlier, more exchanges are expected to list btg in the future as it has barely been a year since the coin was launched.
why you need bitcoin gold
one of the main goals of the team behind btg is to create a completely decentralized version of bitcoin. For that to happen, the btg developers had to configure the mining process to be accessible to more people, and by changing the bitcoin mining algorithm, they made it possible for the cryptocurrency to be mined using more graphics cards.
bitcoin gold has also implemented a proof of work switch from sha256 from btc to equihash. this is a hard memory algorithm, which is asic resistant and also suitable for gpu mining.
Furthermore, the technology behind bitcoin gold is very similar to that of bitcoin, meaning its core functionality adheres to satoshi’s original vision for the cryptocurrency.
And, as you may have already noticed, btg has accomplished a lot in the short time it’s been around. it has achieved such high trading volumes and a decent market capitalization that most other cryptos, which have been around for almost a decade, have been unable to come close. this means that in the near future, this cryptocurrency could be one of the best options to bet your investment.
bitcoin gold competition
If you’re going to trade bitcoin gold, it’s also essential to talk about some of the challenges you face today. And just like any other digital asset, btg’s prices and overall market performance can be affected by many factors, including news, developments, and updates from its competitors.
bitcoin gold’s closest competition comes from:
Bitcoin: This is the first cryptocurrency to be established and, as you know, it played an important role in the development of btg. currently, it has a market share of more than 50%, making it the largest cryptocurrency in terms of market capitalization. however, since btg is one of the forks of btc, you could find yourself in a tough spot trying to build your own reputation separately from its parent.
ethereum: ethereum is the second largest cryptocurrency after bitcoin, and controls another big market in the digital currency space. Being an anti-asic coin, this is expected to be perhaps btg’s closest rival as they both offer almost the same to their users.
bitcoin cash: Like bitcoin gold, this currency has close ties to bitcoin. It was the first coin forked from bitcoin and predated the development of btg. its main objective is to solve the scalability problem that seems to correspond to bitcoin, as well as to provide cheaper and faster transactions for users.
the future of bitcoin gold
Even though the coin continues to gain in popularity, the team behind it continues to improve its functionality to increase user returns.
In the first quarter of 2018, bitcoin gold underwent a complete rebranding of its currency, creating a more up-to-date and user-friendly website, and also integrated a number of open source libraries such as copay, bitcoinjs, and bitcoinj . All of these changes are expected to be implemented in phases, which will ensure a smooth transition from one phase to another.
In the second quarter, bitcoin gold secured an integration partnership with a lightning network that allowed it to increase its decentralization through mining using p2pool. this is the quarter in which the platform also launched several payment methods, including btg pay, as well as credit and debit card payment modes.
additionally, during most of the second and third quarter of 2018, the btg platform began the process of adding cross-chain atomic swaps and sidechains, as well as catering to future developers by providing funding opportunities at conferences and meetings. . this is in line with the corporate and social responsibilities of the company with its community of cryptocurrency users.
In Q4, the btg team is expected to introduce risky sidechains with smart contracts, as well as cross-chain atomic swaps that will make it possible for a user to trade different currencies without going through third-party platforms. furthermore, btg is expected to introduce schnorr signing soon to allow its users to reuse their signatures across hundreds of transactions, instead of signing each one manually.
and according to bitcoin gold, there is still more to come even as we head into 2019.
It is abundantly clear that the team behind the bitcoin gold coin is fully aware of its close ties to the world’s most popular cryptocurrency; bitcoin, and therefore the pressure to maintain high standards of operations arises. this has generated the need to establish programs that focus on providing value to cryptocurrency users, not only to btg as a company.
Despite the controversies regarding the coin, many bitcoin gold exchanges remain confident that the coin will, after all, live to outperform some of the biggest names in the industry. and although they have not yet achieved everything they initially set out to do, it is still encouraging to see that so much has been achieved in such a short time.