How to buy Bitcoin Gold online

Buy Bitcoin Gold online

Bitcoin Gold was a hard fork in the original Bitcoin cryptocurrency with the goal of making Bitcoin decentralized again. It was one of the largest Bitcoin forks to ever happen. 

In this guide we will help you understand Bitcoin Gold and how you can buy Bitcoin Gold online in 2021. 

Best platforms to buy Bitcoin Gold- 2021

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
2
Minimum Deposit
$250
Exclusive Promotion
User Score
8.1
Trade the global markets. Trade with real-time execution and professional tools
Follow and copy Naga's top traders who have mastered their trading strategies
Free personal account manager
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3
Minimum Deposit
$50
Exclusive Promotion
User Score
7.5
Over 4 million customers worldwide
Buy, sell and trade nearly 200 digital assets
Verified within 15 minutes

What is Bitcoin Gold?

Bitcoin Gold (BTG) was a hard fork in the original cryptocurrency. It occurred in October 2017 with the aim of making Bitcoin decentralized again. This was widely discussed throughout the crypto industry and was first seen as a counterintuitive move. After all, Bitcoin was already designed to be decentralized. It is not linked with any central bank, country or government body. However, Bitcoin Gold was actually created to solve the disparity in Bitcoin mining. 

The founders of Bitcoin Gold adopted a new algorithm for the Bitcoin mining process called Equihash-BTG (a proof-of-work algorithm). This new branch of Bitcoin would tackle the issue of major mining operations dominating the industry. The process of Bitcoin mining is extremely resource-intensive. As a result, the most profitable ventures bring together several mining rigs, each with unique, expensive equipment. This meant that individuals who wanted to mine Bitcoin would have to invest a huge amount of money and time into their own rigs, or they would be left behind by major operations. Their computers wouldn’t be able to compete. 

By changing the algorithm used to mine Bitcoin, Bitcoin Gold meant that specialized equipment could not mine any faster than standard computer systems. This would allow regular investors to mine Bitcoin once again. 

As of August 2021, BTG has a market cap of $1,083,627,628 with 17.5 million tokens in circulation. It has a maximum supply of 21 million and a fully diluted market cap of $1,299,554,065. You can get your hands on 1 BTG for $61.81, which is an affordable alternative to BTC. 

Buy Bitcoin Gold now at our preferred partner

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Pros

  • Bitcoin Gold is very similar to Bitcoin, though has a few advantages for investors. 
  • Firstly, it’s significantly more affordable. Bitcoin in 2021 has reached highs of $60k, with average prices ranging from $30-40k throughout the year. BTG on the other hand reached highs of $140 in 2021. This means new investors can get involved without breaking the bank. 
  • Due to its enhanced design, Bitcoin Gold allows for faster transactions. Bitcoin produces an average of 5 Transactions Per Second (PTC), whilst Bitcoin Gold averages around 27 TPS. 
  • Another benefit of Bitcoin Gold is anonymity. It employs full transaction anonymity. This means when buying or selling BTG, investors wallet addresses are completely hidden. 

Cons

  • One of the drawbacks of Bitcoin Gold is that it has been criticised by the U.S. Securities and Exchange Commission for its lack of regulatory oversight. The cryptocurrency industry has been compared to the Wild West, being self-regulated or unregulated. This means that platforms are only following their own rules and individuals could be scammed. 
  • Nonetheless, Bitcoin and Bitcoin Gold have been widely accepted amongst the crypto community. Bitcoin Gold provides the average Bitcoin Miner with the option to earn without having to spend their life savings on expensive equipment. 

How does Bitcoin Gold work?

The Bitcoin Gold ecosystem operates using the Equilhash proof of work algorithm. This algorithm links block output to the memory available for storage. It puts application-specific integrated circuit (ASIC) computers at a disadvantage through the use of algorithm updates. As a result, these expensive machines are unable to deliver their expected ROI, making them obsolete. 

With ASICs out of the picture, smaller hardware miners have the opportunity to thrive in the Bitcoin mining market. This means that the blockchain and reward system remains democratic and decentralized, ensuring Bitcoin Gold remains a ‘community’ project instead of being run by a few monopolies. 

It has been compared to Monero due to the fact users remain anonymous. When investing in a cryptocurrency, your wallet address will usually be on display. When investing in Bitcoin Gold, wallet addresses remain anonymous. This is perfect for miners who wish their identity to remain hidden.

Now that you know what Bitcoin Gold is and how it works, you can use one of the brokers above to buy Bitcoin Gold. However, if you’re still unsure on how to get started, continue reading!

How to Buy Bitcoin Gold online

You can buy Bitcoin Gold on most popular exchanges. The most commonly used are CEX.IO, Coinbase and Binance.

Here’s a step-by-step guide on how to buy Bitcoin Gold online: 

  1. To buy Bitcoin Gold you will need to sign up to the exchange of your choice (or log in if you have an account). 
  1. Fund your account with fiat money or cryptocurrency. Bitcoin Gold can be purchased with either. Once done, search for BTG.
  1. Select the number of tokens you want to buy and click “Buy”. Check your account to make sure the transaction has gone through. 

Congratulations, you’ve just bought your first Bitcoin Gold!

Top platforms to buy Bitcoin Gold

1
Minimum Deposit
$50
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
2
Minimum Deposit
$250
Exclusive Promotion
User Score
8.1
Trade the global markets. Trade with real-time execution and professional tools
Follow and copy Naga's top traders who have mastered their trading strategies
Free personal account manager
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3
Minimum Deposit
$50
Exclusive Promotion
User Score
7.5
Over 4 million customers worldwide
Buy, sell and trade nearly 200 digital assets
Verified within 15 minutes

How to Trade Bitcoin Gold

Trading process is slightly different to buying BTG. Bitcoin Gold is traded all around the globe. This makes it easy to trade and widely available at all popular exchanges. Here’s how you can get involved. 

  1. Start by signing up to a broker that suits your needs. The most popular include eToro and Binance. 
  1. Log into your account and make sure it’s funded. If your account is new, you may need to wait for it to be validated. 
  1. Choose the type of trading you want to do (CFDs or Spreadbetting). Place your bet and start trading.