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Bitcoin Gold is a cryptocurrency which was created from a hard fork of the Bitcoin blockchain protocol, just like Bitcoin Cash was created from a hard fork. Therefore, Bitcoin Gold has the same underlying blockchain technology as Bitcoin. Like Bitcoin, Bitcoin Gold is a decentralized and open source cryptocurrency that can be transacted with anyone in the world. The primary difference between Bitcoin Gold and Bitcoin is that Bitcoin Gold’s mining process is more decentralized than Bitcoin’s. With Bitcoin Gold, ordinary users can mine and create Bitcoin Gold with ubiquitous GPUs, while Bitcoin is only mined by large organizations with sufficient mining equipment and money to setup such an operation. Basically, the main idea and reasoning for Bitcoin Gold’s creation is to make a more decentralized Bitcoin.
show moreThe symbol or sign used to represent Bitcoin Gold is generally the same as Bitcoins sign, “₿”. However, this can be confusing and does not differentiate Bitcoin Gold from Bitcoin. Therefore, the most common method used to represent Bitcoin Gold is its ticker symbol or currency code, (BTG). This ticker symbol is used by all the cryptocurrency exchanges Bitcoin Gold can be exchanged on. Another method in which all cryptocurrencies use to differentiate themselves from one another is their logo. The Bitcoin Gold logo is very similar to Bitcoins, only it has a slightly different shaped “B”, it is not tilted, and it has a gold circle around the “B”.
Since Bitcoin Gold is a fork of Bitcoin, it is easily compatible with all the cryptocurrency exchanges Bitcoin is on. Therefore, many of the exchanges Bitcoin is on, so is Bitcoin Gold. Users can generally exchange their Bitcoin Gold for only a few different cryptocurrencies being Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Some exchanges support fiat currency pairing with Bitcoin Gold and the most popular ones include; US Dollars (USD),Turkish Lira (TRY), Indonesian Rupiah (IDR), South Korean Won (KRW), and the Euro (EUR). An additional exchange method is the depositing of Bitcoin Gold on a traditional online trading brokerage. Some trading brokers will accept Bitcoin Gold as a viable deposit method and exchange it for their primary fiat currency upon deposit, and then fund the traders trading account. Some broker also allow traders to exchange their currency back to Bitcoin Gold upon withdrawing from their account.
Unlike fiat currencies stored in a bank account, users of Bitcoin Gold store their crypto in their very own personal cryptocurrency wallet. They have full control over all of their Bitcoin Gold funds at all times. Users can make transactions directly from their cryptocurrency wallet and send Bitcoin Gold across the world for a fraction of the cost of any other traditional money transfer method. Bitcoin Gold can be stored in a number of different wallets including online hot wallets, desktop software wallets, mobile wallets, paper wallets, or hardware wallets. From any of these cryptocurrency wallets, users can deposit their Bitcoin Gold to supporting online trading brokers, or make transactions to anyone in the world accepting bitcoin Gold.
