Bitcoin Gold (BTG) - All you need to know

Bitcoin Gold is one of several different cryptocurrencies birthed by Bitcoin. Use this hub as your first port of call to learn more about it.
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Updated: Jan 26, 2022

Ways to invest in Bitcoin Gold

The best way get started with Bitcoin Gold is to sign up with an online broker or a cryptocurrency exchange. There you can buy and sell coins, either holding the coins directly or by using CFDs to predict price movements.

The links below teach you about both methods, and introduce other ways of gaining exposure to a cryptocurrency like Bitcoin Gold.

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What is Bitcoin Gold?

It is a cryptocurrency that has been around since October 2017, and its market denotation is BTG. In essence, it is a hard fork of Bitcoin, which occurs when a new, evolved version of a blockchain no longer accepts the older version of the blockchain.

The original purpose of Bitcoin Gold was to decentralise the mining process. While this seems at odds with Bitcoin’s already decentralised status, the BTG developers felt that Bitcoin’s proof-of-work (PoW) algorithm favoured major mining operations, preventing regular individuals from profitably engaging in the mining process.

As a result, Bitcoin Gold uses a tweaked version of Bitcoin’s consensus algorithm, which is called Equihash-BTG. In theory, this helps level the mining playing field. While BTG has experienced its fair share of controversy following major hacking events such as a 51% hashing attack in May 2018, the coin now has a relatively strong reputation and has secured its spot as one of the top 100 cryptocurrencies by market capitalisation.

How does Bitcoin Gold work?

It works in much the same way as Bitcoin. It is a form of decentralised currency that records transactions on a blockchain, which is effectively a digital ledger. Bitcoin Gold doesn’t need to be manually governed by a central presiding authority like a bank. Instead, its algorithm allows transactions to be facilitated automatically, while also ensuring the anonymity of both payment senders and recipients.

In essence, BTG miners validate each transaction by using high-powered computer rigs to solve complex computational math problems, which allows transactions to be validated. Miners receive BTG for their efforts.

However, there are some key differences between Bitcoin Gold and Bitcoin. Most notably is the democratisation of the Bitcoin Gold mining process, which allows for a fairer playing field when compared to Bitcoin. In addition, Bitcoin publishes transactions details – including wallet addresses – via its explorer, whereas Bitcoin Gold steers clear of releasing any such information.

How to invest in Bitcoin Gold

There are lots of different ways to gain exposure to cryptocurrency and it’s a good idea to get to know them all before you choose what’s best for you. Here’s a list of methods you can use:

Where can I buy Bitcoin Gold now?

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Trading in digital assets is considered high risk. Digital assets are NOT backed by any government or central bank. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting, holding, or trading digital assets is suitable for you in light of your financial condition.

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James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.