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How to buy Bitcoin Gold online
If you’re here by accident, don’t worry, it often happens; you can learn about Bitcoin right here.
For those of you who are here for Bitcoin Gold, this article explains everything you need to know before investing. Read on to discover what it is, how it works, and what its future investment prospects are.
Compare where to buy Bitcoin Gold, and open an account
If you are looking for the best places to buy Bitcoin Gold in the UK and worldwide, look no further than the options below. These are the best platforms to buy, sell, and trade Bitcoin Gold right now. If you want to get involved right now, check them out. Otherwise, scroll down the page.
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 buy BTG online – a step-by-step guide
Step 1. Find an exchange
There are plenty of different exchanges to choose from if you want to purchase Bitcoin Gold in the UK or elsewhere. Our analysts have tested out all of the top options and have concluded the two below both offer a strong blend of low fees, high-quality customer service and easy-to-use interfaces. Simply click on the relevant link to get started:
- Binance: As one of the largest cryptocurrency investing platforms, Binance is a great place to buy and sell Bitcoin Gold. Open a Binance account today >
- Changehero: If you want to experience a blend of the reliabilty found on seasoned platforms, with the innovative features found with newer entrants, Changehero could be the ideal platform for you. Open a ChangeHero account today >
Step 2. Sign up and fund your account
To sign up, you need to fill out some basic personal details about yourself, and then you can choose a password and verify your account. Before finalising the creation of your account, expect to have to pass a photo ID check.
Once this is all done, all there is left to do is to fund your account so you can start your crypto investing journey. Most exchanges now accept fiat currency, though if you are using an exchange that solely requires cryptocurrency, use one of the top exchanges like Coinbase to purchase some Bitcoin, and then use that to fund your account.
Step 3. Purchase
Now your account is set up and loaded with funds, search for BTG in your chosen exchange’s interface. Then, find the pair that matches up with your funds. So, if your account is filled with GBP, look for the BTG/GBP pair, whereas if you are financing your transactions with Bitcoin, look for the BTG/BTC pair.
Finally, enter the number of coins you want to purchase and execute your trade.
Step 4. (Optional) Get a suitable wallet
If you would like to store your Bitcoin Gold and other digital assets more securely, you might want to consider opening a hardware or digital wallet. These are either physical items that look like hard drives, or they are encrypted online services, and they both allow you to protect your crypto assets behind a password and firewall.
- Freewallet: This is one of the most popular crypto wallets around, and it supports over 100 different cryptocurrencies, including Bitcoin Gold. Open a Freewallet today >
- Infinito Wallet: Infinito has a reputation as one of the most reliable and secure crypto wallets on the market. Create an Infinito Wallet now >
How to trade Bitcoin Gold – a step-by-step guide
Step 1. Find a broker
To trade Bitcoin Gold successfully, you need to open and close positions quickly to take advantage of market volatility. Right now, there aren’t many brokers that offer Bitcoin Gold trading, though if this changes in the near future, it is likely to be on one of the top trading platforms like eToro or Plus500.
Step 2. Deposit money
Brokers usually allow you to fund your account using fiat money such as GBP, EUR and USD. However, you can also use supported cryptocurrencies. We recommend keeping an eye on the trading fees too because these can quickly accumulate into something substantial if you aren’t paying close attention.
Step 3. Decide how you’d like to trade
The most common trading methods are spread betting and contracts for difference (CFDs), but there are plenty of alternatives. Primarily, you should focus on forming a strong technical trading strategy, which will allow you to take advantage of market volatility effectively.
Step 4. Start trading
Now your account is set up and filled with your funds of choice, you can get started should you choose to. However, it may be wise to start off using a demo account to trial some different strategies out. Using a demo account allows you to experiment without the fear of losing your money, and it can be a great way to polish your trading strategies and gain much-needed experience.
When trading Bitcoin Gold, you can choose to go long, in the belief that the asset will rise in value, or short, in the belief it will fall in value. Both can be profitable in the right market conditions.
Before you get started, make sure you take your time, carry out your own research, and never invest money that you can’t afford to lose. Trading is inherently risky but provided you are cautious, you should be ready to take advantage of opportunities with increasing regularity.
You should always take your time to consider any investment, and this is especially true of new technology like cryptocurrency. Below, we have outlined the pros and cons of investing in Bitcoin Gold.
- Bitcoin Gold can be mined by more people than other coins, including BTC
- More miners mean the currency is more decentralised
- After a rocky beginning, BTG is more reputable than ever before
- Recent movement in price are making BTG more interesting to traders
Finally, here are three more questions that you should think about before you invest in Bitcoin Gold.
1. Is now a good time to buy Bitcoin Gold?
It really depends on your reasons for making a purchase. If you are doing so because you believe in the BTG project and you want to speculate on its future growth, it is rarely a bad time to throw your support behind the blockchain narrative and BTG’s democratic approach to mining.
However, if short-term trading is your strategy of choice, you need to conduct a detailed technical analysis on the price of BTG and the wider cryptocurrency market so you can make an entry at the right price, exiting for a profit.
Either way, you need to stay up to date with the latest information concerning Bitcoin Gold. Check out the links below for the latest analysis concerning the cryptocurrency:
2. What problem does Bitcoin Gold solve, and what are the coin’s investment prospects?
Like Bitcoin, it solves some of the long-standing problems associated with traditional financial systems – such as security, anonymity and centralisation – while also achieving something Bitcoin has been unable to do: a level playing field for miners, rather than a hardware-saturated monopoly.
Because its reputation has faced scrutiny over the years, BTG is still trying to establish itself underneath the shadow of its famous cousin. Its main purpose is as a store of value and unit of exchange, and as humanity segues more and more into the digital world, it wouldn’t be surprising to see physical gold be increasingly replaced by the Bitcoin variant.
To stay up to date on BTG’s development and progress, we recommend checking out some of the latest news stories below:
Bitcoin Gold (BTG) surges by more than 10% as its user base expands
BTG Pactual ties with Gemini to launch a BTC fund; Sends BTG to the moon
3. Do you want to hold Bitcoin Gold for the long term?
If you believe in the cryptocurrency macro story and feel Bitcoin Gold can secure a position towards the front of the movement, holding it for the long term could be a good move. However, if you want to profit off shirt term price movements and generate accelerated value, trading BTG might be a better option. Both have different considerations that are outlined below.
Considerations for a long term investment strategy
For those of you who want to invest for the long-term, you may want to consider signing up to a reliable cryptocurrency exchange. Then, you can purchase the coins you want and potentially hold them in a crypto wallet for added security. Just make sure you conduct the necessary fundamental analysis before pulling the trigger.
Considerations for a short term trading strategy
For short term traders, you need to keep an eye on technical indicators and analyse the market so you can open and close trades at the right time. The best way to do this is via a broker, so you may want to sign up and get started.
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >