Since Bitcoin Gold’s introduction, it has created a lot of misunderstanding over how to acquire the recently forked currency. Due to the proliferation of phishing websites and false claims on search engine results, scammers also are having a field day. So, how can one properly claim their Bitcoin Gold amount without falling victim to fraud? If you are interested to invest in Bitcoin and want to trade, learn the bitcoin limitations.
What Is Bitcoin Gold?
BTG is short for Bitcoin Gold. There is a common misconception that BTC and bitcoin gold are interchangeable, however, this is untrue. The two forms of bitcoin are not the same. BTG is a cryptocurrency built on the foundations of Bitcoin, which means it was created by modifying some of the network’s existing blocks for decentralized governance. Common GPUs are sufficient for mining, therefore specialized application-specific integrated circuits (ASICs) are not needed. When it comes to mining, ASIC miners have a monopoly, but anybody may use a GPU, regaining independence and decentralization.
Characteristics Of Bitcoin Gold
- Because Bitcoin Gold is a fungible cryptocurrency, you can exchange it for any other currency at any moment.
- The cryptocurrency Bitcoin Gold is comparable to that of BTC since it is its fork.
- A decentralized system, such as Bitcoin Gold, forbids the participation of third parties like the state, banks, and other organizations.
- The mining process is simpler than with bitcoin. For bitcoin mining, you need to invest in expensive machinery, however, you may mine bitcoin gold with a regular computer
- In particular Bitcoin Gold allows substantially quicker transactions. As a result, transactions using bitcoin gold happen faster than transactions using bitcoins, which take 10 minutes to confirm.
- No one can identify you since BTG may be sent and received anonymously. Nobody has access to your identity or personal information.
- Bitcoin Gold wallets are far too safe.
Some Of The Steps
Pick Up A Wallet
Obtaining a wallet is the first step towards owning bitcoin. Given how fresh the money is, there aren’t too many wallets or platforms that store Bitcoin Gold yet.
Log in to the official approved Bitcoin Gold website to obtain a wallet. Every other site purporting to offer BTG or offering you a chance to acquire BTG is almost probably a phishing scam.
Make careful to only input your public receive address and not your private key or your 12-word recovery phrase while checking your BTG balance on the main page. There may be several receive addresses in your Bitcoin wallet where you may keep your BTC.
Selecting The Best Wallet
You currently have a choice of up to five wallets that are supported by the authorities. The primary Bitcoin Gold wallet is the first. The majority of consumers should stay away from this since it necessitates downloading and synchronising the full Bitcoin blockchain, which now takes up hundreds of gigabytes and is continually expanding. Only users who wish to solo mine BTG or who want to run a complete node should choose this choice.
You should probably utilise any of the three mobile wallets that support BTG right now. Guides on how to claim BTG are available on the wallets’ websites.
Criminals Prey On BTG Seekers
There are a lot of new users in the bitcoin market and there always will be. These users might not be aware of the importance of these security measures or what a private key or 12-word recovery phrase are. Scammers are aware of this and will attempt to profit anytime a high-profile event, such as a Bitcoin fork, takes place.
I sincerely hope that you are aware of the forked currency bitcoin gold and that you do not confuse it with bitcoin.