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How to Buy Bitcoin Gold - Where to Purchase BTG?

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Author: Ali Raza

Bitcoin Gold (BTG) is a cryptocurrency that was launched in 2017 from a hard fork of Bitcoin. It was created as an attempt to reform the Bitcoin mining process and reduce centralisation by a handful of large-scale miners. The BTG network prohibits mining using specialized miners (ASICs) and favours smaller miners that use standard CPUs and GPUs. 

The mining change has helped Bitcoin Gold attract the attention of investors and maintain a position among the top 100 cryptocurrencies by market capitalisation. This guide explains everything you should know before you make your first Bitcoin Gold purchase. 

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Why Trade Rather Than Buy Bitcoin Gold?

1

You Don’t Need a Wallet

You trade on the price movement of the coin without having to buy and store it.

2

You Can Use Standard Payment Methods

All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.

3

Trades Are Fast and Withdrawals Are Easy

Trades are executed within seconds and withdrawals will reflect instantly in your account.

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5 Things to Consider if you Want to Buy Bitcoin Gold

There are a few factors you should take into consideration before you make your first Bitcoin Gold purchase. Being prepared will help you complete the transaction as safely and quickly as possible.

1. Carefully choose your preferred secure payment method

Most platforms typically accept multiple funding sources for completing a purchase. It’s important to note that the payment methods available to you will depend on your location. The cost and speed of payment systems are other variables to take into consideration before you hit the “Buy” button. 

2. Will you need to set up your own wallet?

Setting up a cryptocurrency wallet will let you have 100% control over your assets and should be a priority if you plan on holding on to your Bitcoin Gold as a long term investment. While brokers and cryptocurrency exchanges automatically create a wallet for you when you sign up, these web wallets tend to be more vulnerable to theft. 

The only exception to the wallet rule is if you are entering into a CFD agreement with a recommended broker. You don’t need a wallet to trade derivatives. 

3. Comparing costs

All blockchain networks have fees associated with transactions. It’s a good idea to compare the fees and costs of Bitcoin Gold transactions with other alternative cryptocurrency systems. The good news is that cryptocurrency transactions are generally much cheaper than traditional alternatives. This fact is a big reason why cryptocurrencies have been hailed as a solution for international remittance and foreign exchange. 

4. Safety and security 

Bitcoin Gold is theoretically as secure as Bitcoin because it was forked from Bitcoin’s codebase. The BTG network uses the same cryptographic algorithms to secure the blockchain and ensure data integrity. 

For additional safety and security, combine the inherent security of the BTG blockchain with the security features offered by brokers and exchanges. These include features such as two-factor authentication (2FA).

5. Can you understand and navigate the platform?

The final consideration is the ease of use. By virtue of its connection to Bitcoin, Bitcoin Gold is a relatively simple system to understand. In addition to understanding how cryptocurrency works, take time to familiarise yourself with your chosen exchange or broker platform. Figure out how to navigate the platform and initiate transactions before you commit to making your first purchase. Transactions on the BTG blockchain are immutable, so there are no refunds or chargebacks if you make a mistake.

Ultimate Beginner’s Guide to Trading Bitcoin Gold


What is a Bitcoin Gold Broker?

Simply put, a cryptocurrency broker is an intermediary who conducts trades on behalf of investors. The broker provides a platform for trading digital assets with a variety of ease-of-use tools for establishing trading strategies. 

Online broker platforms have become more popular in recent years as more people are trying out crypto trading. As a valuable “altcoin”, there are many brokers that offer Bitcoin Gold as an asset. In addition to facilitating the purchase and sale of BTG coins, brokers also provide financial derivatives that are tethered to BTG, such as CFDs, futures, and options. 

What is a Bitcoin Gold CFD?

“CFD” stands for Contract for Differences. It’s a contract between a broker and a trader that allows the trader to speculate on the price movements of Bitcoin Gold without having to own any BTG coins. A CFD holder can take a long position if they think the value of BTG is going to go up, or a short position if they think it will fall. 

Some broker platforms also allow leverage trading, meaning a trader can increase their exposure on the market with a small initial investment. For instance, let’s say a platform offers a 1:100 or 100x leverage for trading BTG derivatives. That means if you have $100, you can trade derivatives worth up to $10,000. Please note that while leveraged exposure can translate to high profits, it can also greatly amplify your losses. 

What is the Benefit of Bitcoin Gold Regulation?

Considering how much the crypto market is worth now, it was only a matter of time before cryptocurrencies started to get regulated. While regulation may seem like a bad thing, it actually benefits investors. Brokers and exchanges that comply with regulation are beholden to the law. That means you have the legal right to seek compensation if you are the victim of theft, hacks, or security breaches. Regulation protects your interests, and that’s why we recommend that traders only use regulated brokers and exchanges. 

What is the Best Payment Method for Buying Bitcoin Gold?

Bitcoin Gold can be bought using various payment methods. What options are available to you specifically will depend on your location. For example, the options available to a user in the EU might not be available to a user in Asia. Below are some of the best payment methods for purchasing BTG.

Buying Bitcoin Gold with PayPal: PayPal is a popular payment option available on numerous exchanges or broker platforms. It is easy to use, secure and quite fast. The only problem with PayPal is its high transaction fees and unavailability in some locations. 

Buying Bitcoin Gold with Debit or Credit Card: Debit or credit card is another payment method that is available on most platforms. Using a card may incur high fees—particularly when using a credit card, but it is secure and fast. Some credit card issuers block the purchase of cryptocurrencies to protect holders from fraud and losses, so check with your issuer before making a purchase. 

Buying Bitcoin Gold with Crypto Deposit: Purchasing BTG coins using other cryptocurrencies is a fast and affordable option. You simply have to find a platform that offers cryptocurrency trading pairs with BTG. All you have to do is deposit your digital assets into the platform wallet and execute the BTG trade

Buying Bitcoin Gold via Bank Transfer: Bank transfer is another universally available option. Using a bank transfer is generally much cheaper than using a credit card, especially if you’re performing numerous recurring payments. The only problem with bank payments is that they typically take two to three business days to complete and sometimes more if there are bank holidays or weekends during the transaction period.

The Verification Process for Trading Bitcoin Gold

Verifying your identity is a common practice among regulated broker platforms. They require all new users to provide a copy of their government-issued ID and sometimes proof of address before they can start buying and selling. 

It may seem like a pain, but identity verification is required to comply with AML (Anti-Money Laundering) and KYC (Know Your Customer) guidelines. These guidelines protect businesses and consumers from criminal activity such as fraud and money laundering. 

Bitcoin Gold: Long vs Short Term Investment

Short term investment strategies involve buying Bitcoin Gold when the price dips and selling it in a matter of hours or days once there is an increase in value. Long term investments involve buying and holding BTG with the expectation that its value will increase in the future (months or even years). 

Both approaches are valid, but each has its own risks. While buying and selling Bitcoin Gold as a short-term investment has the potential of turning a quick profit, you could just as easily make a loss thanks to market volatility. Long term investing is less risky and more passive, but it requires a strong understanding of the market to correctly determine the right time to exit. 

Why Buy Bitcoin Gold rather than Trade?

Whether it’s better to buy Bitcoin Gold cheap or trade BTG derivatives comes down to your investment goals. The biggest advantage of buying BTG is autonomy. If you buy Bitcoin Gold instantly, you can use your coins as a medium of exchange whenever you want. You have complete control over your assets and are free to spend or hold them as a long term investment without dealing with an intermediary authority such as a government or bank. 

You don’t have the same autonomy when trading Bitcoin Gold derivatives like CFDs and futures. You are limited to taking advantage of market volatility based on the terms of the contract you make with a broker. 

That being said, while buying BTG has its benefits, even the fastest Bitcoin Gold purchase requires some research. You need to acquaint yourself with how to use wallets and maintain proper security. It’s a bit more involved than simply trading with a broker.

What Fees are Involved in Buying Bitcoin Gold?

Buying Bitcoin Gold will require paying fees. These fees include network fees charged by the blockchain, deposit and withdrawal fees charged by brokers or exchanges, and transaction fees charged by various payment methods. Below are some of the fees you should take into consideration: 

  • Network fees: Every blockchain including Bitcoin Gold, charges fees to complete transactions. These fees are usually minimal and are paid out to miners. 
  • Transaction fees: Brokers and exchanges also charge transaction fees. The exact fee depends on what payment option you use. As previously mentioned, bank transfers typically have the smallest transaction fee, while credit card payments have the steepest.  
  • Deposit fees: Many exchanges and some brokers take a small percentage of the amount deposited as a deposit fee. Brokers typically avoid charging deposit fees to incentivise traders to sign up, so try to pick one that doesn’t have these fees.  
  • Withdrawal fees: Some platforms may also charge withdrawal fees when you want to cash out. While it’s not common, you should still check to make sure your chosen platform doesn’t charge a lot for withdrawals. 

Safely Storing Your Bitcoin Gold

Securely storing your BTG coins requires a wallet that’s designed to keep your investment safe from theft. Cryptocurrency wallets come in software or hardware forms. Below are some examples of the different types of wallets.

Web Wallet: Web wallets are the most common storage option because every cryptocurrency platform automatically creates one for new users. They’re convenient and easy to access from any web browser, but they have some inherent risks. For example, if a platform is hacked or goes out of business, you may end up losing your assets. 

Mobile Wallet: Mobile wallets are essentially smartphone apps that let you easily and securely access your coins. They are convenient since you are guaranteed to always have your phone on you. They are also secure thanks to features such as the screen unlock code and other built-in security protocols. Good examples of mobile wallets for Bitcoin Gold include Exodus, Coinomi and Atomic Wallet. 

Desktop Wallet: Desktop wallets are a storage option specifically designed for PCs. They are generally more secure than web and mobile wallets because they have security features like 2FA and advanced encryption. Examples of desktop wallets for Bitcoin gold include the Bitcoin Gold Core Wallet, ElectrumG, Exodus, Safepay and Zelcore. 

Hardware Wallet: Hardware wallets are the most secure option. These wallets are secure because they are completely offline when not in use and are the least vulnerable to hacks and theft by cybercriminals. Good hardware wallet options for BTG include the Ledger Nano S, Trezor, Keep Key, Coldlar, Kasse and Kaiser. 

Wallet Combinations: It is possible to interlink different types of wallets for increased security and convenience. Some people have a main wallet that’s either on their laptop or phone, an escrow wallet on an exchange or broker platform, and an offline wallet for long-term storage. For example, if you store your BTG coins offline in a Trezor device, you could connect the Trezor wallet to your Electrum or Exodus wallets for ease of use.

What Other Coins Can I Trade or Use to Buy Bitcoin Gold?

Buying BTG using fiat money isn’t the only option for prospective investors. Several broker or exchange platforms allow users to buy Bitcoin Gold with Bitcoin or other cryptocurrencies. Exchanges have “trading pairs” that combine two different cryptocurrencies together to enable easy trade. So, depending on the platform you use, it may be possible to buy BTG using Bitcoin, Ethereum, Litecoin, Ripple and more. 

What’s the Smallest and Largest Amount of Bitcoin Gold I Can Buy?

While it is possible to trade very small denominations of BTC and ETH because of their high value, Bitcoin Gold is not as valuable. Not yet anyway. 

However, it is still possible to buy very small amounts of BTG. Most exchanges and broker platforms have a minimum purchase amount of 0.01 BTG. There is no BTG buy limit, so you can buy a whole BTG coin or more if you have the funds for it. Your upper purchase limit depends on the platform you’re using, your investment amount and any regulatory restrictions. 

Cryptocurrencies typically make the news for controversies, so it’s only natural to wonder: Is buying Bitcoin Gold illegal? Unless your country has passed specific laws prohibiting cryptocurrency transactions, then using BTG is perfectly legal. You can buy BTG safely via reputable exchanges or brokers that facilitate secure Bitcoin Gold purchase. 

The only drawback with using exchange and broker platforms is that you need to verify your identity in order to comply with KYC or AML guidelines. If that’s not your cup of tea, you can alternatively buy Bitcoin Gold anonymously if you can find someone holding BTG who is looking to sell. If you want to buy BTG without ID, consider using peer-to-peer marketplaces to easily locate sellers near you.

Will Buying Bitcoin Gold Make Me Money?

As with any cryptocurrency, take a look at fundamental and technical analysis indicators to determine the potential profitability of Bitcoin Gold. Who is buying BTC? How much does it cost to buy BTG today when compared to the same time last year? What are its historic price movements? What updates are the development team working on? While these indicators can’t offer airtight conclusions, they can give you a good idea of Bitcoin Gold’s potential profitability.  

If you want to learn about how much it costs to buy BTG, then check out our Bitcoin Gold Price Page. Our extensive guide contains all the information you need to know the best price to buy BTG before you invest. 

How to Spend your Bitcoin Gold

Like many cryptocurrencies, BTG can be used as a currency of value. You can use your coins to pay for goods and services from select online merchants in various niches that accept BTG as a payment option. 

More ways to spend BTG will be available in the future. The developmental team has partnered with the Phala Network to implement a lightweight cross-chain bridge that facilitates transactions between BTG and Phala. This integration will enable Bitcoin Gold to gain access to advanced blockchain features like on-chain governance, smart contracts and DeFi protocols. 

How to Sell your Bitcoin Gold

Brokers and exchanges are the best places to sell your Bitcoin Gold online. Depending on what your chosen platform offers, you could trade your BTG coins for fiat money or other cryptocurrencies. 

Another alternative is to use your BTG to speculate on the future price movements of Bitcoin Gold via CFDs. It may be easier to open and close CFDs that are tied to BTG than selling your coins. 

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Frequently Asked Questions

  1. Bitcoin Gold was forked from the original Bitcoin codebase in October 2017. With the exception of its mining algorithm which prohibits industrial-mining rigs, the two networks are almost identical. However, they have different development goals.

  2. While Bitcoin Gold has had a turbulent past, it is currently considered secure. The network has been hit by multiple 51% hashing attacks, but the development team released a patch in July 2020 to prevent further attacks.

  3. Bitcoin Gold is not backed by any material resource. While stablecoins that are backed by gold and other precious metals do exist, BTG isn’t one of them.

  4. Like Bitcoin, BTG can be used as a medium of exchange. The development team is focused on making the network interoperable by implementing a cross-chain bridge solution that allows smart contract integration.

  5. Bitcoin Gold was specifically designed to be impossible to mine with ASIC (Application Specific Integrated Circuit) computers. You can mine BTG using your computer’s CPU or GPU. While solo mining is possible, consider joining a Bitcoin Gold mining pool if you want to turn a profit.

  6. The Bitcoin Gold Core wallet for desktops is the only official wallet available for BTG. ElectrumG is the only other wallet the development team recommends.

  7. The Bitcoin Gold development team released a roadmap for the project in April 2021. They have big plans for the network, including building a lightweight bridge with Polkadot to give BTG access to features such as smart contracts, on-chain governance, and DeFi protocols.

  8. Just like Bitcoin, the total supply of Bitcoin Gold is capped at 21 million coins. At the time of writing, over 17.5 million tokens were already in circulation.

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