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How to Buy Bitcoin Gold - Where to Purchase BTG?

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Author: Sam Grant

Bitcoin Gold (BTG) came into existence in 2018 and has since maintained a proud place among the top 40 most capitalized cryptocurrencies. With its close similarity to Bitcoin, there is no doubt that it enjoys a reputation derived from its parent coin, although its algorithm was designed as an improvement on that of Bitcoin. BTG boasts faster processing times than Bitcoin. following its core improvements.

In order to optimize Bitcoin Gold investments, investors should carefully consider how to buy Bitcoin Gold (BTG) with cash, credit cards, PayPal, bank transfer and other digital currencies. This guide will help you discover the best way to purchase Bitcoin Gold as you make progress in your personal financial journey.

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Choose your preferred payment method and activate the account with the minimum deposit into your account

Start trading Bitcoin Gold

Choose a cryptocurrency by clicking ‘Trading Markets’, set your risk limit and click ‘Get Started’ to start your investment strategy

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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

By making the right preparations, you are likely to have a better chance to succeed. Before you go ahead and buy Bitcoin Gold, we advise that you consider the following:

Carefully choose your preferred secure payment method

Truly, you need information on what constitutes a secure payment method. While this might vary from place to place, the principles considered are largely the same. Do you want to eliminate the risk of loss?  If yes, then you are on the right track here. If you feel a little spoiled for choice, then you can reduce your deciding factors to those most important, such as processing speed and varying costs. Since you are still at the planning stage, it is wise to pay heed to the pointers provided.

Will you need to set up your own wallet?

If you rush to buy BTG, you may become stuck with how to receive and store the coins, which could prove to be a costly mistake. Daily around the world, buyers of digital currencies receive error messages due to incompatibility issues, and by the time they realise they need a different wallet type, they have missed a low buying opportunity. 

Bitcoin Gold is different from Bitcoin and the wallets are not interchangeable, so take the time to ensure that you have a ready wallet to use before you proceed with your transaction.

Comparing costs

You will be in a position to get a better bargain if you compare costs. Different brokers might charge comparable fees, but it is better to be sure about what you will pay without compromising quality. Factually, several buyers of crypto only find out that they have a shortfall in the expected coins they bought when the transaction is completed.

So, the best approach is to get the tariffs of each website or broker and add them to the ruling price of the crypto in order to get the expected total cost. If you are using a fiat payment option, remember to add the processing cost to the total cost. When you divide the expected total cost by the unit price, you will be able to discover the exact number of BTG you will receive. 

If you buy BTG with XRP or any other crypto, you would certainly be able to save on processing fees. Moreover, some platforms waive deposit fees altogether, leaving you with just the network fees to pay for BTG.

Safety and security

How safe your platform is will likely depend on the operating system underlying the software where your transactions are to take place. Some make use of MT4 (MetaTrader 4), which are mainly tailored toward forex transactions. MT5 platforms are better suited for stocks, commodities and CFD brokerages. In truth, both versions are highly rated. End-to-end encryption is a leading feature of these systems that secures and protects transactional details from interceptions by interlopers.

As a user interface control feature, the use of 2FA (2 Factor Authentication) allows for alerts and passcode requests to validate logins and withdrawals on crypto trading platforms. Email or phone communication is what is normally used for configuring this.

Can you understand and navigate the platform?

Many platforms provide users with demo accounts, which allow beginners to get accustomed to the account dashboard and other features. Where there is no demo feature, you should contact customer care, assess the FAQs and possibly, the Knowledge Base, if available. It is better you know how the platform works to avoid losses due to personal errors.

Ultimate Beginner’s Guide to Trading Bitcoin Gold

What is a Bitcoin Gold Broker?

Brokers facilitate buying and selling of Bitcoin Gold. In any field you find a broker, there is a platform provided such that buyers and sellers can meet and consolidate transactions. Another feature of brokerages is that a fee is charged to the parties as a way to remunerate the broker.

For Bitcoin Gold brokers, they make it possible for sellers of the crypto to be able to interface with the sellers. So, transactions can then be initiated, processed, and completed on a single platform. Brokers of repute are available to make your BTG trade a seamless one.

What is a Bitcoin Gold CFD?

A CFD differs from the underlying asset it is based on as it does not incorporate a physical possession or transfer. An investment certificate is the legal evidence of a CFD that lends credence to the existence of a contract. It involves speculating on the price of the asset that underlies it for a profit.

And so, Bitcoin Gold CFDs are designed in such a way that the investor can make a profit by speculating on the future price of this crypto. 

What is the Benefit of Regulation?

Sometimes, inexperienced crypto traders do business on a platform without confirming whether they are dealing with registered brokers or licensed entities. Regulated brokers have minimum standards that must be adhered to while carrying out their operations. Apart from expected periodic reports, they must submit to oversight bodies; they also have best practices for conformity.

Dealing with registered brokers provides a layer of comfort and protection for investors who make use of their services. 

What is the Best Payment Method for Buying Bitcoin Gold?

The payment method you use for buying Bitcoin Gold might depend on what you are familiar with and what your broker accepts. The common options are:

Buying Bitcoin Gold with Bank Transfer

Bank transfers are the preferred payment method for many people. Whether this might be an overseas transfer or not, some investors are dead stuck on this. Bank transfers come with many layers of security but transaction completion can be up to 3 days. Otherwise, anyone who is not in a hurry will be comfortable with this.

For anyone who wants to buy Bitcoin Gold with cash, this is hardly possible on many platforms, where possible, it is the broker’s bank account details that are provided so that deposits can be paid.  

Buying Bitcoin Gold with Credit Card

You can buy Bitcoin Gold with credit card payment, and this is possibly the most common method for transaction settlement. Credit card payments attract fees, which can vary depending on several factors. You should, therefore, take careful note of any percentage increases in fees. The pace of completion of transactions is one merit of this payment method that many people have grown fond of around the world. 

Purchasing with Crypto Deposit

A crypto deposit is quite fast, and this is another way to buy Bitcoin Gold. This method also saves the investor some fees that would have been charged on a fiat payment.  

Buying Bitcoin Gold with PayPal

PayPal payments are now popular in many countries of the world, except that it has limited coverage. Without a verified account, some PayPal payments will not be instant and might be delayed for more than 24 hours before completion.

PayPal is rated for low charges and convenience as account holders can make card payments without the need to enter card details on platforms that they might not be so comfortable with. 

The Verification Process for Trading

Platforms and brokers have a duty to verify the identity of anyone who opens a new account. The process is not long drawn and can be completed within 24 hours or less if the required details are promptly provided by the new account holder.

To open a new account, the investor must provide an email address, full names, a contact phone number, and choose a password. The email address is confirmed when the account holder clicks on the link sent to the email inbox. 

The requirements for verification may include personal ID, bank account or payment method details and sometimes, a photo id such as driver’s license or passport as well. The broker only checks these documents for consistency and after this, communicates to the new account holder that the account is now verified.

Transactions can begin after a first deposit is made. Once the deposit clears, the investor will be able to buy BTG and trade seamlessly.

Long vs Short Term Investment

If you are involved in short-term Bitcoin Gold trading, it means you are willing to only own it for a few hours or days before making a sale. You can make some real profit using this investment approach, but it comes with greater risk as well. The only difference will be when there is a bull season, in which case, the returns will be higher as exponential market price increases will be the order of the day.

Long-term strategies in Bitcoin Gold will imply that while you are buying and holding the coins for a number of months or even years. In most cases, long-term investors target capital gains that price appreciation might bring over the waiting period. Another benefit of long-term investment is that they are usually encouraged by governments, who lower the tax bracket on capital gains made on investments over 12 months as an incentive. 

Why Buy, Rather Than Trade?

If you use the cheapest way to buy Bitcoin Gold, such as when it is at a low, you already have an incentive to hold. BTG records transactions in tens of millions of dollars each day, and that shows there is an attraction to BTG. 

Anyone who decides to use the fastest Bitcoin Gold purchase approach might consider using Ethereum or any of the altcoins, as this approach comes with less payment processing fees, as will be covered in the following section in a little greater detail. Beyond that, the upswing and downswing of cryptos can rarely be predicted, and you will require a bit more research and understanding of how the Bitcoin Gold network operates and plans for its future development. 

What Fees Are Involved?

When buying Bitcoin Gold, there are associated charges that must be taken into consideration.

Processing Fees

When you choose a fiat payment option, expect that your payment method will attract some processing fees, as the banking system operates a system of charges. While the charge is worth mentioning, in most cases, it is just minimal.

Network Fees

A network fee is charged by the processing blockchain for the crypto you are buying. In this case, the Bitcoin Gold network will include some fees for deduction as your payment comes in to make your purchases

Transaction Fees

The broker or platform you are using will require some fees to enable it to process your request to buy or transfer some tokens. These fees are also small in nature but might be more evident for wholesale buyers. 

Safely Storing Your Bitcoin Gold

Before you buy Bitcoin Gold, you need to know how best to store your tokens and what implication lies with the method you choose.

Web Wallet

A web wallet comes in different types with some designed by private companies that do not necessarily have a platform or exchange. Others are made available by trading platforms in order to save their users the trouble of looking for means of storage. However, though exchange-based wallets are readily available, they were not designed to be a storage medium if you are not actively trading. It is advised that you keep your tokens stored in a private wallet. Access to web wallets is made possible when you log in online with your username and password. 

Mobile Wallet

Mobile wallets are available for download from iOS/Android stores in most cases. These wallets fit into your mobile devices. Easy to use and access, they are great for people on the go. However, the risk of device loss and crash is real here. That said, an added convenience comes when users login to other devices, they can as well retrieve the contents of their wallet.

Freewallet and Exodus are top mobile wallets for Bitcoin Gild

Desktop Wallet

Desktop wallets are accessible from the desktop and installed from browser extensions in most cases. Access to these wallets is also by wallet address and private key or account username and password. For best practice, it is always advised that multi-user systems should not be used to access your crypto wallets to minimize the risk of account compromise and identity theft.  

The common examples here are Bitcoin Gold Core and Atomic BTG wallet.

Hardware Wallet

Hardware wallets are by far the most recommended wallets because of the added safety features that come with them. They can be used by plugging into a gadget, and after use, they can be stored in a safe. Since hardware gadgets are not connected online, the risk of hacking is much lower than other wallet types, almost non-existent in fact.

The common Bitcoin Gold wallets are Trezor and Ledger Nano S.

Wallet Combinations

Wallets that have multiple platform use are useful wallet combinations. They can be used on the web, mobile and desktop in many cases. Examples are Guarda wallet and Amon Tech wallet, which are commonly in use.

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

When buying Bitcoin Gold with Ethereum, you need to go to your account dashboard, click on the sell tab and locate BTG. Click on ETH/BTG, enter the amount you are buying and the units you will receive will populate the BTG column. After you click on the submit tab, the Ethereum balance you have will be deducted and your BTG balance will reflect in a few minutes. 

To buy Bitcoin Gold with Bitcoin, you also need to follow the same process. Many brokers support buying Bitcoin Gold with USDT, XRP, EOS, among others.

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

As with Bitcoin the smallest unit of BTG is a satoshi and uses the 8-decimal places (0.00000001 BTG), which also represents the smallest transaction value recognizable on its blockchain.

What’s the minimum purchase for Bitcoin Gold? At the time of writing, 1 BTG exchanges for $8.90, which is just short of $10 that most platforms accept as the minimum transaction value. So, you can buy a whole BTG coin since it is low-priced. While the Bitcoin buy limit is not publicly specified by most brokers, the truth is that as you increase your transaction level, your daily transaction limit is also increased. 

Most investors are able to increase their transaction rating by providing more KYC details such as bank statements, national ID and utility bills.

Bitcoin Gold operates in full anonymity like Monero. Individuals who send BTG to others cannot even tell the actual wallet address as what the sender receives is an encoded address that no one deciphers. The dangers of courting unregulated brokers are not just about loss, but also the risk of your crypto wallet getting confiscated if you get mixed up with unscrupulous elements. 

If you are keen to buy Bitcoin Gold anonymously, you need to use an open marketplace where no KYC is needed. This is as brokers are expected to adhere to AML regulations, which forbids opening new accounts for persons with no means of personal identification. So, no regulated broker will allow you to purchase Bitcoin Gold without ID. It is safe and legal to buy Bitcoin Gold in many countries except for a few where transaction traceability needs to be proven. 

Will Buying Bitcoin Gold Make Me Money?

The highest price of Bitcoin Gold so far in a year is $32.65. This was against a quarterly low of $22.34  pointing to a return on investment of about 50 percent for those who bought the token in May 2019. So, while buying Bitcoin Gold to get rich might not be as simple as it sounds, BTG can potentially make you some money. So, how much does it cost to buy Bitcoin Gold? At the time of writing, BTG is valued at $8.90 per coin.

Our Bitcoin Gold Price Page has more insights that will help you know more about crypto investing and may help you to make more informed investment decisions.   

How to Spend Your Bitcoin Gold

Bitcoin Gold is accepted as a medium of exchange and payment settlement in many countries. The easiest way to use BTG is to exchange it with Bitcoin and use it for settlement for online payments. Whole Foods accepts Bitcoin and Nordstrom, as well as Starbucks, are known to accept Bitcoin for payments in addition to several merchant sites around the world.  

It is expected that as Bitcoin Gold grows in popularity, its reputation will surge and find more relevance in the real world.

How to Sell Your Bitcoin Gold

To sell Bitcoin Gold on regulated platforms, you must have an account. On your dashboard, navigate to the sell tab, which further leads to the tokens available for sale on the platform. Click on the BTG ticker and on the dropdown, choose your withdrawal method. Once you indicate the units of BTG you intend to sell, the column for value will populate itself. Your fiat account balance will change to reflect the sales value once the transaction is completed. You can then withdraw the proceeds as you may desire.

A couple of other marketplaces allow for the direct exchange of Bitcoin Gold to fiat. You only need to select Bitcoin Gold and your preferred remittance currency. After you click on the ‘submit tab’, your new balance will reflect in your account. 

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Frequently Asked Questions

  1. On most platforms, your minimum purchase should be at least $10.

  2. This is your choice alone. You can buy Bitcoin Gold at low prices during a bear market as prices are generally low at such a time.

  3. Yes. Bitcoin Gold is profitable. Like other CFDs , you need to know the intricacies to make winning trades.

  4. The highest price of Bitcoin Gold in one year is $32.65

  5. Yes.  Bitcoin Gold operators allow wallet holders to sell the units they want to without restrictions.

  6. Yes. Bitcoin Gold Core is officially the wallet of choice while Ledger and Trezor are other examples.

  7. Yes. Many  regulated brokers and platforms allow Bitcoin Gold to be exchanged for Bitcoin.