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Owning physical gold was the biggest flex in the past, but is the charm the same today? Not really. Physical gold is only left to serve the purpose of providing security and nothing else. However, if you still want to own gold, shift to Bitcoin Gold this time and look at how it benefits you with all its glory.
This guide will explain Bitcoin Gold and how it differs from traditional gold, provide step-by-step mining information, and give a sneak peek into the Bitcoin Gold wallet.
What is Bitcoin Gold?
Bitcoin Gold is a cryptocurrency that uses the native Bitcoin Gold coin (BTG). Like other cryptocurrencies, it operates on a decentralized network. Bitcoin Gold is Bitcoin’s other version, but it only contains Bitcoin’s elements and fundamentals and a different PoW algorithm, Equihash.
Bitcoin Gold was launched in 2017 by cryptocurrency enthusiasts Jack Lao, Hang Yin, and Franco Niebles. It aimed to eliminate the monopoly behavior of famous players using expensive ASIC machines by making mining accessible to everyone every day through normal graphics cards (GPUs).
Bitcoin Gold is a digital asset used for trading worldwide or overseas payments. The Bitcoin Gold price is about $20.84, and its market cap is $380,003,397. However, industry expert Peter Brandt believes Bitcoin will surge against gold in 2024. Wait for when the gold bitcoin coin's value will increase, making BTG a profitable investment for token holders.
Why owning Bitcoin is Much Smarter than owning Gold?
Bitcoin or Traditional gold; what would be your choice? In the technological era, you must know how fast cryptocurrency replaces physical money. If you think that owning Bitcoin is an intelligent move, please look for an analysis between gold vs. Bitcoin and make the decision.
1. Convenience and Accessibility
First, Bitcoin Gold triumphs over traditional gold because of its divisibility and transferability. The former provides unmatched convenience.
Easy Transferability: You can instantly transfer BTG overseas without a central authority. Isn’t it a perfect choice for investors willing to trade digital money?
Divisibility: Bitcoin Gold can be divided into smaller amounts, making it useful for regular transactions. This feature also encourages investors to make small investments at once.
Digital Storage: since BTG only exists digitally, it does not require security and physical storage. This feature mitigates thefts, losses, and damages.
2. Scarcity and Potential for Appreciation
Bitcoin Gold guarantees rarity, with a 21 million-unit production cap. Here are the reasons why it is significant.
Limited Supply: as you know, Bitcoin has a fixed supply. In that case, if all are mined, no further expansion will exist. It leads to a rise in demand and, in return, a higher value.
Increased Value over Time: Bitcoin's limited coin supply and increased value make it a lucrative long-term investment.
3. Additional Advantages
Bitcoin Gold has in store some additional benefits compared to traditional gold.
Lower Storage Costs: Bitcoin Gold exists digitally and comprises low storage costs. This is in contrast to traditional gold, which requires a secured storage space.
No Counterparty Risk: There is no counterparty risk because the asset is decentralized, unlike traditional gold.
Buy Gold with Bitcoin: You can easily purchase Bitcoin Gold coins through your Bitcoin investments. It requires initial research and further expert opinions.
How to Mine Bitcoin Gold?
There are many similarities between Bitcoin mining and Bitcoin Gold mining. However, the latter requires specialized hardware and software to keep up with digital transactions. It also uses a Proof-of-work algorithm and solves complex mathematical equations. In the end, the miner gets Bitcoin gold as a reward. Here is a step-by-step procedure for mining Bitcoin Gold.
Choose the Right Software
Bitcoin Gold mining starts with selecting a compatible miner. By compatibility, you must have a specialized GPU/CPU supporting Bitcoin Gold. Below are the options for mining software.
- Bminer
- Claymore miners
- EWBF Miner
- T-Rex Miner
Another step after selecting the miner is to download it. Ensure that you adapt to installation information and guidelines to remove future errors. Also, install drivers for GPU/CPU.
Choose a Mining Pool
The next step is to choose and participate in a renowned mining pool. Could you make sure that it is compatible with Bitcoin Gold and gives profitable results? Below are some popular mining pool options. I'd like you to research and make a decision accordingly.
- BTG Pool
- MiningPoolHub
- Poolin
- Suprnova
Setup Your Miner
To match your mining pool, you must prepare a format for your miner and configure settings and information, such as the pool address, username, and password.
Start Mining
After launching the miner, you can start mining Bitcoin Gold. You will then experience how to solve mathematical equations and formulas for securing networks and validating transactions.
Monitor Your Mining Progress
Please monitor your mining progress. This includes checking efficient mining, proper hardware functionality, and authentic earning tracking.
Some popular monitoring tools include:
- Miner software built-in monitoring
- Pool website monitoring
- Third-party monitoring software (e.g., Awesome Miner)
Bitcoin Gold Wallet
Many investors ask how to store Bitcoin Gold. However, you do not have to worry about this issue, as the Bitcoin Gold Wallet serves the purpose. On this point, you must understand what a Bitcoin Gold wallet is. It refers to a safe location where you keep, transfer, and receive BTG tokens.
There are two types of BTG wallets: Light and Full Node wallets. The former is ideal for gadgets with fewer resources, as it allows users to download the required information. In contrast, the latter is powerful but demands more resources because it requires downloading a complete blockchain. It does not matter whether you choose a light or full node wallet; you will cost the same transaction fee of approximately 0.00026 BTG when sending a BTG coin.
Some popular features of Bitcoin Gold Wallets are:
- Help administrate assets
- Swapping between cryptocurrencies
- Purchasing Bitcoin Gold with a credit card
- Provide security via a Password, PIN, and fingerprint
- Offers availability for mobile and desktop platforms
- Scan QR codes to facilitate transactions
Important Information: To store Bitcoin Gold safely, you must secure a 12-word mnemonic seed phrase, create a strong password, and store your wallet information offline.
Gold vs. Bitcoin Chart: A Comparison
Still in the charm of physical gold? Could you look at a comparison illustrating striking differences between the gold vs. Bitcoin chart? Apparently, gold value remains almost stable, but Bitcoin Gold’s value fluctuates. The latter allows traders to anticipate its growth and future price predictions, while physical gold does not. If you glance at the gold vs. Bitcoin chart, here are some notable points. Note: the chart pattern is not authentic. Instead, it is based on general information derived from expert reviews.
Gold Chart
- Values have remained relatively stagnant over the past few years.
- There are some fluctuations, but they are not noticeable. Hence, it indicates overall stability
- You can expect that gold is seen as a safe-haven asset.
Bitcoin Gold Chart
- Coin values have had noticeable fluctuations since its launch.
- The Bitcoin Gold chart shows chances of growth and higher gains.
- BTG coin is seen as more volatile and dynamic than gold.
The Gold vs. Bitcoin chart describes that gold is potentially not an option to invest because its value remains stable. Whereas, BTG coin makes an appealing option for investors because it shows potential growth.
24K Gold Bitcoin and Asia Gold Bitcoin: Alternative Options
There are many options when discarding physical gold, such as 24K Gold Bitcoin and Asia Gold Bitcoin. These are also gold-backed digital assets, but they need to be established and well-known, like Bitcoin Gold.
Conclusion
It is clearly evident that Bitcoin gold is today’s coin. It is more efficient, smart, and a more valuable investment option than traditional gold. You must not wait any minute and invest in it to diversify your portfolio. For instance, if you need information regarding BTG mining, BTG wallet, and alternatives, this guide explains all. So, please read it to the end and get ready for a blasting investment.
FAQs
Where can you buy Bitcoin Gold?
Like all other cryptocurrencies, you can buy Bitcoin Gold from renowned crypto exchanges. The popular names that support BTG coins and allow their trading are Upbit, Bithumb, and Gate.io
What is the all-time high for Bitcoin Gold (BTG)?
The all-time high value for Bitcoin Gold was recorded on December 20, 2017. It was $456.25, which is 95.24% higher than today’s price.
Is it safe to invest in Bitcoin Gold?
Investing in Bitcoin Gold carries the same amount of risks as other cryptocurrencies do. Overall, the crypto market is volatile and unpredictable. You never know what happens in the next moment. What you must do is make up your mind, do research, and invest in cryptocurrency.
