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What Is Bitcoin Gold?

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Nov 28, 2022
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3 min read
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This blog post will cover:

  • About Bitcoin Gold (BTG)
  • Where did Bitcoin Gold (BTG) come from?
  • What are the advantages of Bitcoin Gold (BTG)?
  • What are the disadvantages of Bitcoin Gold (BTG)?
  • How to buy Bitcoin Gold (BTG) on SimpleSwap?

About Bitcoin Gold (BTG)

Bitcoin Gold is an open source cryptocurrency that appeared as a result of hard fork of Bitcoin. The team claims they improved Bitcoin's flaws and made it more decentralized. It is supposed to be more democratic than BTC, thus more convenient in usage.

Where did Bitcoin Gold (BTG) come from?

On October 24, 2017 a hard forks of Bitcoin took place. That is when Bitcoin Gold appeared.Bitcoin Gold was founded by Jack Liao, CEO of LightingAsic and BitExchange. He has a team of 5 people.The most important question is why make hard forks. The developers' team explain it with the necessity to make Bitcoin decentralized again. But there is no problem with Bitcoin being centralized. Although there is another problem. It is a mining process. Bitcoin Gold adapted different mining algorithm called proof-of-work. Now the team promises that they won't disproportionally favor major mining operations. The main idea is to make the mining process on special equipment as fast as on a regular computer.

What are the advantages of Bitcoin Gold (BTG)?

  • Additional safety and protection measures, including replay protection and unique wallet addresses
  • Free open-source software project
  • Equihash algorithm, a memory hard algorithm allows GPU mining and also prevents centralization of currency value
  • Doesn't require expensive equipment for mining
  • It has higher speed than Bitcoin
    
    Although Bitcoin Gold obviously has a lot of advantages, there are some concerns. Let's take a look at them.

What are the disadvantages of Bitcoin Gold (BTG)?

  • Very early the team got involved in a scandal about pre-mining BTG
    
    That makes the team look a little incompetent.
  • The release of the source code was delayed several times

How to buy Bitcoin Gold (BTG) on SimpleSwap?

Let’s say you want to buy Bitcoin Gold. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • For example, you want to swap BTC for BTG. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select BTG in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. BTG will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to BTG exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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