What is Bitcoin Gold?
A Beginner´s Guide to Buying, Selling, Using, and Mining Bitcoin Gold:
An In-Depth Bitcoin Gold Guide by Americas Cardroom
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Bitcoin gold is a cryptocurrency which is a hard fork of Bitcoin. A hard fork is an intentional cryptocurrency fork that revolutionizes the protocols going into blockchains. A cryptocurrency, that was once singular, gets split into two. Hence, Bitcoin Gold shares the same foundation as Bitcoin, only with a slightly different purpose. It aims to alter the cryptocurrency mining algorithms. The goal being to prevent the monopolized mining done on Application Specific Integrated Circuits (AISCs) by switching to something simple like GPUs.
Bitcoin Gold allows the average person to access itself through common computers. However, it should be made sure that the protocol software is updated often so your computer has the latest version at all times.
How secure is Bitcoin Gold?
Bitcoin Gold is considered secure as it uses encryption when the transaction reports and wallet addresses are being given to customers. Although the possibility of a third-party interference is reduced, personal safety is one’s own responsibility. As far as Bitcoin Gold, itself, is concerned, it is as secure as crypto should be. Alongside encryptions, it is made secure though network updates, and the issuance of distaste towards algorithms.
Is Bitcoin Gold a private cryptocurrency?
Private cryptocurrencies hide the transaction details of the customer, some even delete the transaction history. However, Bitcoin Gold makes no promises of privacy, and so it is a public cryptocurrency. Besides that, all the blockchain transactions made are easy to link as well as trace. Since Bitcoin Gold is open-source, anyone can look it up to know what it is.
What is backing Bitcoin Gold?
Bitcoin Gold is backed by a blockchain ledger which is public and all evidence of transactions are contained on its network. This blockchain ledger is not controlled by the government or a country, but is self-checking.
The transactions made through this are backed by complicated, inflexible data that also prevents it from getting hacked.
How will Bitcoin Gold gain value?
The way cryptocurrencies gain value is based on what level the community is involved at. A cryptocurrency’s scarcity, its utility and its user demand are what make it gain value. This same rationale is applied to Bitcoin Gold, for it to gain value, all these factors need to be considered.
Bitcoin Gold holds a massive advantage over other cryptocurrencies, the ability to use common GPUs instead of specialized ASICs to start mining. Gone are the days where users need to invest thousands of dollars before seeing any return on their investment. This allows aspiring miners to break into the market where they wouldn’t have been able to before.
Bitcoin Gold automatically increases its user demand by being so highly accessible, leaving miners wanting more. TradingBeasts and CryptoGround, both leading cryptocurrency predictors, forecast that the value of Bitcoin Gold will continuously rise in the upcoming years. With more users being able to interact with Bitcoin Gold every day, the only direction for Bitcoin Gold is up.
How to mine Bitcoin Gold?
Bitcoin Gold is easy to mine if the graphic cards necessary to acquire it are possessed by the miner. The particular algorithm used by Bitcoin Gold is Equihash BTG, otherwise known as Zhash or Equihash (144,5). Although this algorithm utilizes more memory than anything an ASIC can gather, it runs smoothly on many graphic cards out there, maybe even the common folk’s computer.
The three main steps to mining Bitcoin Gold include setting up the Bitcoin Gold wallet, choosing the pool and setting up the miner. First, the wallet needs to be set up for the earnings, the hardware should be checked and the mining software required to secure the blockchain should be procured.
Second, the mining pool best suitable for the miner should be chosen. Mining pools distribute the earnings, as well as the workload and allow miners to obtain a stable stream of the income. Some of the best Bitcoin Gold pools are Suprnova and 2miners.
Finally, the miner should be set up. The GPU already available should be used, otherwise a new hardware should be bought only for this purpose. The software should be set up so the pool can be contacted. What’s left now is to work and earn!
Despite the fact that common computers can be used for Bitcoin Gold mining; the electric cost, and additional memory should be kept in mind. Frequent power supply should also be ensured.
Where to buy Bitcoin Gold?
Bitcoin Gold can be bought at numerous exchanges with most currencies, including U.S. Dollars and Euros. Bitfinex is an exchange that allows Bitcoin Gold to be bought and sold. A small fee will be asked for, like any stock trading program, while buying and selling Bitcoin Gold.
How to buy Bitcoin Gold?
Bitcoin Gold can be purchased through exchanges and the official website of Bitcoin Gold is the best way to identify these exchanges. While some of them might accept exchanges in national fiat currencies, some may only expect other cryptocurrencies like Ethereum or Bitcoin.
How to set up a Bitcoin Gold wallet?
The latest version of Bitcoin Gold wallet can be downloaded, for PC and MAC, from the Bitcoin Gold official website. Once the desired file has been installed, complete the steps that follow and the Bitcoin wallet is all set-up!
How to send Bitcoin Gold to a wallet?
Sending Bitcoin Gold to your wallet varies depending on the wallet(s) you select. The wallet will provide easy-to-understand instructions, so just carefully follow each step and you’ll be all set.