What is bitcoin gold (BTG)? Bitcoin gold is the result of a bitcoin hard fork which took place in 2017.
BTG uses Equihash, a memory intensive proof of work algorithm resistant to ASICs (application-specific integrated circuit). Removing ASICs from bitcoin mining lowers the barrier to entry for every-day users to become miners. Decentralizing mining increases accessibility to the global population and supports a more egalitarian global cryptocurrency market.
What is a Hard Fork?
The term Hard Fork is used when a split occurs in the blockchain. This can happen when the consensus rules are changed but not all nodes have updated. On the other hand, this can also happen when there isn’t a consensus regarding the rules that need to be changed, such as when bitcoin was forked to bitcoin cash, and later to bitcoin gold.
What’s the Difference Between Bitcoin Gold and Bitcoin Cash?
Bitcoin cash (BCH) was another hard fork from BTC that happened shortly before the second hard fork that created BTG. Though they share a common inception point, BTG actually differs in a variety of ways from bitcoin cash:
- BTG was created prior to launch, rather than through a public open source code commonly used for other cryptocurrencies.
- The developers of BTG took a one percent cut of all tokens coined, prior to launch.
Bitcoin is battle-tested with a strong network behind it. While bitcoin cash is known as a payment-efficient currency, bitcoin gold is known as the most decentralized and egalitarian.
How to Get Bitcoin Gold on Uphold
Uphold is a digital currency platform that supports over 30+ currencies for individuals and businesses to access and use via their Uphold wallets.
A few of the things you can do with an Uphold account:
- Buy bitcoin gold (BTG)
- Convert BTG to any other Uphold supported currency
- Send BTG to anyone with an email address
- Send BTG to/from an external crypto wallet
Here’s how to buy BTG on Uphold …
- Log in to your Uphold account.
- Click on Add Card/Currency.
- Type out the name of the currency “BTG”, and select it from the drop down.
- Click on “Add Funds” and select a funding source.
- Follow the steps to add funds based on the funding source that you selected.
Your “Bitcoin Gold” card will reflect the amount that you hold, and will be ready to use!
Buying BTG on Uphold is fast and easy. Once you have your BTG available, you can transfer your funds between other cards in your Uphold account or transfer funds to your bank account in select countries.
Bitcoin gold has been an exciting new opportunity for traders and miners. As this coin continues to find its place in the market, Uphold members can take advantage of its current market price and start building out their digital wallets. Now that you know how to get bitcoin gold, you can explore other currencies Uphold offers.
We make buying, holding, converting and sending value between the 30+ digital and traditional currencies we support easy for anyone to understand and anyone to do.
This does not constitute investment advice. Please consult your financial professional if you have questions about investing in cryptocurrency.