Bitcoin Gold (BTG) – how to buy and sell cryptocurrency, an overview and detailed instructions, a storage wallet
The Bitcoin Gold (BTG) cryptocurrency is a fork of the “real” bitcoin BTC, which appeared on October 25, 2017. The split took place at block 491407 of the original blockchain network. At the same time, the new cryptocurrency implements the SegWit2x technology in order to reduce commissions and the time for confirming transactions. The maximum emission is 21 million coins, of which 16.8 million have already been mined.
The maximum rate of the Bitcoin Gold cryptocurrency against the dollar (BTG / USD) was 484.78 and it happened on December 22, 2017. Today (March 22, 2018) Bitcoin Gold is trading at $ 60. The market capitalization is 1 billion US dollars, according to this indicator, the coin is on the 23rd place in the ranking of cryptocurrencies.
Where and how to buy, sell and trade Bitcoin Gold:
- On the cryptocurrency exchange: Exmo, Binance, CEX, Yobit and others. So far, this is the only way to get Bitcoin Gold cryptocurrency, since online exchangers do not work in this direction.
Wallets for BTG:
- Exchanges: Exmo, Binance, BitFlip, CEX, Yobit and others.
- Online services: Bitgo Wallet; CoinSpot; Guarda Wallet; Btgwallet.
- Local wallets: Bitcoin Gold Core Wallet (official); Exodus (MAC OC, Windows, Linux); Bitgo Wallet (Androind; iOS); Coinomi (Android); Bitpie; Guarda Wallet (Android); Cobo (Androind; iOS).
- Hardware: Ledger, Trezor.
Block Explorers: explorer.bitcoingold.org; btgexp.com; btgexplorer.com.
Wallet for Bitcoin Gold
Let’s consider two ways to get a wallet for the Bitcoin Gold cryptocurrency: on the exchange and Bitcoin Gold Core Wallet.
- The easiest way to create a wallet for storing Bitcoin Gold is to register an account on a cryptocurrency exchange. The advantage of this method is that there is no need to download the blockchain network, and the ability to buy / sell cryptocurrency at any time in the most convenient ways. As a rule, there is no fee for storing Bitcoin Gold on the exchange and the wallet is provided free of charge. The downside is the inability to find out the private key from the wallet.
- Bitcoin Gold Core Wallet is the official wallet available for download at bitcoingold.org.
To do this, you need to select the desired operating system. The wallet is open source and posted on the github site, from which the installation file is downloaded (size for Windows is about 15 MB). But, the entire blockchain has a size of about 150 GB and to work with the Bitcoin Gold Core Wallet, it will need to be downloaded completely. This type of wallet is called “fat” or “heavy”.
After starting the standard installation process, you will need to specify the location where the blockchain network and all the necessary data will be downloaded. The default path for Windows is C: \ Users \ Admin \ AppData \ Roaming \ BitcoinGold. You must have enough free space on the disk.
Next, the wallet itself will open and the synchronization process will begin. You can hide this window and continue to deal with the wallet. In terms of functionality, it is no different from Bitcoin Core.
In the “Overview” section – wallet balance and recent transactions.
To find out the address for receiving Bitcoin Gold cryptocurrency, click “Get” or “File – Receipt Addresses”. You can set a label, amount, message, or do without these parameters. The Bitcoin Gold wallet address starts with the letter “G”.
To send coins to another address, click “Send”, specify the recipient’s address, amount and commission.
When storing cryptocurrency, I recommend going to “Settings” and select “Encrypt wallet”, thereby setting a password. To save a backup, go to “File – Back up wallet”. In doing so, specify a location and name the file wallet. The Bitcoin Gold wallet file will look like wallet.dat. If you need to restore access to the wallet, just copy this file to the folder that you have chosen to store your data. By default, the path to it is C: \ Users \ Admin \ AppData \ Roaming \ BitcoinGold. You can go to this folder if you press the buttons on the keyboard “Win + R” and enter% appdata% in the new search window. The Roaming folder will open with the BitcoinGold folder. It contains the wallet.dat file, which needs to be replaced with your saved one.
To save the private key to the address where the cryptocurrency is stored, go to the “Help – Debug window – Console” section. If the wallet is not encrypted, just enter the command: dumpprivkey address.
If the wallet is encrypted, first enter the command: walletpassphrase password duration in seconds.
Having a private key, it can be imported into any other wallet that supports BTG. And also, restore access to Bitcoin Gold Core Wallet without having a wallet.dat file. To do this, enter the command in the console: importprivkey private key. In this way, you can import any private key created in another wallet.
In the “Settings – Options” section, you can change some settings, for example, select the interface language.
Review: “How to Create a Bitcoin Wallet“.
How to buy, sell, exchange Bitcoin Gold (BTG) on the exchange
Today, almost the only way to buy Bitcoin Gold is through cryptocurrency exchanges. When choosing them, it should be borne in mind that not all of them work with fiat. Most trade only in cryptocurrencies. When registering on the exchange, you receive a BTG storage wallet with a public key (address). The private keys are held by the owners of the trading platform.
Consider two exchanges:
- BitFlip – works with fiat currencies (dollar, euro, rubles, hryvnia), but there is very little liquidity.
- Binance is one of the most popular trading platforms and the largest in the ranking of cryptocurrency exchanges in terms of turnover. Registered in Hong Kong, started operations in 2017. The site has a Russian-language interface. Exchange only for cryptocurrency.
Instructions on how to buy or sell Bitcoin Gold on the BitFlip crypto exchange:
- We register on the bitflip website. For account security, we enable two-factor authentication. Account verification is not required.
- To carry out trading operations, you need to replenish the balance of the exchange account. This can be done by going to the “Wallet” section and selecting the desired account. For example, in rubles RUB money can be raised through Yandex Money, Payeer, Advcash, Capitalist, Interkassa aggregator.
- After crediting the money, select a trading pair. Bitcoin Gold is traded on BitFlip with any fiat currency and BTC.
- Create an order to buy or sell an asset. To do this, we study the chart, order book, trading history. All this is needed to analyze the Bitcoin Gold rate. An order can be created by specifying your own price (limit execution) or redeemed from the order book (by market).
- When creating a limit order, you yourself specify the price for BTG. The order enters the order book for buy or sell. The order will be executed when it is purchased at the rate you specified. A limit order can be canceled at any time without commission.
- After the purchase, the Bitcoin Gold cryptocurrency is stored on the exchange wallet. You can withdraw it to any other wallet.
- To sell Bitcoin Gold cryptocurrency, you need to transfer it to the BTG wallet address by selecting “Deposit”. Transfer from other wallets is currently unavailable.
Instructions on how to trade Bitcoin Gold on Binance:
- Registration on the binance.com website includes a fill-in form, which indicates an e-mail, password. For convenience, you can select Russian at the top of the exchange page. Enabling two-factor authentication to secure your account. Without verification, you can withdraw an amount equivalent to 2 BTC per day.
- The next step is to fund your account. On the Binance exchange, Bitcoin Gold is traded in tandem with Bitcoin and Ethereum: BTG / BTC; BTG / ETH. Thus, you need to transfer to your Ethereum or Bitcoin exchange wallet. Of course, you can replenish with another cryptocurrency, but still then it needs to be exchanged for BTC or ETH. To find out the address of your wallet, go to the “Asset – Deposits” section and enter the name of the required crypto coin in the search box.
Next, we transfer the cryptocurrency from the wallet to the specified address. If you don’t have cryptocurrency, you can buy it in the online exchanger: Prostocash, Xchange, 60cek, Ychange. For example, buying bitcoin for Sberbank rubles:
In this case, you can immediately specify the address of the BTC wallet on the Binance exchange. After paying for the application and two confirmations in the network, the cryptocurrency will be credited to the specified address.
- Having replenished the account, go to the “Shopping Center – Main” section, select a trading pair. For example BTG / BTC:
- We analyze the chart, order book for buy or sell, trading history on the floor.
- Create an order: Limit or Market. Limit – you specify the price yourself, buy by market – instant execution at the best market price from the opposite orders.
For example, buy BTG by creating a Market order. To indicate the amount, select what% of the BTC balance will be used for payment on request. Commission 0.1% of the exchange amount, if you have a BNB token – 0.05%. When buying by market, you will immediately receive a Bitcoin Gold coin to your wallet on the exchange. Similar actions are taken when selling (exchanging) for other cryptocurrencies.
- You can store coins both on the crypto exchange and transfer to any other wallet (“Asset” – “Balances” – “BTG” – “Withdrawal”). The minimum amount is 0.002 BTG.
Update: Exmo Exchange announced the addition of Bitcoin Gold to the listing. The review will be supplemented.