Sometimes one cryptocurrency can become a source for another one. That happened to Bitcoin. The offshoot named Bitcoin Gold appeared in February 2017. Although it possesses the same name, it differs in some key aspects.
As for the example, it uses another proof-of-work mechanism. The mining difficulty grows every block extracted. There are 21 million coins on the whole, and 17 million are already in use. Market capitalization now have reached over one billion USD.
Bitcoin Owners Get BTG Immediately
If the user obtained Bitcoins and stored them on the wallet before 2017, he or she would receive the equal amount of BTG on the top of that. Thus, you could increase your total balance twice. You could commit an exchange in your wallet, converting BTC for the other coins.
Buy Bitcoin Gold Directly
If you have not seized such an opportunity, do not worry. You need a Bitcoin Gold wallet at first. You can register one on the official website, or download the application either to your PC or smartphone. It is free. On the other hand, there are hardware storages. Some of them even support various cryptocurrencies. For example, you can hold Litecoin, Ether, Dash simultaneously on one storage. That is a reasonable investment.
There are lots of ways to obtain BTG:
- Using bank transfers. It requires smaller transaction fees in comparison to other options. The average commission is 5%;
- Plastic cards. The charge is higher and can reach from 3 to 5% on an average;
- Online services such as PayPal, Neteller, or Skrill. In this case, you will be charged with high commission.
Exchange BTC for BTG on Trading Platforms
On the exchanges, users can interchange cryptos, trade them and gain profits. You need them to obtain other altcoins for further conversion into BTG. There are lots of websites. Each of them sets different commissions and limits for different payment options. Be careful, as some of them may operate only in a few countries. However, the largest ones work all over the world.
Sign up on the Exchange
The first step is to register an account on the exchange. The website will definitely ask you to complete the verification procedure. It may require your telephone number, email address. In addition, you have to provide the personal information. This may include one or some documents such as driving license, or passport, or birth certificate. Afterward, you need to make a deposit. Use the banking options you have. However, the most cost-effective method is a bank transfer. On the other hand, it is quite time-consuming.
Purchase Bitcoins
After the registration, you need to acquire some Bitcoins. If you have already made a deposit, it is easy to obtain them. Just select the payment option and buy BTC for USD. The transaction completes almost instantly – in a couple of minutes.
Make an Order for BTC/BTG
The next step is to make orders. There are some basic kinds of them: market, stop and limit ones. The best variant is to choose the stop one as it becomes active after it reaches a certain threshold (you set it manually).
For example, you set the max limit of 0.00814 BTC for one BTG. You can indicate the lower value and wait for the rate to fall. When it is completed, wait for the coins to appear on your balance. You can continue trading and make profits from the price volatility.
Trade Bitcoin Gold CFDs
A Contract for Difference is a specific arrangement between the trader and the platform. The price difference at the beginning of the contract and at the end of it is your profit or loss. In our case, if the currency rose at the end of the arrangement, you would gain profits.
It opens many beneficial perspectives. For example, such platforms offer increased daily trading limits. Or, they cancel them at all. The same situation concerns transaction fees. The regular exchanges charge some. CFDs may cancel the commission for transfers and deals.