How to Redeem Bitcoin Gold Properly?

Since Bitcoin Gold was introduced, there has been a lot of misunderstanding about how to acquire the newly forked currency. Due to the proliferation of phishing websites and false claims on search engine results, fraudsters are also having a field day. So, how to claim the correct amount of Bitcoin Gold without falling victim to fraud? If you are interested in investing in Bitcoin and want to trade, learn it bitcoin limitations.

What is Bitcoin Gold?

BTG is short for Bitcoin Gold. It is a common misconception that BTC and bitcoin gold are interchangeable, but this is untrue. The two forms of bitcoin are not the same. BTG is a cryptocurrency built on the foundation of Bitcoin, meaning it was created by modifying some of the network’s existing blocks for decentralized governance. Regular GPUs are sufficient for mining, therefore specialized application-specific integrated circuits (ASICs) are not required. When it comes to mining, ASIC miners have a monopoly, but anyone can use a GPU, regaining independence and decentralization.

Characteristics of Bitcoin Gold

• Because Bitcoin Gold is a fungible cryptocurrency, you can exchange it for any other currency at any time.
• The cryptocurrency Bitcoin Gold is comparable to BTC since it is the fork.
• A decentralized system, like Bitcoin Gold, prohibits the participation of third parties such as the government, banks and other organizations.
• The mining process is easier than with bitcoin. For bitcoin mining, you need to invest in expensive machines, but you can mine bitcoin gold with a regular computer
• Bitcoin Gold in particular allows significantly faster transactions. As a result, transactions with bitcoin gold happen faster than transactions with bitcoins, which take 10 minutes to confirm.
• No one can identify you as BTG can be sent and received anonymously. No one has access to your identity or personal data.
• Bitcoin Gold wallets are way too safe.

Some of the steps

Pick up a wallet

Getting a wallet is the first step towards owning bitcoin. Given how fresh the money is, there aren’t too many wallets or platforms that store Bitcoin Gold yet.

Log in to the official approved Bitcoin Gold website to get a wallet. Any other site that claims to offer BTG or offer you a chance to get BTG is almost likely a phishing scam.

Be sure to only enter your public receiving address and not your private key or 12-word recovery phrase while checking your BTG balance on the main page. There may be multiple receiving addresses in your Bitcoin wallet where you can keep your BTC.

Choosing the best wallet

You can currently choose from up to five government-backed wallets. The primary Bitcoin Gold wallet is the first. The majority of consumers should stay away from this since it necessitates downloading and syncing the entire Bitcoin blockchain, which now takes up hundreds of gigabytes and is constantly expanding. Only users who want to mine BTG alone or who want to run a full node should choose this option.

You should probably use one of the three mobile wallets that support BTG right now. Instructions on how to claim BTG are available on the wallet’s website.

Criminals are targeting BTG applicants

There are many new users in the bitcoin market and there always will be. These users may not be aware of the importance of these security measures or what a private key or 12-word recovery phrase is. Scammers are aware of this and will try to cash in anytime a high-profile event, such as a Bitcoin fork, takes place.

Conclusion

I sincerely hope that you are aware of the forked currency bitcoin gold and do not confuse it with bitcoin.