The cryptocurrency was initiated in 2009 with the introduction of bitcoin but it was all successful as the developers thought it would, so they had to choose between bitcoin value and the demand from users. But unfortunately for them, they had to choose the value of bitcoin against the users demand making the users to leave bitcoin. This caused some losses in the bitcoin cryptocurrency user base which actually didn’t affect its market. So the users of bitcoin who departed decided to create their own alternative cryptocurrency which was named Bitcoin Gold.
Bitcoin Gold is a cryptocurrency with bitcoin fundamentals which is mined on common GPUs instead of the specialised ASICs. The ASICs tend to monopolise bitcoin mining to some few rich miners, while the GPU which was used to mine Bitcoin Gold simply means that anybody can mine bringing back independence and decentralisation of the cryptocurrency market. Instead of the ASIC warehouse owners to reap all the rewards in cryptocurrency, GPU mining will reward individual miners globally recreating the network problems that bitcoin used to have before.
November 2017 was the initial release of Bitcoin Gold which was actually a fork that is generated from bitcoin. Interestingly, the miners began creating blocks with new work algorithm at the rate of 491406 blocks that caused Bitcoin block chain division.
The first distribution of Bitcoin Gold was on the same method of the bitcoin cash. The bitcoin gold miners mined it using variety of algorithm that bifurcated bitcoin block chain making the people who have bitcoin receive the exact amount with the rate at IBTC=IBTG.
How To Buy Bitcoin Gold
To buy Bitcoin Gold, there are several ways you can buy it, either you buy from someone you already know who has Bitcoin Gold to sell or you buy from an online Bitcoin Gold exchanger. There are three world class online exchangers we would love to recommend for you for a safer transaction, they are:
Coinbase is a global digital currency asset and exchange company that provides a platform to buy and sell all kinds of digital currencies worldwide. Coinbase as well sends all necessary information about your transactions to block chain network so that it can be verified.
Coinbase also serves as a wallet where all your digital currencies can be safely stored. In their platform, they exchange different types of cryptocurrencies such as Ethereum, Litecoin, Bitcoin, Bitcoin Gold and also other fiat currencies in over 70 countries.
Coinbase has over 30 million customer base and has facilitated the exchange of digital currencies worth over 50 billion dollars since its establishment in 2012. So if you are interested in buying Bitcoin Gold or trading in digital currencies in today’s digital world, then we recommend you sign up with Coinbase.
When buying and selling cryptocurrencies, Coinbase expects you to link your bank account or debit or credit card (whichever you prefer) to your account with Coinbase to be able to buy cryptocurrencies. To use a bank account in Coinbase enables you to have higher limit which is $100 per transaction and $2, 500 per week, but the disadvantage is that it takes long to verify such transactions, so you will definitely see your money between two to four days in your Coinbase wallet depending on your bank. But for those who want to sell digital currencies, once you have confirmed the sales, it will also take between two to four days for your proceeds to reflect in your bank.
For those with debit or credit cards on their Coinbase wallet, a lower limit of $200 per week is given, though you can still buy cryptocurrencies by transferring money from your bank to the Coinbase web portal and your bitcoin will show up in your Coinbase wallet instantly.
Binance is a cryptocurrency trading platform which offers the most competitive crypto rate in the world. Binance accepts users all over the world and they have received lots of positive reviews from cryptocurrency traders. Recently, they have partnered with top Israel based Payment Company called Simplex to enable credit card buying of cryptocurrencies at a premium.
Binance was founded by Changpeng Zhao and launched on July 2017. Their operation consist of crypto to crypto exchange which means that they don’t facilitate fiat currencies. Their partnership with Simplex will allow them to run brokerage services that will enables you to buy up to 6 different cryptos with your credit card and a service fee of 3.5% will be charged by them.
Binance only accepts crypto deposit in their platform, meaning that you can transfer your bitcoin Gold from Coinbase to Binance. Note that all the coins that are supported by Binance can be deposited and withdrawn at any time. The platform enables you to buy the below cryptos with your credit card:
- Ripple (XRP)
- Ethereum (ETH)
- bitcoin (BTC)
- Binance coin (BNB)
- Bitcoin cash (BCH)
- Litecoin (LTC)
Kucoin is known as one of the best and tastiest growing crypto exchange in the world. Also known as the people’s exchange, it is very simple and easy to use for first time investors, and for advanced users who love cryptocurrencies. They have whole lot of altcoin on their platform and are also adding more on a regular bases. Kucoin’s objective is to offer low fee for both withdrawing and trading. Zero deposit fee and their trading fees are only 0.1 percent on whatever you purchase making it very affordable to use their platform.
To ensure you get good trading experience, whether you are buying or selling Bitcoin Gold, we recommend you register with the above mentioned exchange (Coinbase, Binance and Kucoin) for safer transactions.
Why You Should Buy Bitcoin Gold Now
Currently, the price of bitcoin Gold is not high now, it has been falling continuously for months hitting new price low with every trade. Putting your money on anything that is falling might not be a good idea for some people, but this is the right time to buy Bitcoin Gold for future profit.
According to coinmarketcap.com, the highest price for Bitcoin Gold in 23rd October 2017 was $539.72. However, if the Bitcoin Gold market suddenly break into a bull run, it will be only those who bought when it was low that will reap its reward. Why buying high when you can buy low price now and sell when the price goes up. So buy now and sell later!