Guarda team breaking down the basics of Bitcoin Gold wallet essentials. Guarda BTG wallet is available here.
Hard forks are a common practice in the crypto space. If you have not encountered those before, hard forks are radical protocol upgrades of a taken blockchain. Bitcoin experienced several changes of this kind during its lifetime. One of the largest Bitcoin forks happened in 2017 and was Bitcoin Gold.
What is Bitcoin Gold?
Bitcoin Gold is a hard fork of the original Bitcoin blockchain that came to the world in 2017. The main idea behind Bitcoin Gold creation was making Bitcoin truly decentralised again. The struggle for Bitcoin decentralisation started with mining. Bitcoin Gold developer team believed that it is necessary to change the algorithm used for mining.
Bitcoin Gold Mining
Bitcoin mining is definitely an activity demanding lots of resources. The profitability of Bitcoin mining, too, hugely depends on scale. Individual Bitcoin mining is not impossible, but it requires investing a considerable amount of money and time into creating rigs. Competing professional miners, at this point, is virtually impossible.
Other goals of BTG
Besides the major aim of creating decentralising mining process, the developers of BTG are focused on distribution and overall transparency. Cryptocurrency security threats are quite common. This is why you need a secure Bitcoin Gold wallet. Besides, BTG team made sure to enhance the safety of their network. Replay protection, unique wallet addresses and more were implemented to eliminate the hacking possibility.
Bitcoin Gold is a project created by volunteers and supported by a strong, devoted community. This definitely makes the currency and the goals of BTG more attractive to cryptocurrency lovers.
Bitcoin Gold is considered one of the big players in the current crypto market. You can find BTG coin on the majority of exchanges, so it is pretty easy to get the coins for yourself. Exchanges of this cryptocurrency are also available in your Guarda Bitcoin Gold wallet. So, if you are questioning how to buy Bitcoin Gold, there’s no need anymore – just press the exchange butting in your BTG wallet.
Bitcoin Gold Wallet
Bitcoin Gold wallet is what you need to secure your crypto coins. Wallets for BTG are not uncommon on the market – this is why the users need to be extra careful when choosing one. Guarda wallet team selected some criteria that will help you judge the legitimacy of your crypto wallet. Look for the following:
- Security. We advise using non-custodial wallets. Custody-free services do not have access to your private data, so you are the only owner of the insights of your wallet. The private key, backup and password also cannot be leaked.
- Active wallet communities. Check out the social networks of your wallet. Are the updates being performed often? Do they add new coins? Also, it is handy is the developers take time to answer the questions of their users.
- Efficient support. If you are new to the crypto space in general and to BTG wallets in particular, it is a good idea to check the efficiency of your Bitcoin Gold wallet support line. If the support works well, you will be able to get answers to all your questions and inquiries immediately.
- Functionality. Check out the functions of your Bitcoin Gold wallet. Is the wallet multi-currency? Is it multi-platform? Depending on your needs, you might want to consider a wallet that is maximally functional. For instance, Guarda Wallet has a built-in exchange, crypto purchases, special features of supported crypto coins and much, much more.
How to create a Bitcoin Gold Wallet
After choosing the best Bitcoin Gold wallet provider, it is time for you to set up your first BTG wallet. We have made a little guide on our Web version wallet that might help you create a Bitcoin Gold wallet on Guarda:
- On the main page of Guarda’s Website, click Create Wallet
- Proceed by choosing to Create a New Wallet on the welcome screen
- Think of a strong wallet password. You can use our password guide if in doubt
- Download your backup. Guarda wallets are non-custodial, so you need to make sure your backup is stored in a secure place and out of the public eye.
- Your wallet for Bitcoin Gold is ready to rock! You can store your coins, send/receive them, exchange Bitcoin Gold or buy BTG within the wallet.
More Bitcoin Gold news and updates can be found on our Twitter.