What is Bitcoin Gold
Bitcoin Gold (BTG) is the second fork from Bitcoin (i.e. the second version to stem from Bitcoin’s source code) after Bitcoin Cash. The Bitcoin Gold fork occurred on October 24th of 2017, at block height 491,407. It does retain Bitcoin’s transaction history, meaning if you owned Bitcoins before the fork, you now own the equal amount of Bitcoin Gold coins. This cryptocurrency aims to introduce an alternative mining algorithm that is less susceptible to ASIC-based optimisation, therefore allowing users to earn more with their computer cycles.
How to Trade Bitcoin Gold CFDs in 4 Easy Steps
- Open a trading account with AvaTrade
- Fund your account
- Fill in your preferred investment amount
- BUY (go long) or SELL (go short) Bitcoin Gold
AvaTrade is an industry-leading broker with some of the best trading conditions available, including the lowest crypto spreads on the market.
Why Trade Crypto CFDs With AvaTrade?
- Uncompromised Safety – With 7 regulatory authorities and segregated accounts, your money is protected at all times.
- Many Cryptos to Choose From – Trade on the wide variety of cryptos available on our trading platforms.
- No Hidden Fees – We offer 0 commissions and no bank fees on transactions!
- Crypto Never Sleeps – AvaTrade is one of the few brokers who offer around-the-clock service and support in 15 languages.
- Generous Leverage – Increase your initial capital with generous leverage and get far more exposure to trade than your account balance. Up to 2:1 (for EU residents) 25:1 (for non-EU residents).
- Limit Your Risk – You can preset profit and loss levels by using stop losses or take profit limits when you trade. Determine the maximum amount you are prepared to risk when speculating on the price, or set a price at which you want to take profits. Future orders like Buy Stops and Buy Limits are also available. Also, use our incredible AvaProtect™ risk management tool to protect your trades from losses.
- Trade Cryptos Against Fiat Currencies – Unlike many exchanges out there, who are restricting their clients to trade only Crypto to Crypto, our clients can trade Cryptos against Fiat currencies (USD, EUR, JPY etc.), as well.
Bitcoin Gold in the markets
Yet another Bitcoin offspring that did not have a very promising start – Immediately after its launch in late October, its website had to force a shutdown after a severe DDOS attack. This battered the Bitcoin Gold price substantially. According to finance leaders CoinMarketCap, Bitcoin Gold started trading at $479 at 20:00 UTC, and by 16:11 UTC it plummeted to $274.44.
This is an extremely volatile asset and continues to dance among the bulls and the bears:
5 Facts you should know about Bitcoin Gold
- This BTG coin was created by Jack Liao, founder of Lightning ASIC (a computer mining firm in Hong Kong). Liao made the project public in July 2017.
- Equihash is Bitcoin Gold’s new protocol. Bitcoin uses Secure Hash Algorithm (SHA-256 bit). BTG will be replaced by PoW algorithm, Equihash, which some say is superior, with vast memory and even faster execution.
- To ensure the safety of the Bitcoin ecosystem, BTG implements unique cryptocurrency wallet addresses and replay protection system – double the protection from hackers and malicious threats.
- Full transparency through a free open-source software project. This project is built by volunteer developers and avid Bitcoin enthusiasts worldwide.
- As Bitcoin Gold uses decentralised mining, it gives ordinary users a fair opportunity to mine with ubiquitous GPUs (Graphic Processing Units).
We Are Here to Help You Trade Bitcoin Gold
AvaTrade offers you the opportunity to BUY (go long) or SELL (go short) on all Bitcoin Gold trades, so you can use your preferred trading strategies regardless of which way the currency is moving.
We encourage you to learn more about Bitcoin Gold trading by visiting our trading conditions & charges page.
Please note: The cryptocurrency market’s high volatility offers endless trading opportunities.
Don’t miss your opportunity to trade Bitcoin Gold. Start Trading Now!
Due to price fluctuation, certain crypto pairs may be suspended and/or removed from our trading platforms periodically.
When trading with AvaTrade you are trading on the price changes of the digital coin, and not physically purchasing it.
The maximum accumulated position size for Bitcoin Gold is $50,000 notional value, details in our Conditions and Charges page.
Bitcoin Gold FAQ
- Where can I trade Bitcoin Gold?
There are many online exchanges where you can trade for Bitcoin Gold, but these cryptocurrency exchanges are unregulated and pose the danger of losing your cryptocurrency coins either through hacking attacks or by simply entering a receiving address incorrectly. Those who aren’t technically savvy will probably prefer to trade on Bitcoin Gold CFDs at AvaTrade. When you’re trading CFDs you don’t have to worry about losing coins or having them stolen from you. You are trading just on the price change of the Bitcoin Gold, which is a far simpler process.
- Is Bitcoin Gold related to physical gold?
Despite the name, there is absolutely no relationship between Bitcoin Gold and real physical gold. Instead Bitcoin Gold took its name to denote that it is a better or more valuable offshoot of the original Bitcoin. If you are interested in cryptocurrencies based on gold those are available too, but not from AvaTrade yet. However, we do offer trading in CFDs of actual gold, so if you are looking for a place to trade on gold you’ve found it here at AvaTrade. And you can trade Bitcoin Gold too if that’s what you prefer.
- What is Bitcoin Gold used for?
Bitcoin Gold was created as a fork of the original Bitcoin. That’s when a code change is made so that the blockchain is no longer backward compatible, creating what is in essence a new blockchain from an existing blockchain. In the case of Bitcoin Gold the intention was to decentralize mining and to create a transactional cryptocurrency that is faster and more secure. Anyone holding Bitcoin when Bitcoin Gold was forked off the original blockchain was eligible to receive an amount of Bitcoin Gold equal to their Bitcoin holdings.