What is bitcoin gold (BTG)?
Many people know about bitcoin gold, but some beginners are unaware of the term bitcoin gold, also called BTG. People new to the technology think that bitcoin gold is the second name of bitcoin, and some think it is a physical coin of golden color. But bitcoin gold is a cryptocurrency like bitcoin that was invented in 2018. It is the updated form of bitcoin. In this article, we will discuss all bitcoin and its benefits to bitcoin users . So, without wasting time, let’s explore the bitcoin gold cryptocurrency.
What is BTG:
The symbol BTG in bitcoin exchanges denotes Bitcoin to gold, and it is the upgraded version of bitcoin. When you do a bitcoin transaction, it takes 10 minutes to validate the transitions, and there are 3 to 5 stages to validate the bitcoin transactions. Some transactions take more time, and it depends upon the fees you set at the time of transactions. But they bitcoin gold to solve speed problems as privacy. It is the same as bitcoin but with extra features. Bitcoin gold is an open-source system that will work the same as the blockchain system. Bitcoin gold is a decentralized system that means no one has control over bitcoin gold, such as the government, banks, financial institutions, or other third parties.
Your identity is anonymous on the network and bitcoin gold blockchain, and it has especially come into existence to solve the low-speed problems of bitcoin. Bitcoin transactions are cumbersome and take more computational power to solve. So BTG is light in size and can be transferred instantly like other payment options such as Google Pay, PhonePe, Paytm, etc.
Bitcoin Gold fees: –
The fees of bitcoin are dependent upon the amount. It is customizable, which means you can set fees according to your choice. Still, the limitation with the customizations is that if you have chosen the low transactional fees, then transactions may take days to validate your transactions. Still, in bitcoin gold, there is no problem like that. You have to pay 0.5 percent per transaction that is very low compared to other payment gateways.
Moreover, you can send and receive bitcoin gold anywhere in the world like bitcoin. Other payment gateways such as credit cards, PayPal, and banking systems charge 4% to 8% per transaction according to the platform and location you choose. So BTG charges meager transaction fees and provides high-speed service.
Is bitcoin gold anonymous?
Yes, bitcoin gold is a decentralized system that means you are anonymous on bitcoin gold. When you send bitcoin to another user’s wallet, you cannot correctly see the receiver’s wallet address. And the receiver cannot see your wallet address also. So bitcoin gold is appropriately anonymous.
Benefits of Bitcoin gold: –
There are the following benefits of bitcoin gold given below: –
- The first and significant benefit of bitcoin gold is fungibility. Fungibility means that one bitcoin gold is equal to one bitcoin gold, and it is identical and replaceable. You can convert it into fiat currency anytime that means it is also liquidated.
- Bitcoin gold is an open-source system that means it is a decentralized system. Suppose a decentralized system is not manageable and controllable by a single person or few people. No one can control it, whether the government, banks, financial institutions, or other third-party service providers. Still, there will be many people who will work behind it for the smooth functioning of it.
- Your identity is purely anonymous on the blockchain. If you send or receive bitcoin from someone else, the sender cannot see your wallet address. You cannot see his entire wallet address because bitcoin gold is working on the encryption system that will sustain your anonymity on the network.
- The most significant advantage of bitcoin gold is its transactional speed with fewer fees. Bitcoin requires high computation power to solve the bitcoin transactions. Still, bitcoin gold is very light in speed with a more petite size. Your transactions will complete immediately.
- Bitcoin gold’s transaction fees are meager compared to other platforms such as credit cards, PayPal, and other payment gateways that are 0.5% per transaction.