How to buy Bitcoin Gold

What to know about trading BTG after the fork.

Updated

Fact checked

Bitcoin (BTC) experienced another hard fork on 25 October 2017, at bitcoin block 491,407.

Bitcoin Gold cloned bitcoin's transaction history, but tweaked the DNA to continue on its own evolutionary path. Everyone who possessed a private BTC key at the time of the fork got the same number of coins in Bitcoin Gold, essentially for free.

This is probably one of the reasons BTC values climbed so high throughout September and October 2017.

There's no time limit on "claiming" your free BTG. Generally, if you owned BTC at the time of the fork then you'll have free BTG waiting for you. The only exception is when someone else holds the keys, such as when your coins were held on an exchange that does not support BTG.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Quick guide: How to buy BTG

  1. Register for an account with a cryptocurrency exchange like CoinSpot.
  2. Enable 2-factor authentication.
  3. Verify your account.
  4. Click “Deposit AUD”.
  5. Transfer funds into your account.
  6. Click “Buy/Sell” at the top of the screen.
  7. Search for the cryptocurrency you want and click “Buy”.
  8. Enter the amount you want to buy, or the amount of AUD you want to spend.
  9. Review the transaction details.
  10. Click “Buy”.
Go to CoinSpot's site

This is our quick guide to just one way to buy BTG. Compare some other options in the table below.

Who will not get free BTG

Any digital wallet that gives you exclusive control of its keys will work. However, not all wallets will support BTG right away. You'll still get the coins, but won't necessarily be able to access them from that wallet right away.

If your BTC is listed on an exchange at the time of the fork, then the exchange holds the keys and not you. Therefore the exchange will be getting the free BTG instead.

They should be crediting you with the BTG, but there's no legal authority that can force them to do so.

Some exchanges have agreed to credit users with BTG at the proper 1:1 rate, but it's safe to assume that not all exchanges will. If you have BTC on an exchange at the time of the fork, you should look into whether they've agreed to give you the newly created BTG.

The following exchanges have all agreed to credit BTC owners with the BTG as appropriate. However you generally need to own a certain amount, such as no less than 0.10BTC in order to get it.

  • Bitfinex
  • BitBTC
  • YoBit
  • Bleutrade
  • Bitstar
  • Coinnest
  • BitBay
  • BitFlyer
  • Beatcoin
  • Paribu

Where can I buy Bitcoin Gold?

After the fork, BTG will be available to buy or mine. In theory, you should be able to start buying and trading it immediately, but functionally you might have trouble doing so until around 1 November or slightly later. This is when the BTG code will be released to the public and the first blocks will be mined on the new blockchain. Most exchanges and wallets will start investigating how to implement support for BTG on 1 November, and whether it's a good idea, then.

Throughout the tail end of 2017 you can expect an increasingly wide range of providers to support BTG. At the time of writing, you can already buy and sell BTG on the following exchanges:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY
Cash
Cryptocurrency
POLi
PayID
AUD

143
cryptocurrencies

CoinSpot is an Australian-based exchange that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Bank transfer
BPAY
POLi
Osko
PayID
AUD

80
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Cryptocurrency
USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 23+ more

182
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cash
Cryptocurrency
Electronic Funds Transfer
POLi
PayID
AUD

113
cryptocurrencies

Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.
Cryptocurrency
USD, EUR, GBP, JPY

156
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Bank transfer (ACH)
Credit card
Bank transfer (SEPA)
Faster Payments Service
USD, EUR, GBP, RUB

22
cryptocurrencies

Disclaimer: Highly volatile investment product. Your capital is at risk.
Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
Credit card
Cryptocurrency
USD

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Credit card
Debit card
USD, EUR, GBP

133
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
AdvCash
Cryptocurrency
Payeer
Perfect Money
Capitalist
USD, RUB

1428
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Bank transfer
Cash
Cryptocurrency
PayPal
Western Union
JPY, CNY, USD, KRW, RUB, DKK

219
cryptocurrencies

A global crypto exchange with OTC services based in Hong Kong that supports over 100+ cryptocurrencies.
Cryptocurrency
Express Polish Post Office 24/7
Wire transfer
GBP bank transfers
USD, EUR, PLN, GBP

35
cryptocurrencies

This Polish-based exchange offers a variety of accessible payment methods, including Express Polish Post Office 24/7 service and Express DotPay.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Indacoin Cryptocurrency Exchange
Credit card
Debit card
USD, EUR, RUB

158
cryptocurrencies

Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity.
Bithumb Cryptocurrency Exchange
Cryptocurrency
Wire transfer
KRW

110
cryptocurrencies

A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
OKEx Cryptocurrency Exchange
Bank transfer
Cryptocurrency
WeChat
USD, CNY

146
cryptocurrencies

Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Bitit Cryptocurrency Marketplace
Cash
Credit card
Debit card
Neosurf
Bank transfer (SEPA)
EUR, USD, JPY, DKK, GBP, SEK, NOK, TRY & 5+ more

50
cryptocurrencies

Buy cryptocurrency with cash or credit card and get express delivery in as little as 10 minutes.
ShapeShift Cryptocurrency Exchange
Cryptocurrency
-

51
cryptocurrencies

Quickly swap between more than 40 cryptocurrency assets or use your credit card to instantly buy bitcoin.
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Compare up to 4 providers


Is it safe to trade BTG?

Security concerns are one of the main issues stopping the immediate trading of BTG. In particular, BTG may not yet have replay protection.

So if you want to get in early, but don't want to take unnecessary risks, it might be worth looking at exchanges that have clearly explained how they plan on handling this.

For example, Bitfinex has adopted a token scheme, by which users can trade tokens representing each chain, and may have limited certain features until they're confident you can trade securely, while the widely used exchange Coinbase simply announced that it won't be supporting BTG until the code is made publicly available.

Wallets have similar issues. For example, TREZOR Wallet has said that its BTC owners will get their BTG, but won't be able to transfer them until BTG replay protection.

Will BTG overtake BTC?

No one can say for sure. There are some factors you will need to consider though.

This fork isn't like others

Each fork is intended to improve bitcoin by overcoming certain shortfalls.

Bitcoin has previously forked into Bitcoin Cash (BCH) designed to improve transaction speeds, and the Segwit2x fork (at block 494,784, projected for 16 November 2017) is intended to do the same.

Both of these use the same SHA-256 algorithm type as BTC. This means they're in more direct competition with BTC, because there's only a finite amount of hardware around to mine all three currency types. Miners will probably have to choose which one they'll spend their resources on.

But BTG will be using the Equihash algorithm instead, which cannot be solved using the same purpose-made ASIC BTC mining system. Instead, it's designed to be mined with general purpose hardware. This is the currency's main feature. It's designed to be decentralised and to put more of the mining power back in the hands of the masses rather than small groups of traders.

On the other hand

Potential buyers need to consider whether BTG's new mining architecture can effectively decentralise the currency, and whether that will necessarily be good for its value.

There have also been a number of issues, such as a distributed denial-of-service (DDOS) attack shortly after launch which prevented it from functioning, according to Motherboard, and a potential range of technical issues.

According to Forbes, users are also reporting difficulties connecting to other nodes of the network, which might strike directly at the main benefits and points of difference offered by Bitcoin Gold.

You will need to decide whether these issues are a concern and whether BTG will be able to overcome any reliability and technical issues. You will also need to decide whether correcting these issues will actually end up translating into an increase in value.

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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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One Response

  1. Default Gravatar
    JamesOctober 1, 2018

    You are right! Today everybody is trying to cheat you, no matter you are keeping it or changing. I use Trezor to keep and BestChange for exchange. That always works perfectly.

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