Bitcoin Gold was released in 2017, October this was a new kind of Bitcoin with similar abilities like Bitcoin. However, when it comes to issuing Bitcoin gold, a different mining algorithm is placed rather than the usual Bitcoin codes. One of the essential points here is that it can be mined at home using simple equipment as GPUs.
Those who had bitcoins before the publish of Bitcoin gold all of them will be able to receive an amount of Bitcoin Gold that is equal to the Bitcoin they acquired. For instance, if you had one bitcoin before the division known as the Bitcoin gold fork, you can have one bitcoin gold and one bitcoin after it.
If in case you had your bitcoins stored in one of the gold exchanges that support this system, then you wont have to do anything. The amount of Bitcoin that you have will be exchanged automatically into a BTG amount that is relevant. There are a lot of supporting exchanges that you can find online, and by proper research.
In this guide, you will learn about how you can claim your Bitcoin gold that is kept in software. The below method can only be used if you have the basic knowledge of trading bitcoins before. However, it is easy to understand, so you will be able to relate.
If you want to start trading bitcoins now, you can learn here about bitcoin-price-calculation
and begin trading today to make profits. But before that, here are the steps that you can follow to take out your Bitcoin gold.
The Steps to claim your Bitcoin gold
There is a choice that you can make, either download applications or visit websites for accessing your Bitcoin Gold. There is another way where you can download the official Bitcoin Gold client. For this, you will have to download the entire Bitcoin blockchain on your computer that can take several days to complete.
Here are a few steps that you can follow if you get an application for dealing with your Bitcoin Gold.
1. Safety Check Before Initiation
The first step is to make sure that you have secured your existing bitcoins to a new wallet. As you will be exposing the private key/seed phrase of your previous portfolio, it will be safe to move your property elsewhere. With this method, you can ensure that even though your key gets exposed, your money stays secure.
For this method, you will have to download another wallet where you can shift your online cash and generate a safer private key. Different kinds of desktop wallets will allow you to make multiple wallets for different types of uses.
2. Get the Seed
The next step is to acquire your seed phrase. The seed phrase is the 12-24 passwords you are requested to write when you installed your wallet in the beginning. Some wallets have the option to display this seed phrase for you to copy it down. This phrase will be needed to prove that you had bitcoins before the gold fork. This is known as the sensitive data, anyone knowing this is said to be the owner of bitcoins. This is why you will have to move it before you use it to make use of it.
3. Install a relevant application and enter you seed phrase
After installing one of the apps that will help you claim the Bitcoin gold, you have to make an account of yourself. When your report is made, you will be asked to out your seed phrase.
4. Claim the Bitcoin gold
Inside the app, you will find the wallet menu, click on add coins, and then choose Bitcoin gold. You will have to input other data and make the right changes in the advanced settings options.
In case this process doesnt work for you. There are other things that you can do to make sure you claim the Bitcoin gold without hassle.
Follow this process given below-
1. Get the wallet called Electrum downloaded
2. Create a fresh portfolio from your seed phrase
3. Export private keys
4. Enter the private with bitcoins before the fork
5. Create a BTG wallet in an application
6. Sweep the private key in that application