What are Bitcoin and Bitcoin gold?
BY READERS DIGEST
19th Oct 2021 Technology
Bitcoin is the most popular digital cryptocurrency because of its remarkable features. Bitcoin was established or came into existence in 2008, and the founder of bitcoin is Satoshi Nakamoto.
Many people know what bitcoin is because it became a popular cryptocurrency with an astonishing increase in value in a few years. But a new cryptocurrency that came into existence is bitcoin gold. Unfortunately, people are too confused with bitcoin gold and bitcoin. So in this article, we will clear all the doubts about bitcoin and bitcoin gold. So without wasting time, let's differentiate these two cryptocurrencies.
What is Bitcoin?
Bitcoin came into existence in 2008 by Satoshi Nakamoto. Before bitcoin, There were a lot of problems, and Satoshi also faced these problems and wanted to create a different cryptocurrency that anyone could not control. So he made bitcoin, and in the initial stage, the price of bitcoin was $0.01 because people did not know about it. However, with time, bitcoin became popular, and the cost of bitcoin at the time of writing this article was $47,441 that is too high.
Bitcoin provides outstanding features that other cryptocurrencies are not providing. There are the following benefits of bitcoin that makes it more and more popular in this digital word given below:
- Bitcoin is a decentralized system that means no third parties are involved in it. It is separate, and no one can control bitcoin, such as the government, banks, financial institutions, president of the county, or even the founder of bitcoin, Satoshi Nakamoto. The government cannot stop the entire bitcoin system, and other third parties cannot control the bitcoin’s system or network.
- Bitcoin is too secure a network because it is impossible to trace. So if you want to hack Bitcoin, you have to hack all the nodes on the one impossible world.
- There are too many low transactional fees as compared to other third-party services. For example, banks and other payment gateways charge 4% to 7% international transaction fees.
- You do not have to pay tax if all the transactions are in bitcoin and do not withdraw money to your bank account.
- The best form of earning money is through investing or trading, and there are many earning methods through bitcoin.
- Third parties can misuse your personal information, and they have control to check and alter your information, but your personal information is safe on the blockchain or bitcoin.
- The speed of international transactions is 10 minutes, which is high as compared to other payment methods.
- And there are a lot of benefits of bitcoin, and I can write books on its benefits.
What is Bitcoin Gold?
Bitcoin gold denotes BTG. Many people think that bitcoin and bitcoin gold are the same things, but it is not valid. Bitcoin is different from bitcoin gold. By hearing the name Gold, people believe it may be a physical coin in golden color, but bitcoin gold is the new form of bitcoin invented in 2018. The price of bitcoin is $47,441, and the cost of bitcoin gold is $53 at the time of writing this article. You can compare the price of bitcoin and bitcoin gold; click here immediate profit if you are interested in bitcoin investing.
Bitcoin gold is a new cryptocurrency, and there is a difference between bitcoin gold and bitcoin features. However, Bitcoin gold is available on all the exchanges, and if you are using a business, you can check the price of bitcoin gold or trade or invest in bitcoin gold. We have seen the bitcoin features or benefits above, and now we will take a quick look at the benefits of bitcoin gold.
- Bitcoin gold is a fungible cryptocurrency that means it can be replaceable; you can convert it into any currency at any time.
- Bitcoin gold is a similar cryptocurrency.
- Bitcoin gold is also a decentralized system that means it does not allow third-parties such as the government, banks, and other institutions.
- Mining is straightforward than bitcoin. You have to purchase expensive equipment for bitcoin mining, but in the case of bitcoin gold, you can mine it with a standard computer.
- Bitcoin gold is especially for faster transactions. As a result, the speed of bitcoin gold transactions is very high compared to bitcoins that take 10 minutes to confirm a transaction.
- You can send and receive BTG anonymously, which means no one can track you. No one can see your personal information or identity.
- Wallets of bitcoin gold are too secure.
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