Introduction
“Bitcoin Cash” and “Bitcoin Gold” are part of an emerging peer-to-peer monetary system that exists entirely online. Bitcoin Cash (BCH) and Bitcoin Gold (BTG) were created as forks of the original Bitcoin (BTC).
What are Bitcoin Cash and Bitcoin Gold?
Bitcoin Cash (BCH) and Bitcoin Gold (BTG) are hard forks of the original cryptocurrency Bitcoin. A fork is a split in the blockchain – where new protocols or software change prevent backward compatibility in the newly created blocks.
Bitcoin Gold
Bitcoin Gold was created to limit certain groups from controlling Bitcoin. Its creators believe that Bitcoin cannot be mined quickly enough to be accessible to everyone, as companies with expensive mining equipment and mining farms have been rallying the usual miners.
Bitcoin Cash
Bitcoin Cash is designed to be used as a digital currency for transactions rather than as a reward for blockchain work. It was designed to allow transactions that occur in seconds and facilitate cross-border transactions without regulation.
Special Features of BCH and BTG
The following table displays the main differences between BTG and BCH.
How to Mine Bitcoin Cash and Bitcoin Gold
Both currencies can be mined, but Bitcoin Cash can be mined on an Application-Specific Integrated Circuit (ASIC) device created solely for mining. However, ASIC mining systems are much faster than average personal computer mining, so you may be limited in purchasing BCH on an exchange unless you can afford the expensive ASIC hardware and the power it consumes.
Bitcoin Gold can be mined using a personal computer, but you will need a modern graphics card and a mining client for your operating system. Mining Bitcoin Gold is difficult on ASIC devices because it uses the Equihash mining algorithm. Equihash requires more memory than SHA-256, which hinders its mining on ASIC devices that rely on computational power to solve the encryption.
One of the best ways to mine BTG and BCH is to join a mining pool that mines the currency of your choice. There are many pools to choose from, but it’s important to pay attention to the fees and how you are compensated for your mining contributions.
How to Buy / Invest in Bitcoin Cash and Bitcoin Gold
BTG is currently not available on any centralized trading platforms. You can find exchange sites like “Bitfinex” and “HitBTC” and other decentralized platforms, but U.S. residents cannot trade on these platforms.
Bitcoin Cash can be found on Coinbase, BinanceUS, FTX US, Kraken, Gemini, and many other trading platforms. Prices can change within a second, so it helps to understand how these platforms work before venturing into them. For example, FTX US is a trading platform suited for cryptocurrency enthusiasts who enjoy trading similar to day trading, so prices fluctuate very quickly. Coinbase is ideal for those who wish to buy and hold or convert their cryptocurrency.
Source: https://www.thebalancemoney.com/bitcoin-cash-and-bitcoin-gold-and-how-to-buy-it-4160437
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