What is Bitcoin Gold?
Bitcoin is the talk of the town in the financial markets currently. Before we get into Bitcoin Gold let us first get a basic idea about Bitcoin. Bitcoin is basically a cryptocurrency, or a digital currency, which uses rules of cryptography for regulation and generation of units of currency. This digital currency falls under the falls under the category of cryptocurrency. It was the first as well as the most valuable among them. In other words it is commonly called a decentralized digital currency.
How Bitcoin Works?
The Bitcoins which is now the buzz word are basically virtual coins which are designed to be ‘self-contained’ for their value. There is no need for any bank intervention. Once you have bitcoins, they possess value and trade much like the way nuggets of gold in your pocket. You can use them for purchasing goods and services online. You could also stay invested in them and hope that their value increases over the years. In fact Bitcoins are now being traded from one personal wallet to the other. An electronic wallet is a small personal database which you could store on your computer drive, your smart phone, on your tablet or even in the cloud.
Get to know about Bitcoin Gold
Along with the initial Bitcoin, a new form of CryptoCurrency known as Bitcoin Gold is at the present exist on web. It was created with the objective to rectify a major law in the plan of the innovative Bitcoin. It is true that there are numerous Cryptocurrencies on World Wide Web at present. All of these have been derived from the Bitcoin in some way or the other. The Bitcoin Gold, much like the other versions example Bitcoin Cash, was something which was shaped in the August of this year. The Bitcoin Gold primarily differs in 2 distinct ways.
Ways in which Bitcoin Gold differs from Bitcoin
Bitcoin Gold is projecting itself as a description of the original Bitcoin instead of a new platform which has been derived from Bitcoin’s source code. The Bitcoin Gold has also retained its initial transaction history. This means that in case you possessed Bitcoins prior, you would now have an equal quantity of Bitcoin Gold.
The main aim of Bitcoin Gold
The Bitcoin Cash is mainly designed with the primary objective of resolving Bitcoin’s capacity crunch, while dealing with superior blocks. However the primary objective of Bitcoin Gold is to deal and tackle the other perceived flaws of the Bitcoin. This is in terms of the increased centralization of the industry for mining. This verifies and protected Bitcoin dealings.
When the Bitcoin was initially created, it enabled anyone who could participate into the process of Bitcoin mining merely with their private Computers. They would also earn a bit of additional cash in case they offered to hold the Bitcoin network. However gradually as Bitcoin was more precious, many found out that the process of Bitcoin extraction could be complete with extra proficiently if a Custom made app exact incorporated circuit could be used. This resulted in Bitoin mining becoming a much more specialized industry. Thus the foremost companies in the field gained a disproportionate authority over the Bitcoin system. Thus in some ways the initial motive of the reason why the Bitcoin was created in some ways was defeated.
Bitcoin Gold has been designed mainly with the objective to dethrone mining companies which gained a significant advantage in case of the Bitcoin. This is being done by the introduction of an option mining algorithm, which is much less vulnerable to ASIC based system. Theoretically, this would empower the users of Bitoin Gold extra much in the same way they could perform in the initial days of the Bitcoin and would be spared the computing cycles.
Investing and trading in Bitcoin Gold in India
Much like all the other Cryptocurrencies the Bitcoin Gold too has emerged as a great digital instrument towards trading and investing. Though of course different experts have different opinions about trading in this new digital form yet no one can deny that there has been a lot of hype over the entire issue in recent times. So in case you are looking to trade or invest into Bitocoin Gold in India, the good news is that you could do it as a user as well much like the other financial instruments as well. You could easily so so through certain online platforms in India itself like Zebpay and Unocoin.
These are Mobile Apps which are to be downloaded and certain details have to be verified. You are to provide PAN Number, along with Bank A/C No and other details. Once your account is created and verified for Bitcoin Gold India, you could start trading in Bitcoin Gold India wherein you would have a Bitcoin Gold price which has a buying price and a selling price much like all other more conventional instruments like Shares and more traditional currencies.
The initial Start for the Bitcoin Gold was tough
Following the initial birth the new crypto Currency the Bitcoin Gold had a rough start and the initial prices plunged which many believe also pulled the prices of the Bitcoin down as well. However thereafter there has been a recovery. If you intend to trade in Bitoin Gold you must be aware of certain terms like the Bitcoin Wallet. Well the Bitcoin wallet is basically a collection of private keys that are used to make transactions on the Bitcoin Network. Another concept you need to be familiar with is that of the cryptochain. Cryptochain or Blockchain is a list of records which are linked and secured by Crytography and is used for crypto currencies like Bitcoin.
In conclusion it can be said that as move to a more digital and more sophisticated world new financial instruments have also emerged even in the digital space. It is true that different people have different opinions about the same. Some experts believe that these new cryptocurrencies have great potential including the Bitcoin Gold where as others are of the opinion that this is just a bubble which would soon burst in the future. Whatever it be only the future will reveal the truth. But one thing is for certain that today if you want to trade and invest in these new digital currencies you could now do so even in India.
Participating in such transactions today is quite simple and there is a whole lot of support available on the internet for the same. But whether you are an investor or trader in the same the principles of trading and investing even in such instruments remain just the same.