Bitcoin Gold wallet

Bitcoin Gold (BTG) is a fork of the Bitcoin protocol that executed in October 2017 and primarily originated out of a desire to change Bitcoin’s mining algorithm from SHA-256 to Equihash – consequently making ASIC mining rigs obsolete in the network.

Similar to the Bitcoin Cash hard fork, once the Bitcoin Gold fork was initiated, Bitcoin holders were able to redeem BTG at a 1:1 ratio corresponding to their BTC holdings.

Focused on a different design consideration than another of Bitcoin’s prominent debates — block size — the role of ASICs in cryptocurrency mining of proof-of-work (PoW) networks has been polarizing, and arguments on both sides are plausible. On one side, ASIC mining can lead to a centralized mining economy in the hands of firms that can operate with economies of scale since ASIC hardware costs are at a premium.

Conversely, the position taken by Bitcoin Gold and other ASIC-resistant cryptocurrencies is that by changing the mining algorithm to one that precludes ASIC machines from the network, access to mining can be democratized to any user with a GPU consumer computer.

Outside of the mining algorithm shift, Bitcoin Gold retains some of the same technical aspects of Bitcoin including the 21 million supply cap, SegWit, and block times. Bitcoin Gold’s Github cites the primary differences of the network from Bitcoin at the time of launch as:

• ASIC-resistant Equihash mining algorithm
• Per block difficulty adjustment algorithm
• Replay protection
• Unique wallet addresses

Bitcoin Gold was bootstrapped on November 12 following its launch to create its own network. However, it still contains the entire Bitcoin blockchain up to that point.

When you first buy cryptocurrency, you’re issued with two keys: public and private.

• A public key serves as an address that can be shared with other parties to perform transactions.
• A private key represents a randomly generated number that signs transactions and protects your assets from malicious attacks. If it gets compromised or lost, you won’t be able to access your cryptocurrency wallet to spend, withdraw, or transfer your coins.

To safeguard and keep track of your keys, you can use online or offline wallets. Online wallets, also known as hot wallets, store private keys on systems or devices that are connected to the internet. Hot wallets are easy and convenient to use, however, they come with several drawbacks. Besides being susceptible to attacks and a honeypot for hackers, with hot wallets, the custody of private keys is often entrusted to a third party such as a crypto exchange, which means you never have full control over your funds. The safer choice are specialized hardware wallets that store private keys offline. Stealing private keys from a hardware wallet would require physical access to the wallet and corresponding PIN or the recovery phrase. What’s more, with hardware wallet, you don’t need to rely on third party custodians.

Ledger Nano is the industry-leading hardware wallet. With more than five million customers, Ledger Nano wallets have several layers of security that protect private keys, and hence your assets:

• Your private keys are stored on secure element chips.
• A PIN code and a 24-word recovery phrase are required to access the wallet.
• Ledger Nano crypto wallets have been built using highly durable materials for protection against physical damage.

With full isolation between private keys and your computer/mobile, Ledger Nano wallets keep your keys secure and give you complete control over your assets.