What is Bitcoin Gold
Bitcoin Gold (BTG) is an ASIC resistant hard fork of bitcoin that aims to decentralize the digital currency away from large mining pools. BTG did this by changing the hashing algorithm to Equihash which can currently only be mined by using Graphics Processing Units, or GPUs.
High powered GPUs were previously used in high performance gaming computers, but DIY miners have been using them to mine various cryptocurrencies. Nvidia and AMD have seen tremendous growth in both their stock price and top line revenue due to the rapid increase in demand from miners for high performance GPUs.
You can read more about the Bitcoin Gold hard fork here.
Bitcoin Gold Claim Process
In order to trade your Bitcoin Gold, you must go through a particular claim process depending upon where your Bitcoin was stored on or before October 24th, 2017. Some exchanges like Binance automatically claim your BTG for you and deposited it directly into your BTG wallet. Other exchanges are waiting until they have fully vetted BTG before allowing it to be used on their platform.
- Update your hardware wallet to the latest firmware
- Run the BTG Splitting tool
- Claim BTG
Each hardware wallet has a slightly different Bitcoin Gold claiming process, but the steps are typically very similar. We will now go into detail on how to claim your Bitcoin Gold with the TREZOR Wallet, Ledger Nano S, and Ledger Blue hardware wallets.
Claim Bitcoin Gold on TREZOR Wallet
TREZOR was nice enough to send an email to it's customers letting them know that they can now safely claim their Bitcoin Gold. This email was sent on November 20th, 2017, so make sure to double check your inbox to help start the process.
- Open November 20th Email from TREZOR
- Click the green "Claim BTG" button at the bottom of the email
- If necessary, update your TREZOR Wallet firmware to 1.6.0
- Run the Bitcoin gold claim tool by clicking the trezor.io/claim-btg link
- Select the type of account you were using (Standard or Legacy)
- Plug in your TREZOR Wallet
- Click "Connect with TREZOR"
- Enter your TREZOR PIN code
- Click "Claim BTG" button with the fee set as "normal"
- Confirm the transaction on the TREZOR Wallet (2 times)
- Go to Trezor.io and open up your BTG Wallet to confirm receipt of your BTG
The Bitcoin Gold claim process for the TREZOR Wallet was fairly straight forward, even though we have listed 11 steps. Remember this, we are still in the early stages of usability with cryptocurrencies. I foresee a time when claiming a forked coin with a hardware wallet takes no more than two clicks and require little experience.
Double check which type of bitcoin address you are using before claiming your Bitcoin Gold. If you are still on a legacy account (non-SegWit) you will need to switch the account to Legacy like we did in the video above. Bitcoin transaction fees are currently very high (>$40 December 2017), but we would recommend moving to a SegWit address/new account as soon possible.
You can read our full review of the TREZOR Wallet here.
Claim Bitcoin Gold on Ledger Blue
Claiming Bitcoin Gold on the Ledger Blue was extremely easy. We like the Ledger Blue because of the large touch screen and the ability to store more than 4 or 5 wallet applications on a single device.
- Open Google Chrome and go to Apps
- Open the "Ledger Manager" app
- Scroll down and download the "Bitcoin Gold" app
- Open the Bitcoin Ledger Wallet from the Chrome Apps
- Connect Ledger Blue and Input your PIN code
- Click "BTG Split Tool"
- Choose which address type you are using "Legacy" or "Segwit"
- Confirm Receipt of Bitcoin Gold
Even though the web version of the TREZOR Wallet is more user friendly than the Ledger, the Bitcoin Gold claiming process was very straight forward. If you want to learn more about the Ledger Blue, you can read our full review here.
As with the TREZOR, make sure you know which type of Bitcoin wallet you are currently using on your Ledger Blue. That will determine which account you need to open on step 7. Don't worry, if you chose the wrong one, your balance will simply show as zero. You will be able to go back and select the different account finish the claiming process.