How to buy Bitcoin Gold? Explained by Digimagg
Learn how to buy Bitcoin Gold with a step-by-step guide, covering account creation, deposit methods, trading, storage, and selling.
Purchasing cryptocurrencies may appear intimidating initially, particularly for newcomers to the digital asset realm. Nonetheless, equipped with the appropriate knowledge and tools, acquiring Bitcoin Gold is a straightforward process encompassing selecting a cryptocurrency exchange, establishing an account, verifying it, depositing funds, and executing a purchase.
Popular platforms facilitating Bitcoin Gold transactions include Bybit and gate.io. It's imperative to conduct research and compare factors such as fees, security protocols, and supported currencies when selecting an exchange, given the substantial variations among them. Moreover, one should consider their investment strategy, cryptocurrency storage options, and other pertinent factors when buying and trading Bitcoin Gold.
How to buy Bitcoin Gold in 5 steps?
This article offers a comprehensive, step-by-step tutorial on purchasing Bitcoin Gold, covering aspects such as selecting a suitable exchange platform, setting up an account, executing a purchase, managing crypto storage, and monitoring your investment. Armed with this guidance, you'll possess the necessary knowledge and confidence to initiate your investment journey in Bitcoin Gold.
1. Select a platform for purchasing Bitcoin Gold
You have the option to purchase Bitcoin Gold from various cryptocurrency exchanges, including Bybit and gate.io.
When determining which exchange to utilize, it's crucial to verify if the exchange accepts customers from your country. Additionally, certain exchanges are better suited for users seeking to buy and hold, while others cater to active cryptocurrency traders. It's also essential to confirm if the exchange offers all the trading features you may require. Some traders solely utilize spot markets, while others also engage in margin trading and futures. Ultimately, the ideal exchange depends on your specific needs and preferences. Bearing this in mind, let's explore some of the top cryptocurrency exchanges available in the market.
2. Establish your investment budget
When purchasing Bitcoin Gold or any other cryptocurrency, it's essential to have a well-defined plan and an established investing strategy ready for execution. Otherwise, you run the risk of making impulsive decisions driven by emotions, which could adversely impact your investing performance. Here are a couple of key considerations to bear in mind when investing in crypto:
Determining your investment amount:
One of the cardinal rules every investor should adhere to is never to invest beyond their financial means. Simply put, refrain from investing more than you can afford to lose. This principle holds especially true in the realm of crypto, given the market's high volatility and the frequent occurrence of significant price fluctuations.
Now, let's calculate how much Bitcoin Gold (BTG) you would acquire if you invested at the current price of $33.46 per BTG.
Investment | Amount of BTG |
$10,000 | 297.32 BTG |
$5,000 | 148.66 BTG |
$2,000 | 59.46 BTG |
$1,000 | 29.73 BTG |
$500 | 14.87 BTG |
$100 | 2.97 BTG |
What’s Bitcoin Gold price?
Bitcoin Gold is presently priced at $33.63, marking a decrease of -0.30% over the last 24 hours. During this same period, approximately $402,750 worth of BTG was traded across various cryptocurrency exchanges.
Over the past month, the price of Bitcoin Gold has experienced a decline of -29.82%. However, over the preceding three months, Bitcoin Gold has witnessed an impressive increase of 41.43%, and over the past year, its price has surged by 128.67%.
Furthermore, Bitcoin Gold's recent cycle low was recorded at $4.12 on March 13, 2020, while its cycle high reached $172.20 on April 07, 2021. Presently, BTG is trading at approximately -94% below its all-time high of $518.00.
What is the importance of implementing portfolio diversification?
You've likely encountered the adage, "don't put all your eggs in one basket." This timeless wisdom holds significant value, as investing solely in one asset poses considerable risk; if it were to plummet to zero, your entire investment would be lost. Instead, it's advisable to pursue diversification in your investments, thereby mitigating the risk of a single project failure wiping out your entire portfolio.
What is the optimal investment strategy to select?
Beginner investors are advised to employ a straightforward yet effective dollar-cost averaging (DCA) investment approach, which removes the uncertainty of when to purchase Bitcoin Gold and the amount to invest. Platforms like Binance facilitate this process seamlessly. On the other hand, seasoned investors may opt to time the market or utilize technical analysis to enhance their proficiency in entering and exiting positions
3. Conduct research on your Bitcoin Gold investment
Before delving into the purchase of Bitcoin Gold or any other cryptocurrency, it's essential to conduct thorough research. Typically, reputable projects provide a whitepaper detailing their objectives and solutions to real-world problems. Additionally, examining the project team's background and scouring forums and social media for security-related reports is advisable.
Furthermore, besides fundamental factors, attention should be paid to technical aspects. Presently, Bitcoin Gold is trading below the 200-day simple moving average (SMA), indicating a bearish trend. However, it's above the 50-day SMA, presenting a bearish indicator. Additionally, the Fear & Greed Index, a widely-used measure of market sentiment, currently stands at 70 (Greed). Overall, 11 technical analysis indicators suggest bullish activity, while 18 indicate bearish activity.
Based on the technical indicators mentioned above, Bitcoin Gold's price is forecasted to rise by 37.07% over the next five days, reaching $46.63 by May 01, 2024. On a monthly basis, it's projected to increase by 13.85%, reaching $38.73 by May 26, 2024.
Today's BTG price | $ 33.59 |
5-day BTG prediction | $ 46.63 (37.07%) |
1-month BTG prediction | $ 38.73 (13.85%) |
4. Initiate a purchase order for Bitcoin Gold
Buying Bitcoin Gold follows a similar process across different cryptocurrency exchanges, allowing you to utilize the steps provided regardless of whether you're using Bybit or virtually any other exchange.
Step 1: Register for a complimentary account on a cryptocurrency exchange of your preference
Begin by signing up for a free account on a prominent cryptocurrency exchange. Bybit and gate.io are both reputable options, each offering unique features. During the registration process, you'll be asked to provide personal details such as your name and email address. Some exchanges may also require you to complete Know Your Customer (KYC) verification to access enhanced features like increased withdrawal limits, crypto loans, and staking options.
Step 2: Make a deposit or buy Bitcoin Gold with a credit or debit card
There are various methods and payment services available for funding your exchange account. Choose the option that aligns best with your preferences:
- Deposit cryptocurrency: If you opt to fund your account with cryptocurrency, you'll need to transfer digital assets from a crypto wallet to your exchange account. Ensure you use the correct address for the supported crypto on your chosen exchange. Bybit is often favored for crypto deposits due to its user-friendly interface and extensive support for blockchain networks. Be cautious to avoid using the wrong address or sending unsupported crypto to prevent loss of funds.
- Bank deposit: Alternatively, you can deposit funds via a bank transfer (or wire transfer) using supported fiat currencies like USD, EUR, and GBP. Verify whether your chosen exchange supports your local currency before initiating a bank deposit. Since Bybit does not facilitate bank deposits, it's recommended to purchase Bitcoin with fiat on platforms like Binance (or Kraken for US residents) and then transfer it to Bybit for Bitcoin Gold trading.
- Credit or debit card: Buying Bitcoin Gold with a credit or debit card is a straightforward and widely used option. However, it's worth noting that credit or debit card payment methods are not supported by Bybit and gate.io. If you prefer using a credit card, consider making a deposit on Binance (or Kraken for US users), purchasing Bitcoin, and subsequently transferring it to Bybit.
Step 3: Navigate to the trading section and locate the appropriate cryptocurrency trading pair
Once you've completed funding your exchange account using one of the methods outlined earlier, proceed to the trading section and locate the desired cryptocurrency. Depending on the exchange, you'll find various trading pairs available, including crypto-to-crypto (like BTG/BTC) and crypto-to-fiat (like BTG/USD). Select the appropriate trading pair based on your deposit method.
Step 4 involves placing a purchase order for Bitcoin Gold
Decide between using a Market or Limit order when purchasing Bitcoin Gold.
Market order: Utilized for swift execution without specifying a price, the order executes at the best available price at the time of placement. Market orders are fast and suitable for assets with high liquidity.
Limit order: Sets a maximum buying price or minimum selling price. The order remains open until the asset reaches the specified price or is canceled by the investor. While they avoid execution price differences, they might not execute if the specified price isn't met, potentially leading to missed opportunities.
Step 5: Determine where to store your Bitcoin Gold
Cryptocurrency exchanges offer storage options for users to hold their crypto assets, and some even provide opportunities for passive income through yield-generating products. However, storing crypto on exchanges poses risks, such as potential loss of funds in case of exchange bankruptcy or hacking incidents.
For secure storage, cryptocurrency wallets are recommended. These wallets come in two types: software wallets (hot wallets) connected to the internet, and hardware wallets (cold wallets) allowing offline storage of crypto keys.
Each hardware wallet for cryptocurrencies includes a seed phrase, functioning as a key to access the wallet and transfer assets across various devices. To enhance security, it's advisable to store the seed phrase physically. Metal seed phrase storage solutions offer robust protection against loss or damage, making them the preferred choice.
How to sell Bitcoin Gold?
Selling Bitcoin Gold mirrors the buying process closely – you must choose between a limit or market order, as detailed in the "Place your Bitcoin Gold order" section, and select the trading pair. Remember to review potential fees, including transaction and exchange fees, before initiating the sale.
Once the cryptocurrency is sold, you have the option to withdraw fiat to your bank account (if using a crypto-to-fiat pair) or transfer crypto to an external wallet (if using a crypto-to-crypto pair). Additionally, you can transfer cryptocurrency between exchanges, which may offer different features or fee structures. Transferring crypto between platforms like Binance and Kucoin, among others, is a straightforward process.