Bitcoin Gold Core Wallet Review: What Sets This Wallet Apart?

The Bitcoin Gold Core Wallet is a wallet that stores Bitcoin Gold coins. Bitcoin Gold –like Bitcoin Cash- is a fork of the original Bitcoin currency. It aims to fix one of Bitcoin’s flaws; the increasing centralization of Bitcoin’s mining industry. The original creators of Bitcoin wanted anyone to be able to mine with their personal computer and earn some extra cash from their spare computing cycles.

As Bitcoin’s value grew, however, miners adopted extremely efficient (and expensive) custom-built application-specific integrated circuit (ASCI) mining rigs. This made Bitcoin mining a highly specialized industry since consumer PCs could not (and still can’t) compete with these custom rigs. Bitcoin Gold solves this while, at the same time, builds on Bitcoin’s tried and tested systems.

Bitcoin Gold Core Wallet Key Features

Bitcoin Gold adopts most of Bitcoins’ underlying infrastructure. However, it utilizes the Equihash proof of work algorithm, which cannot be sped up by custom hardware. This eliminates the disproportionate advantage that such rigs confer to their owners. It also utilizes a per-block difficulty adjustment algorithm, replay protection, and the Bitcoin Gold core wallet, which is built on the Bitcoin core.

ASCI Resistant

On average, every ten minutes, a computer on the Bitcoin blockchain network adds a block to the end of the blockchain and gets a crypto reward for that. Miners compete for the privilege of getting to add a block, primarily because of that reward. They do this by racing to solve a mathematical problem. Because Bitcoin uses an SHA-256 hash-based algorithm, the most computing power entity stands the highest chance of adding a block to the chain.

Bitcoin Gold, however, uses the Equihash memory intensive algorithm. For this reason, it is much harder – if not impossible – to game the system by having powerful rigs at your disposal. This bodes well for Bitcoin Gold Core wallet users since to use the wallet, you need to download the whole Bitcoin ledger onto your computer, which allows you to mine with your spare cycles if you want to.

Full Bitcoin Node

As mentioned above, you cannot use the Bitcoin Gold core wallet as a standalone wallet. You need to download the full node during the initial setup process. Despite weighing in at hundreds of gigabytes, having the full node on your computer offers a number of advantages.

Firstly, you do not require having your transactions validated by a third party; you can verify them yourself.

Additionally, since the node relays and validates your transactions on the Bitcoin network, you can choose the priority you want your transactions to be given, and by extension, the fees charged for each transaction. Further, you can validate and verify other people’s transactions, earning some extra coin.

Hot Wallet

The Bitcoin Gold Core Wallet requires an internet connection. This means your funds are easily transferrable. The name ‘wallet’ is, to some degree, misleading since the Gold Core wallet doesn’t store funds in the same way a physical wallet does. In contrast, it allows you to change the records stored on the blockchain ledger- a copy of which you’ll need to have on your computer, as explained above.

Security and Privacy Features

Purely by being based on blockchain technology, the Gold Core wallet is a very secure crypto storage option for Bitcoin Gold currency holders. Its creators didn’t stop there, however. They’ve built upon the Bitcoin network, leveraging its strengths and security features. Additionally, the Bitcoin Gold Core wallet is based on the Bitcoin Core wallet, making it one of the safest wallets available.

Compatible with Tor

As you well know, the Bitcoin blockchain is a publicly available ledger. Anyone can keep a copy of it if they wish and analyze it for their various ends. This makes it very difficult to introduce falsified transactions since all the other computers in the network will cross-check and reject it. The disadvantage of this, however, is that anyone can trace your identity if they are determined.

The Tor network is an encrypted web communication protocol that ensures the privacy and anonymity of its users. It does this by leveraging a series of nodes (read servers) that mask your IP address and any inadvertently revealed personal data. The Bitcoin Gold core wallet leverages the Tor network, routing all your transactions and traffic through its transport layer, effectively hiding your original IP address.

Hierarchically Deterministic

Since Bitcoin Gold is derived from Bitcoin, it inherits the Hierarchical deterministic nature of the Bitcoin core wallet. This means that after you use your receiving address, a new one is generated for you. These addresses are your public keys, as you share them publicly with anyone who you’d like to send you money. As all these keys are governed by a single key pair, called the extended public key (xpub), previous addresses remain completely usable.

To access the funds from each of your public addresses, you need to use its corresponding private key. These private keys are also governed by a single key pair, called the extended private key (xpriv). The xpriv is effectively the one key that rules all the others, while the xpub is the one key that brings together your addresses and binds them to your wallet.

Open Source

Much like the Bitcoin core wallet, the Bitcoin Gold core wallet is open source. Anyone can audit, make suggestions, and contribute to its codebase. This means that security loopholes are caught and fixed faster than on proprietary software since more people are on the lookout for bugs. Additionally, all processes are transparent since changes have to be publicly declared and vetted before they are committed to the wallet’s main branch.

How to Set Up and Activate the Bitcoin Gold Core Wallet

Before setting up and opening a Bitcoin Gold core wallet account, you should consider a few things.

Available Disk Space

As has already been established, you cannot run the Gold core wallet as a standalone wallet application. You need to download the full Bitcoin node, which at the time of this writing, is around 200GB. However, you cannot only have 200 gigabytes of storage available since this node grows in size as the number of transactions increases.

The application files will also occupy some space, so it’s probably best to have a few terabytes of spare storage. Additionally, you should set aside a few USB sticks or hard drives to backup your wallet. It is recommended that you regularly back up your wallet on at least two external drives. Do this before upgrading your wallet and after a series of transactions.

Device Security

Due to the sensitive nature of the data this software will store on your computer, you need to ensure that your computer is completely free from malware. Install anti-virus/ anti-malware software and run a full scan. Fix any problems the software identifies before installing the Gold core wallet.

Additionally, make sure you scan all the USB sticks you use to back up the wallet and take care not to install software from shady sites, as some of this software may have masked its malware well enough to escape the anti-virus radar.

Regularly (and promptly) install software and operating system updates, as they usually include security patches.

Internet Connection

During the initial set-up, you will need to download the full bitcoin node. This will require you to have a very reliable internet connection, one that’s fairly fast and that doesn’t impose strict limits. After the initial download, you will then need to maintain a good internet connection since your node needs to communicate with other nodes on the network as transactions happen.

After appropriately set up your device, you can then follow the steps outlined below to open and activate a Bitcoin Gold core wallet account.

Download the Bitcoin Gold Core Wallet

You can get the Gold core wallet from the official Bitcoin Gold website. The software is available for Windows (64 and 32 bit, Vista and later), Mac OS (v10.1 or higher), Linux (64 and 32 bit), and ARM Linux (64 and 32 bit). Installation instructions might vary depending on your platform, but the process should be fairly straightforward.

Start the Software

Launch the wallet. This will begin the node download. Your internet and PC speed will influence the amount of time this process takes, but you’ll likely need to be a little patient as this huge-volume data transfer takes time. You won’t have to repeat this, however, as it’s a one-time download.

Set Your Password

Once the node has been fully downloaded, go to the wallet settings, hit ‘encrypt wallet,’ and set your password.

Backup Your Wallet and Private key(s)

After logging in to your account, go to the file section and hit ‘backup wallet.’ Select the destination (this could be a USB drive, external hard drive, a mobile phone, or a CD) where you want the backup to be saved. It is recommended that you backup your wallet on more than one drive. To back up your private keys, go to the help section, hit ‘debug window’ then ‘console.’ Copy the key and store it well.

Congratulations, your wallet is now ready to use.

Bitcoin Gold Core Wallet Customer Support

This wallet is open-source, so you can raise issues and even fix them yourself if you’re skilled enough. However, for non-techies, the customer service can be contacted through the Bitcoin Gold website or via their various social media channels.


The Bitcoin Gold core wallet is a secure solution for Bitcoin Gold holders. It is especially suited for those who’d like to mine and earn some extra crypto, and for those who have enough space and bandwidth to run a full bitcoin node.


What’s Bitcoin Gold? 

One of the bargaining points for Bitcoin is its decentralization. Which means it’s not controlled by a central authority such as a bank or government. On that front, Bitcoin has it covered. However, there’s another entirely different front that the cryptocurrency has in recent years struggled with. Powerful mining machines and entities have taken over mining in the Bitcoin network, effectively locking out miners of more modest means. This is hardly what Satoshi Nakamoto had in mind when he created the peer-to-peer, electronic, and decentralized currency system. 

Decentralized and peer-to-peer. It’s all in those two words. The ability for ordinary people to transact with each other, directly, on the Bitcoin blockchain. The ability for anyone to participate in maintaining and securing the network. But the current picture in which a few powerful companies dominate this function diminishes the decentralization principle of the network. 

Bitcoin Gold (BTG) is a Bitcoin fork that seeks to remedy this problem. The currency hard-forked from the Bitcoin blockchain on October 24, 2017, at block height 491407. Let’s find out what Bitcoin Gold has in store.

Understanding Bitcoin Gold

Bitcoin Gold is a cryptocurrency that forked off of the Bitcoin blockchain. The currency hopes to make Bitcoin mining truly decentralized, as was the original vision by Satoshi Nakamoto. The team behind Bitcoin Gold envisions a cryptocurrency that everyone gets to participate in, as opposed to that ability being concentrated in the hands of a few powerful companies. 

In Bitcoin Gold’s own words: “Bitcoin Gold is a community-led project to create an experimental hard fork of bitcoin to a new proof of work algorithm. Bitcoin Gold will provide an opportunity for countless new people around the world to participate in a mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations. A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision.” 

Bitcoin Gold: Decentralizing Bitcoin

In Bitcoin’s early days, the ordinary computer could perform the work needed to verify and add transactions on the blockchain (in a process called mining). But in recent years, mining difficulty has increased, leading to the advent of more powerful and effective mining equipment known as application-specific integrated circuits (ASICs). ASICs today perform nearly all the mining on the Bitcoin blockchain. 

ASICs are designed for the sole purpose of Bitcoin mining – a factor that makes them incredibly fast and effective for the task. The problem is, buying and operating an ASIC machine involves a large amount of money (with the average ASIC miner going for $1,000 or more). 

This is something that locks out the average user from participating in the Bitcoin network. It also leaves Bitcoin mining in the hands of the few with the financial wherewithal to afford to purchase, install, and run ASIC machines. The result? Bitcoin becomes more centralized. And that’s not the end. The huge majority of Bitcoin mining takes place in actual warehouses equipped with hundreds/thousands ASICs that run 24/7. In this kind of setup, even if you can afford an ASIC machine, you cannot possibly compete with an entire warehouse. 

Bitcoin Gold wants to change this. The end goal is to make Bitcoin mining attainable for the average person, making it a much more decentralized process. Or, as the project’s slogan goes – “Make Bitcoin decentralized again” – a tongue-in-cheek play on Donald Trump’s 2016 election campaign slogan. Of course, the underlying message is much soberer: make Bitcoin mining a more inclusive and equitable process. And to achieve this, Bitcoin Gold has to make major decisions, such as changing a Bitcoin mining algorithm to no longer support ASIC mining.

SHA-256 vs. Equihash

To stop Bitcoin mining’s dependence on ASICs, Bitcoin Gold has to make it difficult for the machines to perform the proof of work involved in transactions’ verification and addition to the public ledger. In view of this, the BTG blockchain employs a memory-hard (meaning dependent on RAM) hashing algorithm known as Equihash. By contrast, the ASIC-dependent Bitcoin blockchain uses the SHA-256. The requirement for more memory renders it more complicated for the processing power-focused ASICs. This means small-time GPU miners can get in the groove once again.

Replay Protection

The Bitcoin Gold blockchain has integrated ‘replay protection’ as a means to protect users from potential hacks and other malicious activity. Replay protection is a feature that prevents users from sending both Bitcoin Gold (BTG) and Bitcoin (BTC) during a transaction. This protection is meant to cushion against a replay attack, which is an attack that can occur in the context of two forked cryptocurrencies that share the same code. In the absence of replay protection, users might accidentally send funds via the wrong blockchain, losing them entirely. 

As explained by the developers in a blog: “In order to ensure the safety of the Bitcoin ecosystem, Bitcoin Gold has implemented full replay protection – an essential feature that protects users coins from being spent unintentionally.” 

Mining Bitcoin Gold

With Bitcoin Gold being a more attainable Bitcoin, so to speak, how do you get to mining? All you need is a GPU – as opposed to the expensive and complex setup of an ASIC machine. Next, you should join a mining pool. A mining pool allows miners to come together and combine processing power so as to mine blocks faster. At the successful mining of a block, full participants share the reward according to each miner’s contribution to their processing power. You’ve got several choices, including, 2Miners, Minergare, BTGPool Pro. Next, you need to download the mining software for the pool you’ve joined. 

You’ll then need to have a BTG wallet. You’ve got options like, Bitcoin Gold Core, Ledger S, Freewallet, and so on. Every Polo has its own set of procedures, including integrating your wallet.

Controversy Surrounding Bitcoin Gold’s Launch

Like almost any prominent crypto hard fork, Bitcoin Gold’s launch was not short of controversy. The first controversy was the developer’s decision to conduct a “postmine” of 100, 000 coins after the launch. About 8000 blocks were mined in quick succession, with 5% of these going to the core developing team.

Coinbase, the largest crypto exchange in America and one of the largest in the world, was particularly skeptical of the crypto, stating that they “cannot support Bitcoin Gold because its developers have not made the code available to the public for review. This is a major security risk.” 

Also, just five days after launch, miners accused one of the developers of adding a 0.5% mining fee that had not been made transparent previously.

Tokenomics of Bitcoin Gold

As of 13th July 2020, BTG was trading at $9.75, while ranking at #57 in the market. It has a market cap of $170, 763, 243, 24-hour volume of $39, 395, 586, a circulating and total supply of 17, 513, 924, and a maximum supply of 21 million. In addition, the coin’s all-time high was $53 9.72 (Oct 23, 2017), while it’s all-time low was $4.31 (March 13, 2020). 

Buying and storing BTG

BTG is one of the popular cryptocurrencies, so you should have no trouble finding an exchange listing it. Options include big hitters like Binance, Bitfinex, Huobi, Livecoin,, OKEx, P2PB2B, BitHumb, EXMO, Folgory, YoBit, and Coinone. 

When it comes to the coin’s storage, you have several options, including Trezor, Bitcoin Gold Core, Ledger Nano, Exodus, Coinomi, Bitpie, and Freewallet.


The idea of cryptocurrency is to hand back the power of finance to the people. The ordinary person gets to participate in the “minting” of new coins, as well as securing the source network. But this grand promise for the first-ever cryptocurrency got subdued along the way, with powerful specialized machines taking the whole stage. Bitcoin Gold is out there trying to steer things back to how they’re supposed to be. 

Right now, the currency is performing modestly in the market. It’s hard to tell, just like with any cryptocurrency, the prospects of the coin. But as the crypto industry becomes more inclined towards true decentralization, it’s not hard to fathom BTG climbing to the top of the ranks. 

Crypto Market Analysis

Bitcoin Gold found a temporary resistance

Bitcoin Gold (BTG/USD)

Market Cap. $1.26B

Circulating Supply: 16.98M BTG

Max Supply: 21M BTG

Volume (24h) $30.81M


The Bitcoin Gold (BTG/USD) went up a bit today and is trying to make a valid breakout above a critical dynamic resistance. Price has found a temporary resistance in the short term, that’s why it went slightly down. It is trading at 74.900 level and is located above some very important support levels, but we still need a confirmation for a larger rebound.

Bitcoin Gold chart

The BTG/USD has found a bottom right above the 38.000 psychological level after the failure to reach and retest the median line (ML) of the descending Pitchfork. The price has shown some oversold signs after several false breakdowns below the mentioned median line (ML).

The crypto slipped below the lower median line (lml) of the ascending pitchfork but failed to stay there signaling a bullish movement. It has found strong resistance at the 50% Fibonacci line (ascending dotted line) of the ascending pitchfork and now has decreased a little to accumulate more directional energy.

A valid breakout above the upper median line (UML) of the descending Pitchfork will signal an increase at least till the 50% Fibonacci line. Only a valid breakout above this line will confirm an advance towards the median line (ml) and the first warning line (WL1) of the descending pitchfork. A significant increase will be invalidated by a valid breakdown below the lower median line (lml).


Bitcoin Gold (BTG/USD) could double its current value as long as will stay within the ascending pitchfork’s body. A valid breakout above the 50% will signal that the price is strongly bullish.