Bitcoin Gold (BTG) is part of the top 100 cryptocurrencies by market cap in the crypto industry. If that doesn’t shout “BTG as a crypto payment method”, what does? The popularity of this financial sector in 2021 allowed many to tap into this new crypto endeavor, which means that more and more people get to own crypto. Well, now that they own crypto, some want to profit, others want to use it for entertainment. Coincidentally (or not really) this means that crypto casinos are getting into the spotlight as well, although they’ve been around for a while.
Now, crypto casino owners are well aware of the fact that players would like to be able to play with different cryptocurrencies and not Bitcoin and Ethereum only. This is where BTG gets a role as part of the leading cryptocurrencies. We are saying leading, although it is in the top 100, due to the fact that there are more than 20 000 cryptocurrencies officially, and many others that are about to be released.
In this article, we will be covering the basics of how Bitcoin Gold’s network works and what the blockchain’s goals are. Additionally, we will be going through a number of advantages, and in a later section, the numerous disadvantages. So without further ado, let’s explore what Bitcoin Gold is and what its aim is.
Bitcoin Gold was founded back in 2017 with the aim to become a user-friendly alternative to the original Bitcoin blockchain and cryptocurrency. It also strives to combine security and sturdiness (which has been arguable lately), with its experimentation when it comes to development. Another point BTG is trying to prove is that DeFi and dApps are the future, which is why it allows developers to use the token for this purpose.
The network uses an open-source protocol, allowing owners of Bitcoin Gold to participate in the governance and development of the blockchain. Other than that, BTG is what is considered a hard fork of Bitcoin, but trying to futurize the mining process, through a proof-of-work algorithm, where Bitcoin is weak, due to scalability issues.
It is one of the first hard forks of Bitcoin and its purpose attracted the eyes of big companies and enterprises, allowing it to reach the spotlight.
Its current price during the January crypto crash is around $30, which is a great dip from November of 2021 when it was priced at more than $70. However, this is not unusual, as most cryptocurrencies saw the same growth and dip.
As a direct hard fork of Bitcoin, BTG excels in fields that many cryptocurrencies do not. In this section, we will be looking at some of the most important benefits the token can offer when it comes to crypto casinos. Of course, there won’t be space for the more technical advantages the cryptocurrency has to offer.
Due to the nature of the fork, BTG, just like Bitcoin, is a decentralized cryptocurrency. This means that there is no single organization or a chain of command that decides what will happen to the blockchain. For many, this is a reason to choose cryptocurrencies instead of fiat, as no government can manipulate the transactions and the network in any way, shape, or form. Crypto casino players benefit from this greatly, as many wish to hide their activity from the officials.
Because of that, the cryptocurrency also will allow you to retain your privacy through pseudonymity. This is a bit different than anonymity because all transactions are recorded on the blockchain, and everyone has access to these transaction records. For example, if someone knows this wallet address belongs to you, they will know all of your transactions. Of course, the chances of that are low, which is why many look at pseudonymity as a sign of security, especially when it comes to crypto casino transactions.
And when talking about security, there is no way we can pass on the security levels of the BTG blockchain network. Once again, because it is a fork, it performs great when compared to other cryptocurrencies. It is well-known that the security of Bitcoin is one of the strongest in the game, as there haven’t been many successful breach attempts directly on the blockchain. This is important because if a breach happens, the price of Bitcoin will drop significantly which can negatively affect your winnings’ cost.
Furthermore, the transactions are highly affected by the altercations made by BTG to the development of the blockchain. What this means is, as we mentioned earlier, they aim for more efficient transactions, which directly translates to cheaper fees, due to the lack of potential congestion. To be more precise, BTG shares the same block time of 10 minutes with Bitcoin, which is way faster than most fiat payment options on the market.
Additionally, the transaction fees do not go for more than $0.50 even during the highest volume timeframes. This price is actually the maximum recorded. Nowadays, the transaction fee is around $0.10 and $0.30 on average. This means that no matter how many transactions you go for, the accumulated fees will be negligible.
An important factor for those who live in countries that apply restrictions and rules for cryptocurrencies and/or casinos is the availability of specific tokens. However, great news for those who are looking for a compatible cryptocurrency is that BTG is available for worldwide use, and the pseudonymity ensures your activity will be masked for the most part. Of course, citizens of such countries will need to use VPN software, which is not accepted in all crypto casinos, so make sure to check in with the crypto casino before making any financial decisions.
Additionally, there are the occasional bonuses for BTG deposits that some crypto casinos have to offer. These usually are a match for a percentage of your deposit’s amount. For example, if a match is 50%, and you deposit $100 worth of BTG, you’d be getting $150 in your account’s balance, which is a great way to top it up in the earlier stages of your gambling experience.
The final feature we cannot miss is the expanded boundaries of the betting limits in crypto casino games. If you didn’t know, fiat currencies are highly regulated which denies game developers to experiment with the minimum and maximum betting amounts in their games. This is a problem for both the ones who wish to test crypto casino betting and the ones that wish to bet thousands. Well, cryptocurrencies have no restrictions whatsoever, which means you will be getting to bet for as little as $0.01 and go up to the thousands without an issue.
We explored quite a few advantages that BTG has over other currencies and payment methods. However, there are some that we did not have the chance to tap into, which is why our Pros & Cons section proves to be useful time and time again. This is especially true because we also go into great detail about the disadvantages of BTG. We believe it is very important to stay as transparent and objective as possible, to allow you to make an assessment of whether or not BTG casinos will be compatible with your requirements. Let's take a look at each pro & con.
If you are just getting started with crypto casinos, it is probably a better idea to try out a more popular and widely known currency than BTG, as it is not accepted everywhere as a payment method, and because of the unknown future of the token.
However, if you are interested in purchasing BTG and using it to play, there are many benefits you will be experiencing, such as the security of the network, low transaction fees, bonuses, and more.
If you are interested, an FAQ section can be found below for some condensed information.
BTG is a cryptocurrency that is a hard fork of Bitcoin. However, it differentiates by the goals that is it trying to reach. For example, BTG is trying to combat the congestion and scalability issues that BTC has. There are also many differences between BTC and BTG, as many enterprises keep a close eye on BTG casinos.
BTG can be purchased on major crypto exchange platforms such as Binance, Bithumb, Gate.io, Bitfinex, Coinone, Bybit, Huobi Global, and many others.
BTG casinos offer many benefits such as exclusive bonuses for BTG and other crypto deposits, expanded betting limits, crypto-exclusive games, and more.
No, unfortunately, there are not that many crypto casinos that accept BTG at the moment, which means you have to check in with a casino, before making any financial decisions.
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Crypto Specialist
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