How to buy Bitcoin Gold in the UK  

A Beginner’s Guide to Buying Bitcoin Gold Cryptocurrency in the UK

Last Updated July 23rd 2021
5 Min Read

In this article, we will cover all the important information about buying Bitcoin Gold in the UK, including a step-by-step guide on how to get started with Bitcoin Gold trading. 

With time, cryptocurrencies have become a very popular investment approach, with many people shifting to it for their investment ventures. Although the crypto market is characteristically volatile, it has also shown a sturdy trend since the year started. This attribute has seen more and more investors drawn to the market to get the best ROI from the cryptocurrency sector.     

The crypto market features many different forms of cryptocurrencies, each attractive in its own way. Bitcoin Gold is one of these cryptocurrencies and enables investors to diversify their crypto portfolio instead of using the very common ones such as Bitcoin and Ethereum

This guide will equip you with the right knowledge and information to enable you to buy Bitcoin Gold in the UK. It also moves forward to give you important tips and considerations that will inform your investment decision. Nonetheless, it is advisable to always consider the risks involved when investing in the crypto market before signing up for it. 

What’s in this guide?

  1. QUICK GUIDE: HOW TO BUY BITCOIN GOLD IN THE UK
  2. A step-by-step guide to buying Bitcoin Gold in the UK
  3. How to sell Bitcoin Gold
  4. Which wallets can I use to hold Bitcoin Gold?
  5. How Bitcoin Gold works
  6. Key things to consider before buying Bitcoin Gold in the UK
  7. Conclusion

QUICK GUIDE: HOW TO BUY BITCOIN GOLD IN THE UK

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select Bitcoin Gold
  5. Enter how many Bitcoin Gold BTG tokens you want to buy
  6. Check the details and confirm your purchase

A step-by-step guide to buying Bitcoin Gold in the UK

Follow the following steps to buy Bitcoin Gold in the UK: 

Step 1: Open an account 

Opening a cryptocurrency exchange account is the primary step to buy Bitcoin Gold in the UK. The United Kingdom features multiple exchanges, each presenting its own approach to buying Bitcoin Gold. Before settling on one, find out whether it supports Bitcoin Gold. 

The process of opening an account is both easy and fast. It requires that you provide personal details such as name, contact information, and something to confirm your address- billing statement or utility bill. You also need to verify your identity through a government-issued Identity Card. 

The process of setting up the exchange account is very brief. It requires that you establish the security of your exchange. Security for the exchange entails a multi-factor authentication process to enhance the security of the account while at the same time minimizing chances of unauthorized access to the account. 

Step 2: fund the account 

Funding the exchange account is the second step and enables you to buy the Bitcoin Gold tokens. While there are many ways to fund the account, the simplest one concerns credit or debit card use. Alternatively, you can fund your exchange account by directly linking your bank account, so you can directly deposit funds from your bank to the exchange. 

On the off chance that the exchange account does not support buying Bitcoin Gold directly using fiat currency, the best thing to do is exchanging other cryptocurrencies for Bitcoin Gold. Some of the tokens that can facilitate this exchange include Bitcoin and Ethereum, which are very popular. 

Step 3: Buy Bitcoin Gold 

The third step is buying the actual Bitcoin Gold. Having successfully deposited funds into your exchange account, buying the Bitcoin Gold tokens becomes very easy. To do this, simply go to the buy section of the exchange account and specify the amount you intend to spend. Next, confirm the transaction and check your email for confirmation that processing has begun.  

To buy Bitcoin Gold tokens, place a market order or a limit order. The market order enables you to buy the tokens at the prevailing prices. In contrast, the limit order enables you to buy the Bitcoin Gold once the prices are at a defined minimum level. 

Step 4: Store your Bitcoin Gold in a crypto wallet 

After buying the Bitcoin Gold tokens, you have to store them in a crypto wallet, which means choosing the hot or cold wallet. The hot wallet enables you to store your tokens online for a short duration before you can start trading them for quick returns. Regarding cold wallets, it makes it possible for you to store your tokens offline using a USB drive. Cold wallets offer more security, especially because the tokens will not be available online and are therefore less vulnerable to loss. 

How to sell Bitcoin Gold 

When you want to sell your Bitcoin Gold tokens, all you have to do is go to the sell section of the exchange account and specify the amount you want to sell the tokens for. Next, confirm your personal details and let the transaction processing commence. 

Selling Bitcoin Gold tokens can be done in two ways. First, you can exchange them for GBP. Alternatively, you can exchange them for other cryptocurrencies. To do this, you have to check for the pair that fits your intended exchange. Some of the available pairs include ETC/BTC, ETC/ETH, or ETC/GBP. 

Which wallets can I use to hold Bitcoin Gold?

Two main wallets serve for holding Bitcoin Gold Tokens; Hot and cold wallets. Hot wallets are normally found in the exchange account. Therefore, they keep the tokens online, thus making it easy for retrieval and regular selling. Cold wallets, on the other hand, store tokens offline using external devices like a USB drive. 

How Bitcoin Gold works 

Bitcoin Gold works in the same way as the other tokens in the crypto market. BCG operates on a decentralized mode of operation, ensuring that no middle-persons exist in the buying and selling the tokens. Bitcoin Gold token investors actively buy when the prices of the tokens are at the lowest rates possible and sell promptly when the prices are at their highest. 

Key things to consider before buying Bitcoin Gold in the UK  

Among the things that you have to consider when buying Bitcoin Gold tokens include:

Performance 

Performance is one of the primary things for consideration before buying Bitcoin Gold. Find out how other cryptocurrencies have been performing over the past few months to predict how they will move forward.

Volatility 

Among the most pronounced characteristics of cryptocurrencies, Bitcoin Gold included, is that they are very volatile. As such, you have to be certain that you can manage the risks involved, especially when the prices begin to fluctuate. 

Usability 

Usability is another important consideration, often because a cryptocurrency that has a limited range of usability is not very popular for purchase. Go for a cryptocurrency that can be applied over a range of trades because one with such a quality will always maintain an attractive price and safety against market depressions.

Conclusion 

Bitcoin Gold stands among the most popular cryptocurrencies, with a track record of popularity in the market. BCG tokens are bought and sold in very simple steps, as mentioned above. However, there are key considerations that should never be overlooked.

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