Bitcoin Gold was created as a fork from the Bitcoin blockchain in order restore the ability to mine with standard computer GPUs and to do away with the specialized ASIC rigs.
Even though Bitcoin Gold is a fork of Bitcoin and there are similarities between the two, it doesn’t mean wallets that support Bitcoin automatically support Bitcoin Gold as well. You need to be sure he wallet you choose supports Bitcoin Gold, otherwise you could be at risk of losing your coins if you transfer them to an incompatible wallet.
In an effort to give you a safe and secure place to store your Bitcoin Gold we’ve gone through many of the popular wallets to come up with these four safest places to store your BTG.
I have collected a list of some of the best Bitcoin Gold wallets that are currently available. This is based on some of the most important factors that anyone should consider when choosing a wallet such as security, usability, cross functional use and of course, community support.
I should also mention that there may be other wallets that are not included on this list that claim to support BTG. While these may be a viable option it is important that you confirm that the wallet in question is still being updated by the developers. You should also make sure that there are others in the Bitcoin Gold community who can vouch for this wallet.
With that said, let’s jump in!
Hardware wallets are your safest storage for any cryptocurrency, and the Ledger Nano S quickly climbed to the become the most popular and well-known hardware wallets on the market. The Ledger Nano S is both simple and secure. It looks like a standard flash drive, and plugs into the USB port of your computer just like a flash drive too.
It’s so much more than a flash drive though as it provide safe and secure storage for Bitcoin Gold and hundreds of other cryptocurrencies.
One of the key security features of the Ledger Nano S is the small OLED screen on the device that pairs with a set of physical buttons to keep hackers at bay. The OLED screen is important because this is where your private keys show during transactions.
Keeping these keys on the Ledger device and off your computer or mobile device screen protects them from malware that could take a screenshot. The screen is also used in the verification of transactions.
The Nano S also uses additional security measures in completing any transactions. One of these is the set of buttons on the side of the device that need to be pressed to complete any transaction. This means even if a hacker could access your device remotely, there’s no way for them to complete a transaction since they wouldn’t have physical access to the buttons.
One final security measure is the four digit PIN required for any payments. If you enter the PIN incorrectly more than three times the wallet wipes itself. You would then need to restore it with the backup seed.
The Ledger Nano S can also be used offline, which makes it even more secure. It works with all modern operating systems, including Linux, Windows and Macintosh. The downside to the Ledger Nano S is that it isn’t free, but they’ve been lowering the price, and it’s now just $59 as of March 2019.
Another hardware wallet where you can store your Bitcoin Gold is the Trezor Model One. This is the entry level hardware wallet that is developed by a company called Satoshi Labs that is based in Prague. Next to Ledger, they are probably the most recognizable hardware wallet on the market.
Given that this is also a hardware wallet, your private keys are stored locally on the device. Whenever you need to sign a transaction you will connect it to your PC through a USB cable. This will then make use of the Trezor’s “Bridge” software in order to interact with their browser plugin.
In addition to support for BTG, Trezor is a multi-currency walllet and has support for over 700 other coins. Of course, this functionality and security comes at a price and the Trezor model one costs €69 + VAT which makes it slightly more expensive than the Ledger Nano.
Now, while the entry level Trezor One should do just fine for your Bitcoin Gold needs, there are some well known coins that it does not support. These include the likes of Monero (XMR), Cardano (ADA) and Ripple (XRP).
If storing these coins is essential to you then you could consider the slightly more expensive Trezor Model T. This costs €149 + VAT and comes with a slightly more advanced user interface as well as a pretty handy touch screen.
The official wallet is almost always the best choice for any cryptocurrency, so you might want to consider using the Bitcoin Gold Core wallet. This full node wallet is a desktop wallet that stores your private keys on the device it’s installed on, and gives you the ability to send and receive, store, or mine Bitcoin Gold.
The Bitcoin Gold Core wallet has versions for Windows, Macintosh and Linux, which gives nearly everyone a secure desktop wallet for storing and managing their Bitcoin Gold holdings.
The downside for some users is that because this is a full-node wallet it takes some time to download and will also take up quite a bit of space on the hard drive. It’s also not considered to be as user friendly as many of the third party wallets and fails to have as many useful features. Finally, the wallet is limited to storing only BTG, so if you need a multi-coin wallet the Bitcoin Gold Core wallet won’t be suitable.
The Exodus wallet has been considered one of the most user-friendly wallets ever since it was introduced in July 2016. It was the very first wallet to include integration with ShapeShift to instantly exchange cryptocurrencies from within the wallet, without needing to use an exchange. It launched with support for a handful of altcoins, but as its popularity has grown it now supports nearly 100 digital assets, and more are being added all the time.
Th reason Exodus is so user-frindly is that it was designed from the ground up for people new to the world of cryptocurrencies. The founders knew they needed a wallet that was simple, free and devoid of technical mumbo-jumbo. And that’s exactly what they created with the Exodus wallet. It also includes built-in help and FAQs as well as troubleshooting help and detailed articles explaining the features available with the wallet.
As a desktop wallet it isn’t quite as secure as the hardware wallet options, but if you can keep your computer free of malware and viruses it is as safe as you can hope for from a desktop wallet. While some have complained about the lack of 2-factor authentication, the truth is if your computer is compromised the 2FA isn’t likely to help, and there have been well documented cases of hackers getting access to users cell phones to circumvent 2FA.
For those just starting out in cryptocurrencies the Exodus is a great choice. And for those who appreciate the aesthetics behind design the Exodus is also worth checking out. It’s available for Linux, Windows and Macintosh.
Coinomi began as an Android-only mobile wallet, but has since expanded to an iOS version as well as desktop versions for Windows, Macintosh and Linux operating systems. This means you can use Coinomi wallet on nearly any device you own. And you’ll want to because it comes with an impressive feature set and support for over 500 digital assets in addition to Bitcoin Gold.
Installation and setup of the wallet on any device can be done in minutes, and the user interface is both user-friendly and consistent among the different operating systems. Coinomi also supports both ShapeShift and Changelly, so exchanging your Bitcoin Gold for other altcoins just got a whole lot easier.
Private keys are stored on the device rather than on Coinomi’s servers, which adds to the security of the wallet. Launched in 2014 it is the oldest multi-currency wallet and no Coinomi wallet has ever been compromised.
The final option for storage that you may want to consider is a paper wallet. This is probably one of the oldest methods for storing cryptocurreny and can be done at no cost. It requires you to generate an offline address where you can store your private key in paper form.
In order to do this you can use an online wallet generator such as this one. You will want to disconnect your internet and generate the seed words in an offline state. This way, there is no possibility of your private key being leaked once you have generated it.
Once you have generated the address and got your private key you will want to print it on a piece of paper (do not store it as PDF on your PC). This can then be kept in a safe location in an offline environment. This is pretty common practice in the crypto industry and is called “Cold storage“.
Of course, the main risks that come with a Bitcoin Gold paper wallet is that once it is in someone else’s hands, they can access all of your coins. So be sure to make copies and keep out of the way of prying eyes!
So, there you have a list of 6 of the best Bitcoin Gold wallets.
Your safest option is perhaps to invest in a hardware wallet like the Ledger Nano or the Trezor. Yes, these come at a modest price but this is a small price to pay when you are storing valuable cryptocurrency. A paper wallet could serve the same purpose but there are physical risks with this.
Alternatively, if you would like to transact on more of a daily basis then you could always use the Core wallet or the Exodus wallet. If you are doing this then you will need to make sure that you are not downloading any viruses or malicious key stealing malware.
In the end, you will need to weigh up your own personal preferences when it comes to security, convenience and cost.
Featured Image via Fotolia
The post Best Bitcoin Gold Wallets: Top 6 Safest Places to Store BTG appeared first on Coin Bureau.