Who Receives Bitcoin Gold?If an individual owns Bitcoin before the creation of Bitcoin Gold, he/she is eligible to receive an amount of Bitcoin Gold (BTG) based on the number of Bitcoin the person owns. For example, if a user had 1 Bitcoin before the fork, they can now avail of 1 Bitcoin and 1 Bitcoin Gold. Besides this, if a user has saved Bitcoin in one of the exchanges that support Bitcoin Gold, then the exchanges shall automatically credit the relevant BTG amount into user accounts. Some of the exchanges that support Bitcoin Gold are:
How to Claim Bitcoin GoldBefore anyone sets off to purchase BTG, ensure that a new highly secured wallet is ready to hold the BTGs. Coinomi is the best Bitcoin mobile wallet designed especially for Android devices to claim Bitcoin Gold and users are required to move current Bitcoins to a new Coinomi wallet with a new seed or a private key. Other wallets such as Trezor and LedgerNano S are designed to provide the dedicated splitting tool to store BTG and BTC. In a simpler method:
- Move your current Bitcoins to a new Bitcoin wallet with a new seed/private key.
- Export the seed phrase of your previous wallet.
- Import the seed phrase into Coinomi.
- Add Bitcoin Gold to Coinomi and change the derivation path.
- Claim BTG.
Step 1: Get Seed PhraseThe first step to claiming BTG is to get the seed phrase, which is 12-24 words long. The user must retain and recall this phrase to prove ownership of their Bitcoin before the fork. Failing to recall this phrase can result in the loss of access to the Bitcoin stored on the wallet. Sometimes, this phrase will be displayed by the wallet and therefore, the user must move all Bitcoins to a new wallet before acquiring Bitcoin Gold.
Step 2: Install Coinomi Wallet and Import the SeedCoinomi is a highly secured multi-asset wallet that supports Bitcoins and other major altcoins and tokens. If users have already installed the latest version of the Coinomi wallet, they should create a backup of the existing wallet as this process may erase all the existing funds. Also, a customer can download a Coinomi wallet from the Play Store app and choose “Restore a Wallet”. The customer is then asked to enter the seed phrase, which is 12-24 words in length and click "Next". On the next screen, choose Bitcoin or any other coins if required. Do not choose Bitcoin Gold, we shall see this in the next step.
Step 3: Claim Bitcoin Gold
- Click on “+coins” inside the wallet menu
- Choose Bitcoin Gold
- Click on Advanced Settings
- Type in the phrase “M/44H/0H/0H” in the derivation path
An Alternative Method For Claiming Bitcoin Gold Using ElectrumIf importing the phrase seed into the Coinomi wallet fails, the user can opt for an alternative way to extract the private key for the Bitcoin address using Electrum, and sweep (import) the key into Coinomi. The process is as follows:
- Download Electrum from the official Electrum website
- Create a new wallet
- Enter the seed phrase from the original Bitcoin wallet
- Go to “wallet”, “Private keys”, and choose Export, to export the private keys of the wallet
- Write down the private key that had Bitcoins in them prior to the fork
- Download and create a new Coinomi BTG wallet
- Sweep the private key into the Coinomi BTG wallet