Token Description & Project Background

Bitcoin Gold was created in October 2017 as a Bitcoin fork resistant to ASIC mining.  The project was founded by a team of six developers led by Alejandro Regojo and Hang Ying.

BTG is a crypto with Bitcoin fundamentals, mined on common GPUs. 

BTG marketing materials claim that ‘ASICs tend to monopolize mining to a few big players, but GPU mining means anyone can mine again - restoring decentralization and independence. GPU mining rewards go to individuals worldwide, instead of mostly to ASIC warehouse owners, recreating network effects that Bitcoin used to have’.

The Bitcoin Gold Foundation supports the development of the project.

Regojo has since co-founded Solidity Jobs, an Andorran Blockchain consultant company behind the development of the S-Token.

Risks of BTG

Like an investment in other crypto assets, there are some general risks to investing in BTG. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in BTG is subject to the following specific risks:

• BTG faces significant competition from other digital currencies. Any potential success associated with the BTG token depends on Bitcoin Gold’s rate of adoption.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with BTG. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The BTG community and Bitcoin Gold Foundation are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of BTG have no recourse to the BTG community, Bitcoin Gold Foundation, or Uphold if BTG declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing BTG on the Uphold Platform, Uphold performed due diligence on BTG and determined that BTG is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of BTG, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of BTG.
• Any marketing materials put forward by the BTG social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with BTG, including any code defects, security breaches and other threats concerning BTG and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with BTG, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of BTG. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 23, 2023.