Bitcoin Gold Fork Coming: How To Dual Your Bitcoins
It has bot only 9 weeks since the Bitcoin Specie hard fork, and wij are again discussing another Bitcoin hard fork.
For those of you who don’t know about the previous Bitcoin hard forks and its challenges, read my earlier guides here:
And for those of you who aren’t aware of the upcoming Bitcoin hard fork, pay attention.
Ter this article, I intend to voorkant everything you need to know about the upcoming Bitcoin hard fork and how to prepare and benefit from it by doubling you coin holdings.
Some of you may think this is a good thing spil your value will also dual!
Note: Doubling of coins does not mean doubling of value, because after a hard fork, the value of both versions of coins are determined based on user sentiments and request/supply te the market.
So keeping that point ter mind, let’s get started…
Fresh Bitcoin Fork – Bitcoin Gold (BTG)
Bitcoin Gold is a fresh, would be cryptocurrency denoted, spil of now, spil BTG or “bgold”. It will be a fork of the original Bitcoin that Satoshi Nakamoto invented te 2008.
The Bitcoin Gold community defines BTG ter the following style:
Bitcoin Gold is a community-activated hard fork of Bitcoin to make mining decentralized again.
At present, there is very little information available about the technical know-how of this fork because their webstek is under development.
Who Is Doing This Fork And When Is It Happening?
The Bitcoin Gold project is being driven by some developers, miners, and their head Jack Liao, the CEO of the Hong Kong-based mining equipment manufacturing company, LightningAsic.
Bitcoin Gold’s lead developer is someone anonymous by the name of h4x3rotab and he/she claims that:
Bitcoin Gold is also a real blockchain to pilot Bitcoin upgrades.
Spil vanaf their official webstek, the precies time is not yet known for this fork.
But the official date for the fork is mentioned spil 2018-10-25 (25th October 2018) but better to go after the block height which is block 491407.
This is a community-driven hard fork without any overeenstemming voting. It is primarily being driven by a few who believe that the original Bitcoin mining system has become centralized and is monopolized by a handful of mining companies.
They believe this because of ASIC miners which provide a very strong entry barrier for an average user or miner like you and mij.
And now, thesis hard fork volgers want to switch that and make the process more decentralized.
How Do BTG Volgers Want To Switch This Centralization Problem?
BTG (i.e. Bitcoin Gold) advocates have determined to solve this problem by forking Bitcoin on 25th October by switching its original protocol.
Specifically, to combat the mining centralization problem, the BTG developers are implementing a different mining algorithm altogether that will be resistant to ASIC chips called Equihash.
This will make ASIC miners irrelevant for mining Bitcoin Gold because, with the implementation of Equihash, Bitcoin Gold will be mineable simply by using cheap GPUs.
- Note: Presently, Bitcoin uses the SHA-256 mining algorithm (read about SHA-256).
Their other zakagenda is to save Bitcoin te case something happens to it ter the future, spil they optie will.
Also, I think they want to contest with other GPU minable cryptocurrencies like Zcash, Ethereum, and Monero.
And with Ethereum moving to POS overeenstemming, this is a kleuter of masterstroke for this Bitcoin-branded coin (BTG) because then those Ethereum mining people will have to switch to either BTG or Zcash or another GPU minable currency te the future.
But they know that they are not rivaling with Bitcoin and Bitcoin Contant spil stated by their lead developer te a conversation with Bitcoin.com.
Features of Bitcoin Gold (BTG)
Bitcoin Gold doesn’t bring many features with it, but…
- BTG will be based on Equihash so it will be GPU minable.
- BTG will have inbuilt replay protection because it is a ongezouten fork of BTC.
- BTG will have a variable difficulty that will switch vanaf block. (Good thing for GPU miners.)
- And looks like BTG will have a pool of pre-mined coins for 16,000 blocks.
Exclusief from thesis, there will be no switches like block size adjustment.
And BTG will be following the suit of the original BTC core developers for the future betterment of their coin because they believe that’s the secure way.
I have mixed feelings toward this because of several reasons…
It’s a good idea to have a GPU-minable algorithm. This will surely prevent centralization and presently, there is no GPU-minable Bitcoin hard fork. So it’s good te that sense.
On the other palm, their development and way forward look depressing. There is literally no information whatsoever on their GitHub or official webstek. Moreover, on GitHub, none of their developers are publically available.
Also, haywire information sources on the Bitcointalk forum raise massive crimson flags about their future and their intentions. I wasgoed indeed astonished to learn that they might have an ICO for thesis pre-mined blocks, but again, there is little clarity about it on their official webstek.
But… let’s say that around 25th October they have hammered all odds, clarified the much-needed information about their project, and wij have a fork… then what to do te that case?
Then the only thing to do is love and rechtsvordering your free airdropped Bitcoin Gold coins!
Confession: I am going sell some part of BTG instantaneously (if a fork happens) and will HODL the surplus of it.
How To Get Free BTG
One month until #bgold uittocht fork.
After the BTG fork, you need not do much, but you need to be updated and agile about this subject.
If you want access to your BTG coins, you need to take care of two things:
- You should have your private keys.
- You should avoid being replay attacked.
And here’s the significant part: Both of your coins (BTC and BTG) will have the same private keys.
Moreover, due to this fork/split, another problem called Replay Attacks can toebijten.
However, they say that they have replay protection ter place, but wij are not sure how effective it is spil it has not bot tested live.
So to avoid replay attacks and access your free BTG coins, wij suggest you take care of the following things:
- Avoid transactions for some days until the dust lodges to avoid replay attacks.
- Keep your Bitcoin private keys with you, not ter a third party exchange like Coinbase.
- Use hardware wallets like the Ledger Nano S and Trezor. Last time, during the Bitcoin Metselspecie fork, thesis two hardware wallets were the very first to support the forked coin.
- If you don’t have a hardware wallet, use software wallets like Mycelium, Jaxx, Coinomi, and Uittocht to control your private keys.
- You can also use a paper wallet or brain wallet.
- If you hold your keys te a paper wallet or software wallet, wait for instructions on how to access your BTG coins.
BTG Blockchain Launch Date: November 12, 2018 – 7:00 PM (Nineteen:00 UTC)
The future of BTG isn’t clear yet. But if the fork happens, BTG will likely have some market value and will undoubtedly steal away some hash power from GPU miners.
On the other arm, wij indeed need exchanges and wallets to support this Bitcoin Gold fork, otherwise, it will have a hard time finding any value.
And spil the fork time approaches, I will keep updating this article will more information on Bitcoin Gold and which wallets/exchanges are actually supporting it.
Last but not least, don’t fall prey to fake websites/wallets requesting your private keys to let you access your BTG.
So until that time, stay tuned to CoinSutra to keep up with the Bitcoin revolution!
Note: Theoretically Bitcoin Gold Fork is already done around October 24, 6 am UTC at block height 491407. So if you are transferring your BTC now, here and there then you might not get BTG because it’s overheen now. Regarding claiming your BTG through wallets wij will publish further instructions shortly. Glad Forking
Update 1: Bitcoin Gold’s Webstek is Live. Read their FAQ section for more details here.
Update Two: Bitcoin Gold’s Roadmap announced here.
Update Three: Read BTG Dev’s Official Statement here.
BTG Dev’s Official statement’s Gist:
The Bitcoin Gold dev team is not holding any information back. Wij are committed to utter transparency.
Wij do response all of the questions that are being asked via Twitter, Facebook, Slack, and email, and wij
provide all the needed information for the general public.
Wij don’t hide that wij are working hard to provide this solution – to make cryptocurrency that has the
Bitcoin structure and that cannot be mined using ASIC machines. Our project is almost ready, but there
is still a loterijlot of work to be done and wij will give all the support if there are people who want to help us.
Wij don’t make suggestions to buy or not buy any kleuter of cryptocurrency, especially not Bitcoin Gold
(BTG), spil all cryptocurrency markets are still very volatile and lightly manipulated. But the one thing
that you voorwaarde know is that on October 25, spil planned, wij will take a snapshot of the Bitcoin blockchain
and everyone will receive 1 BTG free for every 1 BTC te their wallet. So please be sure to keep your
Bitcoin private keys secure ter your own possession, spil wij don’t want any Bitcoin holders to miss out.
For further reading:
Like this postbode? Don’t leave behind to share it!