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Bittrex concerns official statement about Bitcoin gold, warns end users

One of the US-based Bitcoin exchange, Bittrex, has announced a formal and dignified position on Bitcoin Gold. Bitrrex extensively regarded as a beneficial and significant facet in the world of Crypto market.

Ultimately, Bittrex has clarified its position on the upcoming fork. As per Bittrex affirmation, Bittrex will effectuate a ‘wallet snapshot’ at the time of the hard fork, which will transpire at block 491,407. Meantime, each BTC will obtain an equivalent BTG.

According to the declaration:

“If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 24, 3 am PT (10 am UTC), you will be additionally credited the equivalent amount of Bitcoin Gold (BTG) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BTG.  BTC held on orders will also be credited.  Only the BTC held on your account is eligible for BTG.”

Also Read: The Coinbase Bitcoin Exchange opens the door to day trading

Cautions

The Bitrexx announces a number of warnings to the users about the forthcoming Bitcoin Gold currency. To wit:

“Bitcoin Gold does not currently have:

  • Fully formed consensus code
  • Implemented replay protection
  • Adequate code for testing and auditing
  • Publicly known code developers

Bitcoin Gold codebase also contains a private premine of 8,000 blocks (100,000 BTG). Please be aware that if a market does open there is a possibility of the developers selling their premined BTG on the open market.”

Bittrex famed that Bitcoin Gold does not match the necessary requirements to be outline on its exchange trade. They also listed that capturing a snapshot of user balances is extremely turbulent. Therefore, they will have to expel all deposits and withdrawals 24 hours in advance of the snapshot is captures.

Nonetheless, despite Bittrex’s reservations about the currency and the difficulty associated in creating the snapshot, the exchange seems committed to making certify its users obtain the significant amount of fund of Bitcoin Gold.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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