Insight About the Blockchain’s Next Split: Bitcoin Gold

A person who owns the Bitcoin will be able to receive a new cryptocurrency.

Another alternative version of a different set of protocols will release on block 491,407 on the Bitcoin blockchain.

It is the second to introduce since August through a vertically increasingly general process called a “hard fork.” This project wonders to enhance the inner Bitcoin’s technology.

Moreover, the readers can go back to remember the concepts from the launch of Bitcoin cash, the alternative version of the Bitcoin protocol that triggered global headlines for generating the Billions of dollars.

Therefore, most of the industry analyzers want the same expected results at this same time around. Hence, there must be appropriate reasons for enthusiasm to be tempers.

What do you mean by Bitcoin gold?

In very simple terms, Bitcoin gold aims to accomplish two goals:

  • First, Bitcoin gold wants to replace the traditional mining process by implementing the most powerful mining machines (called ASICs).
  • Second, engaging more people to involve in this system, it prospects to release the Bitcoin network from the large-scale companies which provide these products and it argues, command undue influence on the network.

Bitcoin gold adapts Bitcoin in an effort to “make Bitcoin decentralized again”, instead of scaling Bitcoin to guide large users. Therefore, the proponents make an argument to design the network to offer an equitable way to transfer payments digitally across the globe.

And it is initiates through the same mechanism, at some extent the Bitcoin gold differs from Bitcoin cash, most prominently in its distribution.

Also Read: Bittrex concerns official statement about Bitcoin gold, warns end users

Differences include:

  • The Bitcoin gold cryptocurrency is intent to be develop in advance (initial to the code being open-sourced to the public).
  • Cryptocurrency token is mined up to 1 percent before the blockchain is publicly available for users.
  • When the distribution of cryptocurrency token is over, the development team claims it will launch the cryptocurrency in order to redeem their coins

Do I have Bitcoin gold?

1 BTC to 1 BTG is the rate got by all Bitcoin owners, flooring the level for possible market activity.

One turn is that it is more feasible to redeem the funds from exchanges and wallets that determine the cryptocurrency. To reclaim the Bitcoin gold is to move Bitcoin to a wallet or exchange that supports Bitcoin gold, or to store the Bitcoin wallet with your own private keys.

As per the project’s website, 20 exchange and wallets agreed to support Bitcoin gold on the day it launches.

Who is behind Bitcoin gold?

Bitcoin gold is managing by the team of the relatively small group.

Jack Liao, CEO of LightningAsic, Hong Kong, introduce the idea of Bitcoin gold back in July.

The team has expanded to include pseudonymous lead developer h4x3rotab, with the other five volunteers working on developing and promoting the cryptocurrency in their spare time.

The project is on and on the community Slack group.

How do people feel about Bitcoin gold?

Many people said exploring and using Bitcoin gold, it’s worth noting that it has created its share of controversy.

Marek Palatinus, CEO of Satoshi Labs, who released Bitcoin’s first ever mining pool which is quite skeptical the project will actually work to decentralize mining as planned.

He is not only the person to comment on the new project.

Bitcoin developer Rhett Creighton is managing on “protest fork” software that seeks to pursue the identical idea but without setting aside some of the new cryptocurrency for development.

He stated to Coindesk that the users of this software is over more than 51%, the pre-distribution to developers will be disappears. “It’s all up to miners to decide what they need”. He included.

Hence it is unclear if business and mining groups will ultimately support the project. If at all they do, how much quantity of alternative blockchain could create.

For instance, while approximately 50 businesses and miners reinforce namely  Segwit2x fork. Meanwhile same reinforcement is not seen for Bitcoin gold.

Similarly, though Bitcoin cash initiates with support from vocal miners and exchanges. Bitcoin gold has yet to benefit from such early movements.

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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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