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Author Topic: [2017-10-23] What You Need to Know About the Bitcoin Gold Fork  (Read 4389 times)
ivanpoldark
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October 23, 2017, 05:20:30 PM
 #1

Bitcoin Gold (BTG) is due to fork from Bitcoin on block 491407 and all holders of Bitcoin can be credited an equal amount of BTG to their BTC. The new coin is being launched as a response to ASIC dominance.

Bitcoin Gold is the latest Bitcoin fork with the split occurring on Bitcoin block 491407. The coin is seen by the developers as a response to the ASIC driven monopoly of the main Bitcoin chain. As with the previous Bitcoin fork for Bitcoin Cash (BCH), as long as you are holding Bitcoin in your own software wallet when the split occurs you will automatically receive an equal amount in Bitcoin Gold (BTG).

Users with Bitcoin in hardware wallets or who have them on exchanges wishing to also receive BTG would need to check with their wallet manufacturer or exchange to find out if they plan to support Bitcoin Gold.

Bitcoin Hardware Wallets

In a recent blog post Trezor announced that although their devices support Bitcoin Gold, users won’t be able to do anything other than holding it. Users can choose to export their BTG, however, that is not a procedure they recommend. The coins will therefore not be available in the Trezor wallet.

Trezor’s main issue with BTG is that the code for it currently offers no replay protection, meaning that due to the nature of the chain split there is a potential to lose or transmit your Bitcoins rather than just your Bitcoin Gold. Their advice therefore would be to simply hold the BTG until replay protection is implemented by the BTG team.

The Trezor team states:

    "Yes, TREZOR (the device) supports Bitcoin Gold. As previously mentioned, at the moment of the fork, if you have bitcoins on your TREZOR, you will also receive bitcoin gold on your TREZOR (both new and legacy accounts are supported in bitcoin gold). If you simply wish to hold BTC and BTG, there is no further action required from you."

Keepkey has announced that they too will be following the same measures as TREZOR by allowing the users of their hardware wallet to receive BTG but not immediately transact it. They advise users that if they require the immediate ability to move their BTG coins then they should, “relocate their Bitcoin prior to the October 25, 2017 deadline into a wallet that has confirmed support is already in place for this new asset.”

Read more: http://bitcoinist.com/need-know-bitcoin-gold-fork/

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October 23, 2017, 05:43:50 PM
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since many of the gambling sites keep their cold storage coins in the likes of trezor or nano
I don't think its very good news for those who gamble or invest into bitcoin casinos
since they will not be able to take advantage of the extra coins,although this should vary from site to site
the main problem is replay protection,on their page https://btcgpu.org/ ,bitcoin gold says they do have replay protection
but it seems like they are copying it from bitcoin cash and it is not 100% ready still
this will cause all sort of problems since it could corrupt both chains and cause havoc

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zakalwe
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October 23, 2017, 09:38:55 PM
 #3

I don't understand why are some exchanges waiting? I heard yesterday that Yobit exchange will support Bitcoin Gold trading and I moved most of my bitcoins there. Few hours ago the trading started, the volume is quite high for Yobit and I already sold half of my Bitcoin Gold.
I think the price 0.08 BTC is decent and I expected it to be lower. I saved the rest of Bitcoin Gold and will sell it if it goes to 0.2 BTC just like Bitcoin Cash did few days after the fork in August.

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Laya Varghese
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October 25, 2017, 11:20:46 AM
 #4

Bitcoin Gold (BTG) is due to fork from Bitcoin on block 491407 and all holders of Bitcoin can be credited an equal amount of BTG to their BTC. The new coin is being launched as a response to ASIC dominance.

Bitcoin Gold is the latest Bitcoin fork with the split occurring on Bitcoin block 491407. The coin is seen by the developers as a response to the ASIC driven monopoly of the main Bitcoin chain. As with the previous Bitcoin fork for Bitcoin Cash (BCH), as long as you are holding Bitcoin in your own software wallet when the split occurs you will automatically receive an equal amount in Bitcoin Gold (BTG).

Users with Bitcoin in hardware wallets or who have them on exchanges wishing to also receive BTG would need to check with their wallet manufacturer or exchange to find out if they plan to support Bitcoin Gold.

Bitcoin Hardware Wallets

In a recent blog post Trezor announced that although their devices support Bitcoin Gold, users won’t be able to do anything other than holding it. Users can choose to export their BTG, however, that is not a procedure they recommend. The coins will therefore not be available in the Trezor wallet.

Trezor’s main issue with BTG is that the code for it currently offers no replay protection, meaning that due to the nature of the chain split there is a potential to lose or transmit your Bitcoins rather than just your Bitcoin Gold. Their advice therefore would be to simply hold the BTG until replay protection is implemented by the BTG team.

The Trezor team states:

    "Yes, TREZOR (the device) supports Bitcoin Gold. As previously mentioned, at the moment of the fork, if you have bitcoins on your TREZOR, you will also receive bitcoin gold on your TREZOR (both new and legacy accounts are supported in bitcoin gold). If you simply wish to hold BTC and BTG, there is no further action required from you."

Keepkey has announced that they too will be following the same measures as TREZOR by allowing the users of their hardware wallet to receive BTG but not immediately transact it. They advise users that if they require the immediate ability to move their BTG coins then they should, “relocate their Bitcoin prior to the October 25, 2017 deadline into a wallet that has confirmed support is already in place for this new asset.”

Read more: http://bitcoinist.com/need-know-bitcoin-gold-fork/


As such, Bitcoin Gold – apparently its ticker symbol will be BTG – has some interesting characteristics that make it differ from legacy bitcoin, bitcoin cash and 2X. Whether you want to use it as a hedge or you want to use it as an opportunity to get some free bitcoin, what you need to know is that the snap shot will take place on October 25th, 2017. To be more precise, the fork will take place at block 491407. You will be given 1 BTG for every BTC on the day of the Bitcoin Gold fork snap shot. After that, there will not be a time limit on splitting your coins; you will be able to claim your coins when you are ready to do so after the snap shot is taken. Just make sure you hold your own private keys. Exchanges and other services that hold your private keys for you, might or might not give you the BTG you are entitled to.

TraderTimm
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October 25, 2017, 01:37:12 PM
 #5

YAS - Yet Another Shitcoin

Enjoy dumping it, that's all its good for.

fortitudinem multis - catenum regit omnia
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October 26, 2017, 10:33:47 AM
 #6

I want to trade bitcoin gold on bittrex.

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dYnamxX
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October 26, 2017, 01:52:38 PM
 #7

Please read this and leave your comment

https://bitcointalk.org/index.php?topic=2320060.0
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