It has been 2 and half month since we witnessed Bitcoin Cash Fork, and we are again facing another Bitcoin hard fork. In this article, I will try to cover everything you need to know about the upcoming Bitcoin Gold hard fork and how to prepare and benefit from it by free doubling you coin holdings.
Who Is Doing This Fork and Why
The New fork is named Bitcoin Gold (BTG) and it is happening on OCT 25 2017 at block no. 491407. The Bitcoin Gold fork is lead by Jack Liao, is also the CEO of LightningASIC with some developers. Bitcoin Gold’s lead developer is someone anonymous by the name of h4x3rotab. You can see all other in the team of Bitcoin Gold here.
According to Bitcoin Gold Official website:
The purpose of Bitcoin Gold is to make Bitcoin mining decentralized again.
Because currently, Bitcoin mining equipment and distribution dominated mostly by Chinese ASIC miners and It is almost impossible technically and financially run an ASIC miner. So Bitcoin Gold will change the SHA-256, A Proof of Work Algorithm to Equihash Algorithm, The Same algorithm used by Ethereum and Zcash. Equihash can only be mined by graphics cards (GPUs).
PS: This fork is a community-driven hard fork without any consensus voting and they don’t have any testnet network so miners can’t test their system if it compatible with BTG mining process or not. Even though their website stated they have reply protection, I am not sure how effective it is as it has not been tested live and most developers can’t find a strong reply attack protection in the BTG protocol.
I think It’s LightningASIC‘s hidden move for the fork to get unfair benefits by changing the mining algorithm to equihash so they can mine and sell as they have now 909 GPU miners. See below
How to Claim you Free BTG
All Bitcoin holders who have BTC private keys on the October 25 (block 491 407) will receive Bitcoin Gold at the rate of 1 BTC = 1 BTC (If you have 20 BTC you will receive 20 BTG). You need to control BTC private keys in order to make Bitcoin Gold transactions. So, You can’t get Free BTG if you have bitcoin on the different exchange unless the Exchange decide to give you.
I guess, As usual, the exchanges will trade BTG after a week of hard fork occur. So they can fix all the technical issue arises within that time period.
So Here is my advice to Securely Claim your BTC
- Store your bitcoin on a Hardware wallet like Ledger Nano S and Trezor.
- You can store them in software wallets like Jaxx and Exodus or in Paper Wallet
- Securely store your Wallet private keys.
- Avoid transactions shortly after the fork so you can save Bitcoin.
- After All issues fixed I will show you how you can claim your BTG securely
*Till Now no Official Announcement from any Hardware wallet Whether They Support or not.
The Future of Bitcoin in My Way
After HF(Hard Fork), I think the value of BTG will be one-tenth of the BTC. But for that we need any well-reputed exchange should support BTG otherwise it will have much less value. I will sell 80% of my BTG as soon is hit on exchanges cause I am not finding it promising. (Don’t do the same, cause I may be proved wrong.)
NB: Don’t Give your wallet private keys to any other person/website to get free BTG. It will lead you to loss of your precious Bitcoin.
Official Links for BTG
- Twitter Account
- Slack Channel
- Official Mining Pool
- Facebook Page
- Github Page
- Official Information with almost all Questions
Until further instruction or guide allow notification for this site or Join in our Official Telegram Channel
I would love to hear your feedback and opinion in the comment section below.
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