How to Sell your Bitcoin Gold (BTG)?
Cryptocurrency forks of various types now take place on a regular basis. Even bitcoin has experienced several different iterations and branches in this way. One of the largest and most discussed bitcoin forks took place late in Bitcoin gold was a hard fork of the original open source cryptocurrency which took place on October 24, On the surface, the idea of "making bitcoin decentralized again" may seem counterintuitive.
Bitcoin, like all other cryptocurrencies, is designed to be decentralized already; it is not linked with any central bank , particularly country, or government body. One of the major issues with bitcoin which prompted the development of bitcoin gold, however, was not related to the question of central issuance at all.
Rather, it had to do with the mining process. Bitcoin gold developers believed that by adopting a new algorithm for the mining process in this case, a so-called proof-of-work algorithm called Equihash , the new branch of the world's most popular cryptocurrency by market cap would not disproportionally favor major mining operations.
Bitcoin mining is a lucrative but resource-intensive process. The most profitable mining ventures are often those which pool together a large number of mining rigs, each of which requires expensive, special equipment. Individuals attempting to mine for bitcoin on their own either have to invest a huge amount of money and time into creating their own rigs, or they get passed by in the process, as their computers are unable to compete with the professional rig systems.
One of the primary goals of bitcoin gold has been to change the algorithm by which the cryptocurrency itself is mined, meaning that the mining process cannot be run faster on specialized equipment than it can on standard computer systems.
Bitcoin gold was not the first major hard fork of bitcoin. Bitcoin cash forked off from the primary cryptocurrency in August of In , bitcoin is anticipating several additional hard forks, prompting some to speculate that there may be diminishing returns in terms of investor interest as more offshoots of bitcoin reach the market.
Bitcoin Cash: What's the Difference? Besides the goal of "re-decentralizing" bitcoin, bitcoin gold's developers were also focused on issues relating to distribution, protection, and transparency. In the world of virtual currencies, threats from hackers and other malicious entities are constantly a concern. For that reason, bitcoin gold took additional safety and protective measures from the time of its launch, in an effort to help secure its customers' accounts and coins. These include replay protection and unique wallet addresses.
The fact that bitcoin gold is "a free open-source software project that is built by volunteer developers and supported by a rapidly growing community of bitcoin enthusiasts that stretches around the globe" is also a draw for potential customers.
For all cryptocurrencies, one of the major factors which helps to determine both short-term and long-term success is its availability on cryptocurrency exchanges. Users must be able to access the cryptocurrency on exchanges in order to make transactions. According to the website, the cryptocurrency has been listed on 46 markets and 26 exchanges as of January, The developers of bitcoin gold used what is called "post-mine" after the launch.
This was the retroactive mining of , coins after the fork already took place. The way that this happened was through the rapid mining of about 8, blocks, the results of which were set aside as an "endowment" of sorts, to be used to grow and maintain the broader bitcoin gold network.
At the time of the launch, all bitcoin owners received bitcoin gold coins at the rate of one bitcoin gold token per one bitcoin token.
Coinbase, one of the largest cryptocurrency exchanges in the world, was notably skeptical of bitcoin gold at launch time. Coinbase representatives stated that the exchange "cannot support bitcoin gold because its developers have not made the code available to the public for review. This is a major security risk. As of March 4, , bitcoin gold has reachable nodes. The highest concentration of nodes is in Germany 46 nodes , with the next-highest levels being the United States 38 , France 37 , and Russia In February , bitcoin gold launched the bitcoin gold insight explorer, calling it a "fully functional bitcoin gold insight instance and web application service presenting the Insight UI and Insight API.
Like most cryptocurrencies, bitcoin gold has had its share of detractors and controversies. Just days after the launch, miners accused one of the developers of bitcoin gold of having added in a 0.
In the second quarter of , the digital currency aims to integrate a lightning network and decentralized mining through P2Pool. There is also a plan to integrate a debit card program and other payment systems integrations.
By the end of , the cryptocurrency aims to develop "sidechains and cross-chain atomic swaps" as well as a number of meet-ups and developer conferences, university outreach, and more. Looking ahead to , the cryptocurrency has its sights on private transactions and scholarship or research support. Over the longer term, bitcoin gold will conduct research on smart contracts and blockchain democracy, as well as develop a decentralized fiat-crypto brokerage network.
As such, they indicate that "the core improvements we're working on are all of great interest in the broader bitcoin and crypto worlds, not merely for bitcoin gold. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.
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Coinbase was quiet during the Bitcoin cash fork, but they decided to give their customers more information about the upcoming Bitcoin gold fork. In a blog post , they stated:. We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. However, safety and security are also important considerations for any asset supported by Coinbase. At this time, Coinbase cannot support Bitcoin Gold because its developers have not made the code available to the public for review.
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So why yet another fork? The Bitcoin community is looking to completely decentralize the Bitcoin network that continues to be monopolized by the mining industry and a few miners within the mining community, who have the majority of the hash power at present. As with Bitcoin Cash this summer, Bitcoin Gold will also be a hard fork, with the new tokens expected to launch on 25 th October before being open to exchanges from 1 st November.
Making what exchange has bitcoin gold possible to mine with GPUs Graphic Processing Units is expected to allow more participants to mine, taking away some of the hash power from the bigger miners who have largely cornered the Bitcoin market. Get Into Bitcoin Trading Today. The new BTG token is planned to be sold at 10BTG to 1 BTC and while there are plans for a Bitcoin Gold initial coin offering, dates have yet to be announced and as with Bitcoin Cash, each Bitcoin user, at the time of the fork, will have an equal amount of Bitcoin Gold associated with their private key.
On 25 th October, Bitcoin is going to see another hard fork implemented that will result in a new cryptocurrency named Bitcoin Gold BTG. As we saw with Bitcoin Cash in the summer, existing private keys holding Bitcoin balances will receive the same amount in Bitcoin Gold on 1 st November, what exchange has bitcoin gold as things stand, it may be a number of weeks before Bitcoin Gold will be tradable.
Developers, miners and a number of key contributors including Jack Liao, the CEO of Hong Kong mining manufacturer LightningAsic, are behind Bitcoin Gold, with other parties involved including Chinese mining tycoon and owner of Bitcoin news portal Jinse. For now, Bitcoin Gold has been characterized as a friendly fork by the development team as Bitcoin Gold considered to be complementary to Bitcoin. The key consideration is to block anticipated upgrades of Bitcoin through hard forks.
H4x3 describes Bitcoin gold as a real blockchain to pilot Bitcoin upgrades. Ultimately, the purpose of Bitcoin Gold is to compete with Bitcoin Cash, Ethereum and GPU coins, by bringing down the current Bitcoin mining monopolies and increasing centralization in order to serve and protect the Bitcoin world. Other anticipated changes from Bitcoin include an alteration to the adjustment time.
Bitcoin has the level of difficulty to solve a block adjusted every 2-weeks and, with unstable hashpower experienced since the Bitcoin Cash fork, Bitcoin Gold will have the level of difficulty adjusted to every block. While miners are yet able to test-mine Bitcoin Gold, plans are in place to enable miners to test on a testnet within the next couple of weeks, though there has yet to be the replay protection coding that will protect Bitcoin Gold users from accidentally spending real Bitcoin or Bitcoin Gold, also referred to as a replay attack.
Bitcoin Gold could be an attempt by the NO2x movement to merely detract interest from SegWit2 and with that in mind, there are also a number of issues with the Bitcoin Gold project that needs attention, including the fact that the team does not have a testnet of the network created, which prevents miners from testing the system what exchange has bitcoin gold the project also implements the same per-block difficulty adjustment as Bitcoin in its code, with no signs of an Emergency Difficulty Adjustment EDA.
Also, there is reportedly no replay attack protection through the Bitcoin Gold team which have suggested that the website is under active development at present. After all, the ethos of Bitcoin and cryptocurrencies, in general, is decentralization…. H4x3 added that Bitcoin Gold can be thought of simply as a replication read article the Bitcoin protocol and coin distribution that can serve as a backup plan in case the original mining network is destroyed.
Interestingly, H4x3 believes that there has been a significant amount of support for Bitcoin Gold despite a lack of any major marketing. If it turns out to be true, Bitcoin Gold would likely surpass Bitcoin Cash, though it would be a tall order to rise to the top of the Bitcoin table. With Bitcoin Gold expected to yield yet another version of Bitcoin, the markets will be looking ahead to November and the SegWit2x fork and whether there will be another blockchain split.
The forecast dependent upon whether the November hard fork is implemented and how disruptive the fork is to the market. With SegWit2, the issue of a split comes as there remains disagreement on a proposed increase to the block size. For now, neither the miners nor the core developers have ceded and, until one side decides to compromise, Bitcoin will split, leaving the free market to decide which chain will survive and for now it really is an unknown on what the possible ramifications on Bitcoin will be, over the near-term and longer-term.
Perhaps more interesting is the knock-on effects to other cryptocurrencies. As mentioned earlier in the article, Ethereum miners are looking to move to Bitcoin Gold once the fork has been implemented, which suggests that the value of Ethereum will be under pressure. Bitcoin could continue to upgrade by way of implementing forks that could see interest in other cryptocurrencies erode.
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The Bitcoin Gold fork has been no different. Now that you know the exact status of the Bitcoin Gold fork at the time of this writingI think it is prudent to tell you about the exchanges where you can sell your BTG when it is all ready to go. Genesis Block Definition Genesis Block gas the name of the first block of Bitcoin ever mined, which forms the foundation of the entire Bitcoin trading. Make sure that you back up your private keys. Popular Courses. Editorial Staff. There are too many fee involves. The way that this happened was through the rapid mining of about 8, blocks, the results of which were set aside what exchange has bitcoin gold an "endowment" of sorts, to be used to grow and maintain the broader bitcoin gold network. List of bitcoin companies List of bitcoin organizations List of people in blockchain technology.
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