After all of the articles on the web, i will try to make a summary with a brief explanation of Bitcoin Gold and how some exchanges and wallets will support the Bitcoin Gold (BTG).
What is Bitcoin Gold?
You can read this post also on steemit:
It is a fork from Bitcoin chain that will occur on October 25, 2017.
At the predetermined block height, Bitcoin Gold miners will begin creating blocks with a new proof-of-work algorithm, and this will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch of the blockchain will split off from the original chain. The new branch is a distinct blockchain with the same transaction history as Bitcoin up until the fork, but then diverges from it. As a result of this process, a new cryptocurrency will be born.
I will put a link to a full home page snapshot from this day in my main blog. Check the links at the end.
The block number the fork will happen it is: 491407
They say (BTG devs), that the purpose of Bitcoin Gold is to decentralize again the Bitcoin mining which now is dominated by some few entities.
In a way, this information can be correct regarding the ones who controls the market in this moment. But who knows if that will be the solution. We will see in the future.
I think, we must be ready to hear about some governments involvements in mining and owning some of the big exchanges at some point, even they look so "dizzy" in this moments and lot of them even fully against this movement.
Also, Bitcoin Gold creators sustain that is not a Bitcoin competitor because of its mining aspect. BTC is mined with ASIC mining hardware and BTG it will be with GPUs.
HOW TO GET BITCOIN GOLD If you have BITCOIN?
The same as with Bitcoin Cash. Whatever amount you have in your wallet at the fork time:
All Bitcoin holders who possess BTC private keys on the October 25 (block 491 407) will receive Bitcoin Gold on 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.
WHAT WALLETS SHOULD YOU HAVE FOR THAT?
Any BTC wallet which give you exclusive control for the private keys. Depending on the wallet it will require or not some extra technical steps for accessing your Bitcoin Gold.
On the Bitcoin Gold official website, they say it will be listed the verified wallets that support BTC and BTG:
Verified wallets that support BTC and BTG side-by-side will be listed on the Bitcoin Gold home page. We will publish guides for retrieving BTG from the most popular wallets, including Bitcoin Core, Electrum, Mycelium, hardware wallets, paper wallets, and more.
Comparison to all 4 main bitcoins now it is on their main page:
EXCHANGES and BITCOIN GOLD during and after the fork
Well, i don't have a full list to be sure of what they do. I will list the ones i found and i think they are the biggest for now. At the end of the post will be links to other articles for reading more if you are interested.
- Coinbase: B2X - yes (1:1 with BTC), Bitcoin Gold - not yet
- Bitfinex: Segwit2x as BG1 (hope that i understand right that one) and Bitcoin Gold yes (BG2 - with some rules)
- Bittrex: Bitcoin Gold - YES (trading not, for the moment)
- HITBTC: B2X - YES, Bitcoin Gold - YES (trading opening on October 25th)
- CEX.io: B2X - YES, Bitcoin Gold - YES
WALLETS
- TREZOR - Bitcoin Gold - Yes (supported) and in Wallet - not yet (because lack of protection from BTG codebase)
- LEDGER - They say to hold BTC in a Legacy or Segwit address before the fork. Nothing else necessary and that they will offer support.
For more details on each one, read below and in links provided.
COINBASE
They will support B2X but not BTG for now.
Approximately 24 hours pre-fork. Coinbase will temporarily disable all bitcoin buy, sells, sends and receives.Fork (block 494,784). Any Coinbase customer with a confirmed Bitcoin balance at this point will be credited an equal amount of Bitcoin2x.
Bitcoin Gold is mentioned only in the last post. And that's what they say:
The Bitcoin Gold fork is projected to take place on October 23rd. Information about this fork has been limited and there are concerns about its security and stability. As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time. If the blockchain proves to be secure and valuable, Coinbase may choose to support it. At that point, your account will be credited with an amount of Bitcoin Gold equal to your Bitcoin (BTC) balance at the time of the fork.
Oct 24, 2017 - post
Oct 7, 2017 - post
BITFINEX
Overall, they support it in their own way, with BG1 (Segwit2x - that's how i understand it now) and BG2 (BTG). They will take a snapshot at the fork moment:
Specifically, and subject to our terms and conditions, when the designated block is mined (491407), we will take a snapshot of all relevant balances and positions. Lenders will receive both BTC and BTG. Any user that is short BTC/USD or long any BTC trading pair (ETH/BTC, LTC/BTC, etc.) will owe BTG to the financing counterparty, effectively making the user short BTG.
From one of their tweets:
Bitfinex will implement a Chain Split Token for Bitcoin Gold. A formal announcement will follow shortly.
And the final post from October 23, 2017 say:
Bitfinex is introducing new Chain Split Tokens (CSTs) that will allow traders to trade on the the potential activation and mining of the Bitcoin Gold consensus protocol. We are designating these CSTs as BG1 (Incumbent Bitcoin Blockchain) and BG2 (Bitcoin Gold).
So, they took their own approach to Segwit2x and Bitcoing Gold.
BITTREX
Will support Bitcoin Gold with a wallet but not for trading for the moment.
Bitcoin Gold intends to perform a wallet balance snapshot at Bitcoin block 491,407 but the actual Bitcoin Gold network will launch publicly at a later undetermined date and time (the only guidance is the statement "after the launch on Nov 1").
If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 23, 11pm PT (6am 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. Full details below.
They also mention that:
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 will close deposits and withdrawals of Bitcoin 24 hours prior at block 491,263 to the BTG snapshot block 491,407 occurring approximately on October 23, 11pm PT (6am UTC).
Read more here:
Oct 22, 2017
HITBTC
They will support both, B2X and BTG. Also, BTG for trading.
At the moment the first block on Bitcoin Gold is found, you will receive the exact amount of BTG tokens as you hold Bitcoin on your HitBTC account.
BTG trading markets on HitBTC are going to be open on October 25th. There is a possibility that BTG transactions will be available only a week after the fork. As soon as it happens, we will make BTG deposits and withdrawals available for our users.
Regarding SegWit2x:
The SegWit2x hard fork appears to be activated in the middle of November.
Read more here:
Oct 17, 2017
CEX.io
They will accept both, Segwit2x and Bitcoin Gold. After the fork, the coins will be split from BTC and added to B2X and BTG.
Both deposits and withdrawals will be enabled later.
What it matters it will be done, meaning the amounts transfer to newer tokens.
Read more here:
Oct 17, 2017 CEX.IO Update on SegWit2x and Bitcoin Gold Forks
TREZOR WALLET
They say will support Bitcoin Gold but not yet in wallet because of the incomplete Bitcoin Gold codebase.
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.
Bitcoin Gold’s codebase is, at the moment of the writing, incomplete. Most importantly, it lacks replay protection. For this reason, TREZOR Wallet will not support Bitcoin Gold yet, as it would endanger your bitcoins.
LEDGER WALLET
On the Ledger wallet website are no news yet. Only on their newest tweets they are addressing to that:
And last, this is the list on their main page:
Other sources:
Till next time,
Cheers and good steemit time! (if you read it on steemit, if not go check out my posts there, links below)
Cheers and good steemit time! (if you read it on steemit, if not go check out my posts there, links below)
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