Monday, October 30, 2017

What Is Bitcoin Gold? Everything You Need to Know About Bitcoin Gold

Some will say that Bitcoin is just a computer code but with a very high value, and no matter how funny and silly they might sound, they are not wrong. Some months ago, there was a formation of a new hard fork named Bitcoin Cash (BCC) which was as a result of the splitting of Bitcoin. The Bitcoin cash when Compared to the pre-existing Bitcoin, is stressed on high speed and volume of transaction. It also increased the block size to 8MB and removed SegWit2x proposal. Now there are rumours that bitcoin is about to be split again and this split will lead to the formation of a new digital currency named Bitcoin Gold.
What Is Bitcoin Gold? Everything You Need to Know About Bitcoin Gold

Why Bitcoin Gold Being Created

It is nothing new to almost every BTC miner that new cryptocurrencies are being mined on daily basis. So because of the increasing difficulty in mining bitcoin, more and more capital is being needed for performing mining operations. This new fork (Bitcoin Gold) aims to decentralize Bitcoin mining again. The current Bitcoin mining algorithm, SHA256, which was chosen by Satoshi Nakamoto, is in favour mostly to miners who have a dedicated and costly mining hardware. With an algorithm named Equihash, Bitcoin Gold aims to give an average computer user to use his GPU to mine digital currency.

Has Bitcoin Gold fork occurred? When can I mine it?

While there wasn’t any specific timing of the fork, at Bitcoin Block 491,407, Bitcoin Gold had decided to stop following the main blockchain and start implementing its own rules. As it turns out, the planned Bitcoin Gold hard fork has already taken place before the expected October 24, midnight. However, you can’t mine BTG right away. The first round of blocks will be allocated to the development team. After November 1, the code and mining software is expected to be open to the public.

What is the value of Bitcoin Gold to Bitcoin?

Bitcoin Gold is exchanged at the rate of 1BTC. that is to say that 1BTC = 1BTG. To perform any transaction within Bitcoin Gold, you’ll need to move your Bitcoin to a wallet that supports Bitcoin Gold. There are some exchanges and wallets that supports Bitcoin Cash, but Coinbase isn't one of them.

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Officially, there is 1-week gap between the release of mining software and fork, which could be a test of user interest, and now that 1 week is just a few hours left.

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