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Will Bitcoin Gold break through?

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October 25, 2017 | 

Joanna Newman |  0 Comments| 

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As we saw, the Bitcoin split in two, Block 491407, the blockchain and spawned a new currency, the Bitcoin Gold.

This split was made according to what we call in the jargon of crypto currencies, a hard fork.

This is not the first time that Bitcoin is divided, in August he had already given birth to Bitcoin Cash.

What is the purpose of splitting bitcoin?


This division into a new currency essentially serves to improve Bitcoin technology, so that the rewards system no longer requires ASICs that can not keep up in the long run.

The second reason is the desire to attract more people to the system by freeing themselves from the grip of the large companies in the Bitcoin network that were beginning to have an undue influence on the network.

At the first split, Bitcoin Cash was astonishing, generating billions of dollars. Many today expect the same result, but it is not so sure.

Bitcoin Gold hopes to decentralize cryptocurrency again by making it available to more users.

It will provide an egalitarian method to send digital payments around the world and more accessible to users.

The differences between Bitcoin Cash and Bitcoin Gold


The Bitcoin Gold will be created in advance (with a priority of open source code to the public).

1% of the total new currency will be mined before the Blockchain becomes public and this, to pay the development of Bitcoin Gold, and it is only in a second time that users will be able to exchange their currency.

How will the passage Bitcoin and Bitcoin Gold?


All holders of Bitcoins will receive the equivalent in BTG, that is to say that if you have 1 Bitcoin you will receive 1 Bitcoin Gold.

The best way to recover BCGs is to move the BTCs to a wallet where you hold the private keys, or exchange them on an exchange platform that supports BTGs.

This is not the case for all platforms.

Coinbase, for example, has announced that it will not support BTGs at the moment because the developers have not made the public code to be verified: "This is a major risk for security," said Coinbase.

Who are the developers of BCG?


It seems that the developers who are at the origin of the hard fork are quite reliable.

Last July, a fervent critic of the mining of bitcoin, Jack Liao, based in Hong Kong and CEO of LightningAsic, launched the idea of ​​BCG.

His company also sells mining equipment, including GPUs that should be used to mine BCG.

Since July the team has grown with a developer known as h4x3rotab and volunteers who all work on the project.

You can follow the project on GitHub and on the Slack group of the community.

What do Bitcoin Gold professionals think?


Bitcoin Gold is skeptical on the part of some professionals.

For example Satoshi Labs CEO, who was among the first companies to mine bitcoin, doubts that the decentralization of mining will succeed as planned.

Bitcoin developer Reth Creighton is also trying to create a "fork protest" that would pursue the same project, but without having to set aside part of the new currency to support development costs. And in fact, if minors prefer its software, pre-distribution will be canceled.

"It's up to the miners to decide what they want," he said.

It is also unclear whether the mining companies will follow the project and what value it will create.

This is why the enthusiasm generated by the creation of BCG must perhaps be tempered.

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