What You Need To Know About Bitcoin Gold And The Upcoming Hard Fork

What You Need To Know About Bitcoin Gold And The Upcoming Hard Fork

On October 25, another version of Bitcoin comes to life through the ‘hard fork’ procedure. Bitcoin Gold (BTG)’s believers and developers have a particular goal set in mind for creating another cryptocurrency. The objective of BTG aims to bring back the blockchain mining groundwork like it was before and basically, decentralized again.

But, the good news is anyone who owns Bitcoin before the split–or as of block 491,407 on the current Bitcoin blockchain–can also receive Bitcoin Gold. Similarly, on the hard fork for Bitcoin Cash, users with Bitcoin–for as long as it is transacted before the fork– will receive the same rate of 1 BTC to 1 BTG. Future users of BTG can use their current wallets. In the condition that wallets allow BTG transactions within their platform. If this isn’t the case, wallets may require users to complete more steps when transacting with BTG. Lastly, you’d be able to see BTG verified wallets that supports both Bitcoin and Bitcoin Gold on BTG’s official website.

One CPU One Vote

Going back to BTG’s main goal. In pursuing blockchain mining decentralized again. Bitcoin did become popular but with that popularity, negative effects were encountered too. Bitcoin mining is such an expensive method that needs high-level processors and equipment. For some reason, this mining equipment was dominated by a few entities that also practiced abusive mining exploitations against the industry and network itself. BTG’s core developers want to bring back Bitcoin founder, Satoshi’s vision of “one CPU one vote”. Which aspires to provide opportunities for new users to join in the blockchain mining with a generally available hardware and equipment that can be easily purchased. BTG is introduced to have algorithm changes that will enable mining to be processed with general purpose computers (GPU) hardware. This allows BTG to achieve their goals of having a lesser hardware wise-supported mining infrastructure. Pointing out that BTG will not be a competitor of Bitcoin since both of them uses different algorithms that won’t harm each other’s resources. Alike, to the difference in using hardware to mine either BTC or BTG.

Acquiring BTG

Lastly, should you want to exchange Bitcoin to Bitcoin Gold, you can do so with a 1:1 ratio with the condition of acquiring it before the fork. After the fork, you will not be able to get ‘free’ BTG as it will have its own value. To acquire BTG after the split, the options are buying through an exchange, mining with hardware, and exchanging it for products and services.