Sep 5, 2017 04:13 AM
(This post was last modified: Sep 10, 2017 02:27 AM by The Illusionist.)
Yes BitcoinGold or BTG for short. Yet another hard fork of the Bitcoin Blockchain, much like BitcoinCash a few weeks back.
So this is a new development, and I will update this thread as I gather more info. Because this is so new some of this information might be inaccurate. If you have anything to add please post it below!
When will this happen?
This will happen on blocknumber 487427 which will be on the 1st of October.
Why another hard fork?
As some of you might know Bitcoin is NOT mineable through graphic cards or GPUs for short. It uses a different kind of technology called ASIC, now ASIC is expensive and big companies need to invest millions if not hundreds of millions of dollars to become relevant in the Bitcoin mining game.
This has created a problem, Bitcoin mining has become centralized by these big companies... And centralization goes against the core of Bitcoin, BTC needs to be decentralized.
So BitcoinGold will work on a different mining algorithm making it GPU mineable! Yes, you can then mine BitcoinGold with GPUs.
What does this mean?
It means the ASIC hardware will become useless for BitcoinGold.
It means everyone with a computer could start mining! Or anyone with a budget of around $2300 can build their own full GPU mining rig and become relevant in the BitcoinGold mining sector.
It will create a global network of miners making it decentralized once again.
BTG is friendly to Bitcoin because it uses Equihash, a GPU-optimized PoW algorithm, for mining. It will be competing with ETH and ETC for hash power, not BTC. This will be very good for GPU miners, as they will have another profitable coin to mine. It will be very interesting to see how much hash power switches from ETH to BTG.
If I hold Bitcoin will I get BitcoinGold?
Yes, as long as your wallet supports it or if you control your own private key (same concept as BCH)
What exactly a forkcoin?
Hardforks are much like altcoins a forkcoin can be created by pretty much anyone really, and it's almost more efficient than starting an altcoin with an ICO. Because with forkcoins you get an airdrop of coins, everyone who owns the original coin now owns the new coin. This is good because then you already have a solid user base + a lot of name recognition. Plus... Everyone gets to keep the same private key, which will mean 1 private key for BTC, BCH, BTG and any other forkcoin that might follow.
I think we will see a lot more forkcoins coming soon.
“For too long, Bitcoin has been held back by the centralize (sic) mining industry,”
“GPU brings Bitcoin into the modern age with an exciting technological roadmap to enable massive on-chain scaling well into the future with decentralize (sic).”
Updates:
#1:
bitstar.com & bitexchange.com.hk are confirmed exchange site that will support this fork, if you have BTC on these exchanges you will get BitcoinGold when the split happens.
#2:
A new schedule has been released, there is a good chance this will be launching the 1st of October.
#3:
BTG will have Windows, Linux and Mac support for both wallets and mining on the day of release.
#4:
BTG will implement Lightning Network as soon as possible, to benefit from the BTC/LTC Lightning ecosystem and network effects.
#5:
The blocknumber for the split is 487427
Multiple big exchanges in China have agreed to list BitcoinGold and support the fork, the names of these exchange will be publicly available soon :)
More info will be added soon...
Some extra info;
https://cointelegraph.com/news/suddenly-...free-money
https://bitcoingpu.org/
This information is entirely written by me, I'm in personal contact with the developers, if you have any questions for them please PM me and I'll ask them.
My articale has been reposted on steemit witout my permission or credit toward my being the OG writer.
So this is a new development, and I will update this thread as I gather more info. Because this is so new some of this information might be inaccurate. If you have anything to add please post it below!
When will this happen?
This will happen on blocknumber 487427 which will be on the 1st of October.
Why another hard fork?
As some of you might know Bitcoin is NOT mineable through graphic cards or GPUs for short. It uses a different kind of technology called ASIC, now ASIC is expensive and big companies need to invest millions if not hundreds of millions of dollars to become relevant in the Bitcoin mining game.
This has created a problem, Bitcoin mining has become centralized by these big companies... And centralization goes against the core of Bitcoin, BTC needs to be decentralized.
So BitcoinGold will work on a different mining algorithm making it GPU mineable! Yes, you can then mine BitcoinGold with GPUs.
What does this mean?
It means the ASIC hardware will become useless for BitcoinGold.
It means everyone with a computer could start mining! Or anyone with a budget of around $2300 can build their own full GPU mining rig and become relevant in the BitcoinGold mining sector.
It will create a global network of miners making it decentralized once again.
BTG is friendly to Bitcoin because it uses Equihash, a GPU-optimized PoW algorithm, for mining. It will be competing with ETH and ETC for hash power, not BTC. This will be very good for GPU miners, as they will have another profitable coin to mine. It will be very interesting to see how much hash power switches from ETH to BTG.
If I hold Bitcoin will I get BitcoinGold?
Yes, as long as your wallet supports it or if you control your own private key (same concept as BCH)
What exactly a forkcoin?
Hardforks are much like altcoins a forkcoin can be created by pretty much anyone really, and it's almost more efficient than starting an altcoin with an ICO. Because with forkcoins you get an airdrop of coins, everyone who owns the original coin now owns the new coin. This is good because then you already have a solid user base + a lot of name recognition. Plus... Everyone gets to keep the same private key, which will mean 1 private key for BTC, BCH, BTG and any other forkcoin that might follow.
I think we will see a lot more forkcoins coming soon.
“For too long, Bitcoin has been held back by the centralize (sic) mining industry,”
“GPU brings Bitcoin into the modern age with an exciting technological roadmap to enable massive on-chain scaling well into the future with decentralize (sic).”
Updates:
#1:
bitstar.com & bitexchange.com.hk are confirmed exchange site that will support this fork, if you have BTC on these exchanges you will get BitcoinGold when the split happens.
#2:
A new schedule has been released, there is a good chance this will be launching the 1st of October.
#3:
BTG will have Windows, Linux and Mac support for both wallets and mining on the day of release.
#4:
BTG will implement Lightning Network as soon as possible, to benefit from the BTC/LTC Lightning ecosystem and network effects.
#5:
The blocknumber for the split is 487427
Multiple big exchanges in China have agreed to list BitcoinGold and support the fork, the names of these exchange will be publicly available soon :)
More info will be added soon...
Some extra info;
https://cointelegraph.com/news/suddenly-...free-money
https://bitcoingpu.org/
This information is entirely written by me, I'm in personal contact with the developers, if you have any questions for them please PM me and I'll ask them.
My articale has been reposted on steemit witout my permission or credit toward my being the OG writer.
![[Image: giphy.gif]](https://media.giphy.com/media/xT0xerl80uNVcJHIYg/giphy.gif)
![[Image: MkVVTTC.png]](https://i.imgur.com/MkVVTTC.png)
