Crypto News Flash #09 : Bittrex Released An Official Statement About BTC Gold Along With Some Slight Warnings !!
Well, if you look at the market right now, the astonishing market capitalisation will cheer you up. At the time of writing this, total cryptocurrency market capitalisation stands strong at $167 Billion and out of this enormous amount BTC market capitalisation is $97 Billion.
Bitcoin is rising more than ever. It has already touched it's ATH of $6250 and currently trading at $5870. The reason of Bitcoin value increase is the upcoming fork on 25th October 2017. After the fork, a new BTC or should I say a new 'form' of Bitcoin will come into existence which will be known as Bitcoin Gold.
Now, this Bitcoin Gold will be given freely to those people who'll hold Bitcoin in their wallet at the time of Fork happening. There was some confusion about which exchanges will support BTC Gold but now this confusion has been cleared.
Many reputed exchanges are supporting the Bitcoin Gold. Among them Bittrex and Binance are the most popular ones.
Now, let's talk about Bittrex as it has the highest crypto trading volume and one of the easiest exchange to use with various tools for analyzing the price action.
Now, it's cleared that Bittrex will support BTC Gold,also an official statement has come out from their side.
In this statement, Bittrex revealed that they will conduct a 'wallet snapshot' at the time of fork which would occur at block 491407 and at that time whoever holds BTC in his/her Bittrex wallet will receive BTC gold of equivalent amount.
According to this statement:
“If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 24, 3am PT (10am 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.”
Now, all things are cleared about BTC gold for you if you're holding BTC in Bitrex exchange wallet.
Let's talk about some warnings which Bittrex has revealed on their blog.
There are some points in this warning which are as follows:
“Bitcoin Gold does not currently have:
- Fully formed consensus code
- Implemented replay protection
- Adequate code for testing and auditing
- Publicly known code developers
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 clearly revealed that BTC gold don't support Bittrex listing standards and giving it free to all Bitcoin holder will be a hectic tasks. For snapshot purpose, Bittrex will disable the Bitcoin wallet transfer for apporx. 24 hours so that no mistake could happen.
As of now, BTC wallet are disabled and will remain disabled until snapshot happens.
If you're holding some BTC on bittrex then don't panic. The wallet will be active again within 15 hours. So be patient and keep your money safe.
Enjoy Bitcoin Gold if you have spare BTC in your Bittrex Exchange Wallet.
Thanks for reading ..!!
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Good post
I wonder how can I receive BTC gold if my BTC is in my cold wallet?
How many fork will come in the the future? We have Bitcoin Cash. Now we have Bitcoin Gold. Probably, we will have Bitcoin Silver, Bitcoin Platinun. Im really excited the coming of Bitcoin Fork and Beans.
So long as you have the keys to that wallet you can claim it any time even years later it will always be there.
wow
According to their website Bitcoin Gold does have replay protection. They also have a complete list of team members on the website the thing about exchanges they usually make such statements weeks before the actual fork occurs keep in mind that they extremely busy many times clocking 16 plus hours to finalize there projects.