What You Should Know About Bitcoin Gold

in #bitcoin3 years ago

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Since I’m now in a city where you can buy apartments with Bitcoin and nearly everything is laced with gold, I thought it’s an appropriate place to let you know about the next Bitcoin hard fork that is set to take place in the coming weeks.

Here is a little overview of the motivations for this hard fork and how you can prepare for it.

This newest hard fork from the Bitcoin blockchain revolves around how it is mined.

Back in the day you used to be able to mine Bitcoin profitably just by using your regular computer. The thing about the Proof of Work required to mine Bitcoin is that it is relatively simple. Simple enough that people have created things called ASICs, These are Application Specific Integrated Units. These ASICs can outperform in mining Bitcoin compared to using CPUs and GPUs because although ASICs don’t exactly have a large range of capabilities like CPUs, these pricey ASICs can mine bitcoin very efficiently and profitably.

All this to say that ASICs and those who can afford to use them have somewhat centralized the mining of Bitcoin.
Bitcoin Gold will use a type of Proof of Work called Equihash, it is more complex, or ASIC resistant, meaning that you will need CPUs and GPUs to mine them.

This hard fork is scheduled to split from the Bitcoin blockchain on October 25th.

But they won’t begin creating blocks on this new chain until early November, so it will take a week or so until the coins are launched.

If you’re holding your coins on an exchange, perhaps try checking out their Twitter account to see if they will support this new chain. If they won’t, then I encourage you to continue your research until you can find a wallet that will support this new chain.

That way you can move your Bitcoins to that wallet to receive an equal amount of Bitcoin Gold.

Also, just for future reference, BTG will be the ticker symbol

Additional Reading/Sources:

Bitcoin Mining Defined
More on ASICs
More on Equihash
Bitcoin Gold Website
BitcoinTechTalk Article on BTG Hard Fork


Great info on BTG Heidi

Likely to be a scam to me, 16000 premined blocks on a 12.5 coins per block, seems very suspicious...if 1 bitcoin gold is worth less than 0.01 btc I wouldn’t even bother claiming the coins, S2X will certainly be more interesting

It doesn't seem right to have so many premined coins if the plan was to have the currency stick around. It does appear to be a cash grab... and what is worse is that if it is successful then others will follow... :(

Thanks for the info. I'm still new at this so any little bit helps!

It's basically free money for everyone owning Bitcoins. There is another good opportunity to make some good profits - the altcoins. They are dropping like flies and will probably rise after the forking is done. Keep that in mind.

I like the sound of that statement.

Nice to see another crypto girl out there!

Thanks Heidi always quality content and cutting edge info to keep everyone in the know. Still searching for the best place to park bitcoin to get bitcoin gold. I hope keepkey or ledger wallets are going to support it.

I like it too

wow it's cool Miss ,, and now all miners there are profitable and there is also a loss because other coin coins dropped dramatically.

Waiting to see what happens but I do not think it will be as benefitial as the Bitcoin Cash fork.

BitcoinZ is introduce and bearer of equihash algo. The total coin to be created is 21B. Check it out. The development is also decentralized.

Very informative post...keep blogging!!!

Great and very informative post. Do you have any suggestion of wallet that will support this new chain ?

A very nice post. Thank you

I did not know the information you gave me thank you

Heidi, will you be tackling apartment buying using Bitcoin in any of your future posts and videos?

I'm not in the market to purchase an apartment just yet... but airline tickets are much more likely ;)

@heiditravels : Did you buy a Lambo with bitcoins yet? :-D

Nah, just airline tickets :)

thanks for sharing the valuable information..keep posting good thing..god bless you..

Thanks for sharing this information @heiditravels.

Good post. Thanks for the info.
Do you know any wallet that will support BTG?


I heard there was already 200,000* blocks already premined and heaps of users on Reddit were bagging out BTG. Your thoughts?

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Hey, thanks a lot for posting it here. Greatly appreciated! I didn't get into bitcoin gold yet as I'm doing my research, so I'm not sure yet, but you have provided some really good information here. Cheers

Thanks for informative and short post about BTG, without confusing people. There are many people who would want to exchange BTG to BTC as soon as they receive some coins. I believe hardware wallets will support it. Anyone aware of any wallet(online/offline) or exchange will support BTG.

I read somewhere that CoinBase was going to support it, but I would check their site for myself to make sure.

Great overview. Permission to share it.

you are gorgeous and stunning..i will follow your post always..thank you..

THANX for the info

Thanks for information

Always love your post very informative

Great work, Heidi! I haven't looked into BTG yet, so this gave me everything I needed for a good overview.

Thanks for another great video!

I'm keeping my bitcoin in Electrum, I should be able to take my seed to a similar wallet after the hard fork and access my forked wallet there right?
if not how about my private keys?

Heidi, you started out by saying "Since I am now in a city with Bitcoin, and nearly everything is laced with gold..." can you please tell us WHAT CITY IS THAT? Thanks. I am guessing that you are in Dubai... ?

The sentence just before the one you quoted here stated that I was in Dubai ;)

Love how informative and interesting your posts are! xx

Thanks for this important information!

Great post, very interesting... Personally I don't think there is room for both Bitcoin Gold and Bitcoin Cash... There is a lot of hype around Bitcoin Gold, therefore I think that Bitcoin Cash is going to crash hard after the fork... At least untill the dust settles... I will try to bottomfish Cash!!!

Great info, I do think Bgold will be worth much less than Bitcoin cash though. most wallets will probably issue bgold as long as you have your key.

very good post, my friend very often follow you, please go to my blog.

Thanks for sharing, could you create a bit more reports on new crypto projects? It would be great.

Thanks for sharing this, I would like to mine bitcoin , can you please tell me how much is it costs ??

bitcoin gold xbg very good price every body must be buy from now.

Precious Heidi

BTG - good, cos equihash. BCT will up and up,after fork will down off course in alts. That economy full of beauty. And this system work in math's functions. Satoshi/group of people, that develop Blockchain - see in future, cos they all know what will be if use math's functions. They god in Blockchain and only they can fall system. But who is Satoshi? :) I know :)))

great work!
let's hope that bittrex is compatible as the case of BCH 💪👍

Good info! kudos

I am in love in Your beautiful smile )) I even forget about BTG ))

Great information, Heidi! I look forward to seeing what other amazing crypto blogs you share. :) #CryptoKyle

What you need to know about Bitcoin gold - free money xD

thank you for sharing this. lets keep our fingers crossed

Thanks for the info @heiditravels!

Thanks for the update :) Great post!

Thanks for the info Heidi. You're posts are great. :)
What's your take on other cryptos (surge) post forking event?

This is actually some amazing work! Followed

if you have some time please watch my post also..it is not interesting like you..but i hope you will like it..and upvote me if you feel good..

hey, I am from India. I like your article, great information from your side you also check out my article which is about bitcoin mining - https://steemit.com/bitcoin/@rahulkaushik178/study-shows-half-a-billion-people-are-mining-cryptocurrencies-without-knowing-it

perfect post... continue the good job my dear...

Nice Post.That Is Interesting.

Thanks for sharing @heidi!

All the information I have on bitcoingold right now, is what I read on the forum, and on their website. According to their partners, listed in their ecosystem, you have one wallet right now, that is called Guarda (and I never hear of it before), and you have two exchanges, bitStar and Yobit. I think more will follow, like it happen with bcash though.

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Using bitcoin to buy apartments is very futuristic, and it utilizes the true uses of bitcoin! Bitcoin is all about spending and making transactions. A transaction like that would be very valuable to people, not only computers. Bitcoin Gold is going to work like a charm and people will love it. I'm glad to see that also bitcoin is starting new coins like gold, only a matter of time before it evolves into more valuable coins with even more uses. Btw, the woman in this video is very fun to watch and learn from. Dubai is a very rich city.

Great post.upvote and resteemd

Hardfork is the most interesting issue that is going to happen. Hope it won't influence Bitcoin price much.

It will be interesting to see how the market values the equihash mining algorithm. The question I have is how easy is it to add to existing wallets and POS systems? Is it still similar enough to Bitcoin that its simple. In my mind that is why Bitcoin Cash could be extremely valuable because its nearly identical to Bitcoin but scales on chain. We will see if the market wants to value a mining algorithm change although if they have to pause the chain and relaunch that seems to tell me that its not a simple fork and would be tougher for the industry to adopt. Time will tell.

I like your post. @heiditravels I have followed you

Very nice post, thanks for sharing

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Nice post! learned BTG the easy way here. Question though, if you have Bitcoins in an exchange that doesn't support BTG, wouldn't you still be able to claim your BTG equivalent by transferring your BTC to a wallet that supports BTG?

Only if you moved your BTC before the hard fork.

good information

Nice one !
It help me to understand bitcoin gold !!

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