Bitcoin Gold will separate from Bitcoin into a separate crypto currency

Oct 25, 2017 | 8:17 pm

Published by | Chandan Singh

This Wednesday, October 25, will be the division (so-called hardforks) of the virtual currency Bitcoin, resulting in the market will be another independent crypto currency – Bitcoin Gold.

It was developed by volunteers led by the head of a major Hong Kong mining company, Jack Liao. Bitcoin Gold has almost completely open source code, and this currency is already supported by a huge number of users from around the world.

B.coin Gold uses the new PoW-algorithm Equihash, because of which the production of crypto currency is radically changing. For its mining, traditional BTC (ASIC) production farms built using special chips are not suitable. As a result, users will be able to receive Bitcoin Gold only through graphics processors. In addition, Bitcoin Gold has full protection against playback, which does not allow the possibility of accidental use of already obtained virtual coins.

It is important to note that on October 25, anyone who has a private key to the purse with Bitcoins on the account will receive the same amount of Bitcoin Gold. To do this, you need to install a new, not yet existing wallet.

What happens after October 25 – it’s hard to guess now. There may be a huge number of new people wanting to mine, and we are waiting for another increase in prices for video cards. At the same time, some well-known trading platforms, for example, Coinbase, announced that they do not intend to support Bitcoin Gold until all possible security threats have been eliminated and a fully workable purse appears. Moreover, the first 100,000 Bitcoin Gold units will be produced by its creators even before the launch of the crypto currency, which is scheduled for November 1.