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    October 24, 2017

    Bitcoin Gold: Hard fork splits to yield a brand new cryptocurrency

    Bitcoin gold fork

    Bitcoin Gold has officially been created through a hard fork of the Bitcoin blockchain, where users will soon be credited with the new cryptocurrency.

    Ahead of this month’s upcoming hard fork, Bitcoin’s price has steadily climbed to reach new record highs – and as of this morning, the Bitcoin Gold team have formally launched their new cryptocurrency through taking a ‘snapshot’ of the Bitcoin blockchain at block 491,407.

    The news means that all holders of Bitcoin at the time of the Bitcoin Gold hard fork will soon be credited with the latter cryptocurrency – though whether such funds are awarded to users depends on their choice of hardware or software wallet, or their exchange of preference.

    Bitcoin Gold launches with several key differences from the ‘standard’ strain of Bitcoin; the newer cryptocurrency impedes the use of high-end ASICs (application-specific integrated circuits) to mine the cryptocurrency – therefore lessening the influence of large-scale mining firms.

    While the premise may sound noble in principle, not all quarters have rallied to the creation of the new cryptocurrency.

    Read: Upcoming Bitcoin Gold hard fork leaves investors and exchanges with mixed reactions

    Coinbase has further offered that it will not support Bitcoin Gold, citing in an official statement that [Coinbase] “cannot support bitcoin gold because its developers have not made the code available to the public for review — This is a major security risk”.

    In terms of hardware wallets, Satoshi Labs has confirmed that official clarity on Trezor’s stance towards the fork will be announced once the new coin has been determined to be safe, and again reiterated its concerns over the cryptocurrency’s lack of replay protection.

    Bitcoin holders interested in claiming their Bitcoin Gold will either need to have stored their cryptocurrency in a wallet or exchange that will support the new coin, or wait until their wallet or exchange of choice officially adds support for the new cryptocurrency.

    Read: The International Monetary Fund may develop its own cryptocurrency

    What are your thoughts? Be sure to let us know your opinion in the comments below!

    Follow Bryan Smith on Twitter: @bryansmithSA

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