In August 2017, we have seen that the Bitcoin was split into a new new name called Bitcoin Cash. Currently the Bitcoin has focused on High Speed & volume of Transaction. The Block size is increased to 8 MB & SegWit2x proposal is removed.
Now, Bitcoin is splitting once more i.e. to be known as Bitcoin Gold which is another digital currency. Here we are going to explain some of the popular questions which comes in cyptocurrency geeks.
Why is Bitcoin Gold created ?.
The Bitcoin mining business has been widened a lot in few years. As this process has become more difficult, more capital is needed to perform mining operations. Countries like China where Electricity is cheaper than many countries are dominating the business of mining Bitcoin.
Bitcoin Gold :- The new fork is created to decentralised the Bitcoin mining again. The algorithm used in Bitcoin i.e. SHA256 was originally choosed by Satoshi Nakamoto is favourable to those who have dedicated and costly mining hardware.
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The another algorithm called Equihash, where Bitcoin Gold is aimed to mine the digital currency by using an average computer as the processing unit for mining.
Read the Bitcoin Gold’s road map here.
A news also came that , the website of Bitcoin Gold is attacked by DDoS attack which hit by 10 million requests per minute.
Is Bitcoin Gold fork Released? How to mine them ?
As there is no specific timing of Fork at Bitcoin Block 491,407. The Bitcoin Gold has decided to stop following the main block chain & start making there own norms. As a result, the planned Bitcoin Gold hard fork has been made before the expected date i.e. October 24 mid night.
However , you cannot mine Bitcoin Gold just from now. The first session is dedicated to the development Team. After November 1, the code & mining software will be provided to the public.
How can I convert Bitcoin to Bitcoin Gold?
So if you are having some Bitcoins, then you can convert the Bitcoin with Bitcoin Gold with Exchange rate of 1 BTC = 1 BTG. And to do so, you have to move your Bitcoin Wallet to somewhere which supports Bitcoin Gold.
There are multiple Bitcoin wallets that supports Bitcoin Cash. Major Wallet services like Coinbase have hold off because the code is not yet released in Public.
According to CoinBase “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.”
The idea of a Bitcoin fork that can be mined using your desktop GPU is nice concept & sounds good to me. The next week will tell us how this is going to work after the users interest. The gap of one week in the release of mining software & fork turn the face of BTG.
This is the end of this informative article. Please tell your views in the comment section about how the world of cyptocurrency is going to change after this. Thank You.