There has been a lot of talk and anticipation in advance of the release of Bitcoin Gold. If you currently own bitcoin, you will shortly have the ability to receive a new form of cryptocurrency. After the 491,079 block on the bitcoin blockchain has been passed, a different protocol version is going to be launched, which will lead to a variant that has been branded as bitcoin gold (BTG).
The goal of this offshoot is to improve the technology of bitcoin as it will alter how the rewards are competed for. This is the second type of offshoot that has been announced in recent months, with the process being dubbed a “hard fork.”
It was in August that bitcoin cash was launched, garnering massive attention across the world as it managed to create many billions of dollars in the form of value almost instantly without any apparent reasoning.
A lot of industry experts are forecasting that something similar is going to occur this weekend when Bitcoin Gold is launched. Having said this, there are some key reasons why this may not be the case and why it is important that you are careful before diving head first into Bitcoin Gold.
There are two predominant goals that accompany the launch of Bitcoin Gold. The first of those is related to the aim of changing the mining process so that the best and most highly powered mining machines (known as ASICs) will not be able to be utilised any longer for mining.
The second main goal is to get more people involved in the system, in the long run, taking the network of bitcoin away from those big companies that have to date been offering these types of products and gives them an unsafe degree of power and influence when it comes to the network.
The Bitcoin Gold route has been used instead of scaling the existing bitcoin. The goal is to have bitcoin be decentralised once more. It is hoped that it will now be easier for people to digitally send payments across the world in a more accessible way to users.
As opposed to bitcoin cash, bitcoin gold is made in advance of the open-source code being publicized. There will also be approximately 1% of all the cryptocurrency tokens that have been mined in advance of the publication of the blockchain utilised in order to pay the development team of bitcoin gold.
As soon as this step has been completed, it will be launched and all users will have the ability to redeem coins.
While they are hoping that it is simply a de-facto version of the bitcoin network itself, many are considering it to be an altcoin. The original launch date had been set for the 1st of November but this was pushed back to the 12th of November. The formal client download will be available at 7 PM UTC. The publication has been financed and backed largely by the LightningASIC company who are Hong Kong-based and sell mining hardware.
With bitcoin cash accumulating almost $4 billion in market value, many people will be closely watching the launch to see if it is mirrored.