Those who own Bitcoins now have an exciting reason to rejoice. Another variant of the cryptocurrency is due to be launched soon tentatively called Bitcoin Gold(BTG).
This variant will improve on Bitcoin’s technology by changing the way the rewards are given, thereby changing the very competition for the coins. This will be done through a ‘hard fork’ done earlier in August 2017 when Bitcoin cash was launched.
The last time this ‘hard fork’ was done, Bitcoin owners rejoiced as they got a bonanza of billions of Dollars almost overnight.
With this expected fork, industry observers are expecting something along similar lines, but the final results may be a little different than what is expected.
What Bitcoin Gold aims to achieve
The expected Bitcoin Gold aims to achieve two main goals-
· Mining of Bitcoin gold should be done without the need of mining machines (ASICs) that traditionally are needed for Bitcoin mining.
· Bitcoin Gold aims to attract more people over time, to free the system of large companies that offer specific Bitcoin-based products which eventually commands undue influence to the network.
Though Bitcoin and Bitcoin Gold will be created from the same mechanism, there will be a host of differences-
· Bitcoin gold is slated to be created in advance prior to the code being open-sourced to the public.
· About a percent of the total Bitcoins mined from the blockchain before going public will be used to pay the Bitcoin gold development team
· Once the distribution of Bitcoin Gold is done, the team will then launch the cryptocurrency where the users can then redeem their coins.
With all of this, Bitcoin gold aims to be another version of the hugely popular Bitcoin, however, some still may still consider this as an ‘altcoin’- a term used to indicate any cryptocurrency launched with Bitcoin’s exisiting code, but having an alternative use.
How will Bitcoin Gold be allocated?
When the fork is finally done, Bitcoin Gold will be allocated based on a one on one ratio .i.e. 1 BTG to 1 BTC. This will ensure a possible activity on the online Cryptocurrency Exchanges where people might go overboard in buying and selling this new cryptocurrency on the block.
However, this does not mean that you cannot keep it safe.
You can retrieve it to a Bitcoin wallet on an Online Bitcoin Exchange where you can own the private keys to the cryptocurrency. This can be done here at Evonax. For those of you who are eagerly awaiting the fork that creates Bitcoin Gold, we are here to help you store your coins safely. Let’s hope the best for you for the future!