What is Bitcoin Gold? The nature of Bitcoin Gold hard fork is ICO, isn't it? - Only4Free - Cryptocurrency Connection

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What is Bitcoin Gold? The nature of Bitcoin Gold hard fork is ICO, isn't it?

What is Bitcoin Gold? The nature of Bitcoin Gold hard fork is ICO, isn't it?

What is Bitcoin Gold?

Bitcoin Gold (BTG or Bgold) is a product of Jack Liao (CEO of LightningAsic, a Hong Kong based mining equipment company), scheduled to launch Oct. 25, 1977 after Bitcoin's hard forkDevelopers of Bitcoin Gold are working to solve the mining issues by changing the proof-of-work algorithm.

What is Bitcoin Gold?

In order to change the proof-of-work algorithm requires a hard fork and the BTG coin has decided to do this change. Proof of work that Bitcoin Gold has chosen is EquiSchash, A hard disk memory algorithm similar Zcash which can anti ASIC. With the idea that miners using CPUs or GPUs can also mine them.

When will the Bitcoin's hard fork occur?

According to information on Bitcoin Gold's official website, the hard fork plan will be implemented on October 25. However, this does not mean that BTG coin will be released on this day, but only blockchain bitcoin will be frozen for the BTG's chain and BTG blocks to be built.

Currently, developers are planning to launch the BTG Token in early November. Bitcoin Gold coin is expected to sell at 10BTG = 1BTC and they may launch an ICO for Bitcoin Gold. Although the specific date has not been officially announced, but same as Bitcoin Cash before, those who are holding Bitcoin at the time of hard fork will receive the corresponding Bitcoin Gold in their wallet.

Bitcoin's hard fork will release Bitcoin Gold.

Does Bitcoin Gold fork affect Bitcoin prices?

Up to now, Bitcoin has had six versions: Bitcoin Core, Bitcoin Classic, Bitcoin Unlimited, Bitcoin XT, Bitcoin Cash and Bitcoin Gold, but the value of Bitcoin is unlikely to drop at any time. At the time of this writing the bitcoin price has officially surpassed $ 5,700, a record high in history, despite China's regulations on the temporary suspension of the bitcoin trading platform and ICO operations.

Thereafter, Korean government agencies also issued a ban on ICO domestically but could not prevent Bitcoin from recovering at that time, due to the backing of JapanThis country licensed to 11 Bitcoins Exchanges and officially became the largest Bitcoin Market in the world. According to experts, Bitcoin Gold will have little effect on the value of Bitcoin.

How to receive free Bitcoin Gold?

As described above, if you are holding Bitcoin, you will receive the corresponding Bitcoin GoldTo receive Bitcoin Gold for free, if you are storing Bitcoin on coinbase, blockchain.info or any trading platform (Bittrex, poloniex, ..), move them to the original wallet which can be downloaded on the Bitcoin homepage. Or you can use order wallet like Trezor, Ledger, Nano S, Jaxx, Exodus with your personal lock keeped safety on paper. Once transferred, it is up to you to wait for Bitcoin (hard fork bitcoin) to receive the BTG coin in your wallet.

In case you don't move any Bitcoin to Jaxx, Exodus, Trezor, Ledger Nano S or the original wallet and keep them on bittrex or poloniex platforms. There is still a chance of getting them if they allow you to receive them. For example, in the case of Bitcoin Cash, after the split, these two exchanges also allowed their users to receive Bitcoin Cash base on their current Bitcoin amount.

Anyone can get Bitcoin Gold if you have a Private Key when accessing Original Bitcoins wallet. When Bitcoin Gold launches, you will use the private key to access Bitcoin Gold to receive Bitcoin Gold. Currently no website supports Bitcoin Gold so we  have to wait after 25/10 to know where the support Bitcoin Gold.

However, please  note that Bitcoin must be retained by October 25 to receive Bitcoin Gold free of charge - the date of the split, the date the BTG was created. And November is only the time when developers will release Bitcoin Gold in the digital money market. The following is a Bitcoin Gold twitter notification on receiving free BTG:

What's trading platform for Bitcoin Gold?

Bitcoin Gold has been listed on numerous trading platforms such as Binance, Bithumb, Bittrex, Bitfinex, HitBTC, Huobi, OKEx, CEX.IO, YouBit, and others. In particular, Bithumb Exchanges has the largest trading volume, however, the exchange only allow to trade BTG with Korean Won (KRW) only, if you want to invest in BTG can be through the Bithumb Exchanges, a Reliable Exchange with low transaction costs and extremely fast order matching.

The nature of Bitcoin Gold hard fork is ICO, isn't it?

Regarding Bitcoin Gold's hard fork, many argue that its essence is an ICO project. This is one of the most popular events of the day.

The nature of Bitcoin Gold hard fork is ICO, isn't it?

Senjian Jun said that if this time hard fork can succeed, it will probably have a tremendous impact on relevant industries.

Bitcoin Gold's hard fork strongly supports GPU-based mining, which prevents the emergence of large-scale mines, as well as preventing a digging center from becoming a hub and controlling the entire network. The current algorithm can not solve this problem. The founding team of BTG wanted it not only to be theoretical but also practical.

The biggest problem with Bitcoin Gold is that the branching has not gone smoothly, the Bitcoin Gold development team plans to dig about 20 million Bitcoin Gold. This makes Bitcoin Gold unlikely to be called a copy of Bitcoin, but rather an ICO. More frightening is that the BTG website (btcgpu.org) does not even mention the 20 million coin they have dug. This is a blatant deception.

After all, who has committed this deceptive behavior? Look at the key members of this development team:

The founder of Bitcoin Gold is a Chinese named Jack Liao. This person is famous in the Bitcoin community in China by the rude remarks. In addition, Bitcoin Gold was founded by an anonymous Chinese, no one knows what the purpose of hiding his identity is, his ID is h4x3rotab, and looks like this is just a string of characters. he random typed.

Liao Xiang has criticized Bitcoin's hard fork for being "Community Separation," and it is preparing for an upcoming ICO project, with Bitcoin Gold slogan "Upgrade and Development.". Disagreement over block size and competition in the market has made this hard fork. Liao Xiang plans to use Bitcoin to buy more Bitcoin Gold when hard fork hits and makes a profit.

The planning for Liao Xiang's hard fork took place on October 25th as follows. He will spend five days before Bitcoin Gold launches on November 1 to dig 16,000 blocks and earn 20,000 coin (with a diff equal to 1, the blocks will soon be created) and the miners can then dig Bitcoin Gold on November 1. Then, Liao Xiang sold 20 million Bitcoin Gold at a price that could then equal 0.1 BTC to ICO investors. It is possible to use the price of a BTC sold to an ICO investor, and as such he can acquire assets up to 20,000 BTC.

The Chinese government has issued a ban on ICO and all foreign investment (from Europe), but this has not stopped Liao Xiang. It is not possible to sell Bitcoin Gold to ICO projects, but it is still possible to sell them to the market, although if so, each BTG is worth 0.01 BTC, so only a total of 2,000 BTCs are available. However, it is still a big money.

Tags: what is bitcoin gold, bitcoin gold is ico, crypto news, btc, bitcoin, cryptocurrency, ico project

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