The new cryptocurrency called Bitcoin Gold will finally be available for the public to mine.
Bitcoin Gold Launch Date
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Bitcoin Gold launches on November 12, 2017 at 19:00 UTC. At this point, the Bitcoin Gold Blockchain will be live and the software client can be downloaded at the same time.
Wallets and exchanges will be able to process deposits, withdrawals and trades (as soon as they are ready). This is the culmination of months of hard work, which have led to many changes and improvements.
The mentioned changes and improvement include Replay Protection, Network & Pool Integration, and “Implementation of a Unique “G” and “A” prefixed Address Format” which is important to avoid transactions going to incorrect destinations.
More recently, they launched a blog that first announced Replay Protection, an important feature that prevents loss of funds.
Replay protection is a safety feature that makes sure that transactions on one chain are invalid on the other chain, thus preventing transaction replay and the possible resulting loss of funds.
Bitcoin Gold and Philippine Companies Engaged in Blockchain Tech
The Bitcoin Gold fork originally happened on October 24, 2017. Since this is a split from the primary bitcoin blockchain, how much BTC you have will be mirrored to the new BTG blockchain. Meaning, if you have 3 BTC, you will also have 3 BTG at the time of the split. Leading bitcoin sites in the Philippines, such as Coins.ph and Satoshi Citadel Industries, did not announce any plans about the BTG fork. (Read: Bitcoin Gold Fork and Position of PH Bitcoin Sites About It)
What is Bitcoin Gold?
Bitcoin Gold is created to ensure even a gaming computer’s GPU can mine coins. This is because right now, Bitcoin (BTC) can only be mined if you have very high GPU, which then allows only those who own specialized GPU equipment to mine the popular coin. (Read: Why did the Bitcoin Gold Fork happen).
Yet, many are criticizing the BTG dev team for mining BTG before the software to mine it is released in public (the one on Nov. 12, 2017). Among this include the very private nature of BTG. The fact that it took some weeks between the fork and the code release makes people think something’s amiss.
You cannot run bitcoin gold because it is centralized so that the creators can rob it right now. After the creators have lined their pockets with bitcoin gold, they will release the code so there is a market to manipulate and investors to dupe. – a comment on Coindesk
Bitcoin Gold promises to “decentralize mining” by changing PoW. Please remind me, how many companies produce competitive GPU chips? – Marek Palatinus
Source: Bitcoin Gold Blog
- Position of PH Bitcoin Sites About Bitcoin Gold
- Bitcoin Wallets in the Philippines
- Where to Buy Bitcoin in PH
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