On October 25, 2017, Bitcoin will go through a second fork in less than 4 months. After forking over bitcoin cash we will have bitcoin gold fork. And forums are inundated with questions like How do I get Bitcoin Gold? or Which exchanges or wallets will support bitcoin Gold.
A lot of these details are not yet clear but Bitcoin gold team and some of the wallets and exchanges have come out with some guidance. If you have these questions keep reading further, we will be updating this post as more information flows in.
Before we jump into how you get Bitcoin gold, here is a primer on Bitcoin gold if you already know this please feel free to move to the next section.
Understanding Bitcoin Gold
Spoiler Alert: It has nothing to do with ‘Gold’ or ‘Bitcoin to Gold‘ conversion.
The stated goal of Bitcoin gold is to Make Bitcoin Decentralized Again
Bitcoin gold intends to do this by making following key changes
- New Proof of Work (POW) Algorithm Equihash which enables mining with standard GPU and does not require costly ASIC circuits which could perform SHA256 calculations multiple order time faster than normal GPU. Which resulted in the mining of bitcoins now getting concentrated with few big companies who can afford the right hardware.
- New Difficulty adjustment algorithm
- New format for a Unique address to receive your Bitcoin Gold.
Bitcoin Gold team believes current ASIC hardware requirements have led to the centralization of Bitcoin mining. Only large companies with huge resources can afford Bitcoin mining. They are proposing the change to hashing algorithm from SHA256 to Equihash. This will result in normal GPUs can also compete for mining.
How Do I get Bitcoin Gold
[bctt tweet=”To get Bitcoin Gold first thing you need to ensure is that you hold your bitcoin at block 494107″ username=”sipacoin”]
You can check the status of the blocks here
Now that you are sure you have held bitcoins till block 494107, Here are ways in which you can get hold of your Bitcoin Gold
You are on an exchange which supports bitcoin Gold
See the list of exchanges which support Bitcoin Gold below. Then you are more or less covered and are not required to do much. Once the trading for bitcoin gold starts you will be automatically credited with your bitcoin gold. For every bitcoin you are holding with the exchange you will get one bitcoin gold
2. You are on a Wallet which supports Bitcoin Gold
In case you have your bitcoins on a wallet which supports Bitcoin gold e.g Coinomi, the process is relatively simple . Here is a step by step guide on Getting your Bitcoin Gold on Coinomi wallet
- Step 1: Send all your bitcoins to Coinomi Wallet and hold them there till block 494107. Please note it is imperative you hold your bitcoins till 494107 otherwise you will not be able to get your Bitcoin Gold. So don’t spend or move your coins around till 494107.
- Step 2: Keep your wallet updated, ensure that you have the latest version of Coinomi wallet installed. If not please update your wallet. you can go to google play store and update your Coinomi wallet the latest version
- Step 3: Access your Bitcoin Gold , Get onto your coinomi wallet click +Coins and select Bitcoin Gold from the list of crypto assets available click advanced settings and add the bitcoin gold to your wallet
If you have more than one bitcoin wallet mapped to your Coinomi account you would need to do this process again for each of these wallets.
3. You hold your bitcoins in hardware wallet
If this is the case you would need access to your private keys. You can then transfer your bitcoins to any of the supported wallets and get access to your Bitcoin Gold Coins or just wait till you get instructions from your wallet
Here is the set of instructions Ledger ( leading hardware wallet) shared on its Twitter Feed
Here are couple of Video tutorials which can help you
List of Wallets/Exchanges which will support Bitcoin Gold
- Country: UK
- Twitter Handle :@hitbtc
- Website: http://hitbtc.com/
- Key Information
- Guarda (wallet)
- Bitcoin India
Summary of What Different exhanges and Wallets are Saying about Bitcoin Gold fork
In this section we will track what Different exchanges and Wallets are saying about Bitcoin Gold Fork
You can read complete statement from Coinbase here
I have extracted relevant portions below
Here are the relevent portion of statement by CEX.IO on Bitcoin Gold
Some tips as you try getting your Bitcoin Gold
- Whatever be the case keep your private keys handy
- Avoid Replay attack ( BTG was supposed to implement Replay protection to avoid accidental spent of Bitcoins but some sources say they do not have it implemented yet.
- Please note that private keys for your BTC and Bitcoin Gold are going to be same
- Keep your Bitcoin private keys with you and not with third party exchanges like coinbase etc
- You can use hardware wallets like Ledger Nano to keep your private keys or one of the online wallets like coinomi, Jaxx etc.
- Some of these wallets have already coming out with instructions to access your Bitcoin Gold , I discussed Coinomi process above others will definitely follow so be patient and wait for instructions and more information to follow