Bitcoin Gold Fork Coming: How To Double Your Bitcoins

Bitcoin Gold Fork - How to double Bitcoin

It has been only 9 weeks since the Bitcoin Cash hard fork, and we are again discussing another Bitcoin hard fork.

For those of you who don’t know about the previous Bitcoin hard forks and its challenges, read my earlier guides here:

And for those of you who aren’t aware of the upcoming Bitcoin hard fork, pay attention.

In this article, I intend to cover everything you need to know about the upcoming Bitcoin hard fork and how to prepare and benefit from it by doubling you coin holdings.

Wowowow… double!! 

Some of you may think this is a good thing as your value will also double!

Note: Doubling of coins does not mean doubling of value, because after a hard fork, the value of both versions of coins are determined based on user sentiments and demand/supply in the market.

So keeping that point in mind, let’s get started…

New: Where To Sell Bitcoin Gold (BTG) [Full list of BTG exchanges]

New Bitcoin Fork – Bitcoin Gold (BTG)

Bitcoin Gold is a new, would be cryptocurrency denoted, as of now, as BTG or “bgold”. It will be a fork of the original Bitcoin that Satoshi Nakamoto invented in 2008.

The Bitcoin Gold community defines BTG in the following fashion:

Bitcoin Gold is a community-activated hard fork of Bitcoin to make mining decentralized again.

At present, there is very little information available about the technical know-how of this fork because their website is under development.

Who Is Doing This Fork And When Is It Happening?

The Bitcoin Gold project is being driven by some developers, miners, and their head Jack Liao, the CEO of the  Hong Kong-based mining equipment manufacturing company, LightningAsic.

Bitcoin Gold’s lead developer is someone anonymous by the name of h4x3rotab and he/she claims that:

Bitcoin Gold is also a real blockchain to pilot Bitcoin upgrades.

As per their official website, the exact time is not yet known for this fork.

But the official date for the fork is mentioned as 2017-10-25 (25th October 2017) but better to follow the block height which is block 491407.

Why Is It Happening?

This is a community-driven hard fork without any consensus voting. It is primarily being driven by a few who believe that the original Bitcoin mining system has become centralized and is monopolized by a handful of mining companies.

They believe this because of ASIC miners which provide a very strong entry barrier for an average user or miner like you and me.

And now, these hard fork supporters want to change that and make the process more decentralized.

As per their Twitter:

BitcoinGold

How Do BTG Supporters Want To Change This Centralization Problem?

BTG (i.e. Bitcoin Gold) advocates have decided to solve this problem by forking Bitcoin on 25th October by changing its original protocol.

Specifically, to combat the mining centralization problem, the BTG developers are implementing a different mining algorithm altogether that will be resistant to ASIC chips called Equihash.

This will make ASIC miners irrelevant for mining Bitcoin Gold because, with the implementation of Equihash, Bitcoin Gold will be mineable simply by using cheap GPUs.

  • Note: Currently, Bitcoin uses the SHA-256 mining algorithm (read about SHA-256).

What’s Their Other Agenda?

Their other agenda is to save Bitcoin in case something happens to it in the future, as they claim will.

Also, I think they want to compete with other GPU minable cryptocurrencies like Zcash, Ethereum, and Monero.

And with Ethereum moving to POS consensus, this is a kind of masterstroke for this Bitcoin-branded coin (BTG) because then those Ethereum mining people will have to switch to either BTG or Zcash or another GPU minable currency in the future.

But they know that they are not competing with Bitcoin and Bitcoin Cash as stated by their lead developer in a conversation with Bitcoin.com.

Features of Bitcoin Gold (BTG)

Bitcoin Gold doesn’t bring many features with it, but…

  • BTG will be based on Equihash so it will be GPU minable.
  • BTG will have inbuilt replay protection because it is a direct fork of BTC.
  • BTG will have a variable difficulty that will change per block. (Good thing for GPU miners.)
  • And looks like BTG will have a pool of pre-mined coins for 16,000 blocks.

Apart from these, there will be no changes like block size adjustment.

And BTG will be following the suit of the original BTC core developers for the future betterment of their coin because they believe that’s the secure way.

My Opinion

I have mixed feelings toward this because of several reasons…

It’s a good idea to have a GPU-minable algorithm. This will surely prevent centralization and currently, there is no GPU-minable Bitcoin hard fork. So it’s good in that sense.

On the other hand, their development and way forward look depressing. There is literally no information whatsoever on their GitHub or official website. Moreover, on GitHub, none of their developers are publically available.

Also, haywire information sources on the Bitcointalk forum raise massive red flags about their future and their intentions. I was really surprised to learn that they might have an ICO for these pre-mined blocks, but again, there is little clarity about it on their official website.

But… let’s say that around 25th October they have beaten all odds, clarified the much-needed information about their project, and we have a fork… then what to do in that case?

Then the only thing to do is enjoy and claim your free airdropped Bitcoin Gold coins!

Confession: I am going sell some part of BTG immediately (if a fork happens) and will HODL the rest of it.

How To Get Free BTG

After the BTG fork, you need not do much, but you need to be updated and agile about this subject.

If you want access to your BTG coins, you need to take care of two things:

  • You should have your private keys.
  • You should avoid being replay attacked.

And here’s the important part: Both of your coins (BTC and BTG) will have the same private keys.

Moreover, due to this fork/split, another problem called Replay Attacks can happen.

Though, they say that they have replay protection in place, but we are not sure how effective it is as it has not been tested live.

So to avoid replay attacks and access your free BTG coins, we suggest you take care of the following things:

  1. Avoid transactions for some days until the dust settles to avoid replay attacks.
  2. Keep your Bitcoin private keys with you, not in a third party exchange like Coinbase.
  3. Use hardware wallets like the Ledger Nano S and Trezor. Last time, during the Bitcoin Cash fork, these two hardware wallets were the first to support the forked coin.
  4. If you don’t have a hardware wallet, use software wallets like Mycelium, Jaxx, Coinomi, and Exodus to control your private keys.
  5. You can also use a paper wallet or brain wallet.
  6. If you hold your keys in a paper wallet or software wallet, wait for instructions on how to access your BTG coins.

Order Ledger Nano S | Order Trezor from the official site

Future Of BTG

BTG Blockchain Launch Date: November 12, 2017 – 7:00 PM (19:00 UTC)

The future of BTG isn’t clear yet. But if the fork happens, BTG will likely have some market value and will definitely steal away some hash power from GPU miners.

On the other hand, we really need exchanges and wallets to support this Bitcoin Gold fork; otherwise, it will have a hard time finding any value.

And as the fork time approaches, I will keep updating this article will more information on Bitcoin Gold and which wallets/exchanges are actually supporting it.

Last but not least, don’t fall prey to fake websites/wallets demanding your private keys to let you access your BTG.

So until that time, stay tuned to CoinSutra to keep up with the Bitcoin revolution!

Note: Theoretically Bitcoin Gold Fork is already done around October 24, 6 am UTC at block height 491407. So if you are transferring your BTC now, here and there then you might not get BTG because it’s over now. Regarding claiming your BTG through wallets we will publish further instructions shortly. Happy Forking 🙂

Update 1: Bitcoin Gold’s Website is Live. Read their FAQ section for more details here.

Update 2: Bitcoin Gold’s Roadmap announced here.

Update 3: Read BTG Dev’s Official Statement here.

BTG Dev’s Official statement’s Gist:

The Bitcoin Gold dev team is not holding any information back. We are committed to full transparency.
We do answer all of the questions that are being asked via Twitter, Facebook, Slack, and email, and we
provide all the needed information for the general public.
We don’t hide that we are working hard to provide this solution – to make cryptocurrency that has the
Bitcoin structure and that cannot be mined using ASIC machines. Our project is almost ready, but there
is still a lot of work to be done and we will give all the support if there are people who want to help us.
We don’t make suggestions to buy or not buy any kind of cryptocurrency, especially not Bitcoin Gold
(BTG), as all cryptocurrency markets are still highly volatile and easily manipulated. But the one thing
that you must know is that on October 25, as planned, we will take a snapshot of the Bitcoin blockchain
and everyone will receive 1 BTG free for every 1 BTC in their wallet. So please be sure to keep your
Bitcoin private keys secure in your own possession, as we don’t want any Bitcoin holders to miss out.

For further reading:

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230 thoughts on “Bitcoin Gold Fork Coming: How To Double Your Bitcoins”

  1. So we have to give BTG our seed key?? could they end up just copying our wallets and then transferring all out BTC out to there own?? I feel like sending anyone your seed key is just asking for your wallet to be hijacked.

    1. @Shanevas2
      Agree with you, that’s why, do this exercise very cautiously with the help of trusted wallets in the market.
      Also, CoinSutra will publish a claiming procedure with the help of wallets that we trust and are supporting the fork.

  2. S

    Im in the same situation I went to the newly and live bigcoin gold website and they have a bunch of Chinese exchanges listed in there they are partnered with but only one wallet that I’ve never heard of. NO MENTION of Ledger, Trezor or keep key what if any news have you heard about any of the European or US wallets and exchanges supporting this Gold fork or Segwit 2x last time there was all kinds of info and these two are coming up in none of the big players at least in the west have any information on their sites??? Ledger was out several weeks if not months before the bigcoin cash fork. Nothing on this one. Any ideas for US based Cryptonians. I know Coinbase will just steal it li,e they did Bitcoin Cash….,Help

    1. @Shane
      No clarity of wallets yet.

      CoinSutra will publish a claiming procedure with the help of wallets that we trust and are supporting the fork.

    1. @James,

      Yes, you can.

      Another thing is that Blockchain wallet may not support BTG directly but still by using the same seed words of Blockchain wallet you will be able to claim your BTG via another wallet.

  3. O

    If I transfer BTC to Jaxx, shall i automatically get BTG in the wallet or there will be some info from Jaxx regarding accessing the same.? I am a newbie to forks.
    Thanks

    1. @Om
      Jaxx is also good as you have your seed.

      If Jaxx directly supports BTG then well and good otherwise using Jaxx seeds claim your BTG via another supporting wallet.

  4. T

    What about holding your bitcoin on a Mycelium wallet (Android app). I hold the private keys for this. Is there any reason this popular wallet is not included in your article as a place to hold bitcoin before the fork? Thanks.

  5. A

    Hi! Can I sell my btc after August 25 without losing my btg? For example, let’s assume I have 2BTC. If I sell 1 BTC after the fork date, will I still have 2 BTGs?

  6. n

    I’m using free bitcoin, there is a lot of BTC in the bitcoin address I have. I’m using BLOKCHAIN ​​WALLTE whenever I’m going to BTC sand me want private key. I do not know where my private key is. I can not do anything about what I can do. Please help me

    1. @bugs

      Yes, Exodus allows you to control your private keys. So you can claim BTG in an equivalent amount from any other BTG supported wallet.

      1. Z

        Hello,

        Thanks for all the info. My question is if I placed an order on the 20th but processing on Coinbase will not finalize until the 29th, will I still be eligible for the BTG fork that happens before my transaction is finalized?

  7. K

    I have my BTC all in Coinbase but I also have a blockchain wallet too. Do you recommend I move my BTC to Blockchain and leave it there until the fork happens or leave it in Coinbase?

    1. @Kevin

      I suggest don’t keep it in Coinbase.

      Coinbase’s official statement says “At this time, Coinbase cannot support Bitcoin Gold because its developers have not made the code available to the public for review. This is a major security risk.” You can read here their full statement.

  8. I am using multiple exchanges to store my coins as I actively do trade. I have never used any wallet. I have just transferred my all bitcoins to paper wallet for Bitcoin gold

    Please guide me how to claim BTG from paper wallet ?

    1. @Tariq

      You will need to sweep your private keys which are on your paper wallet in a BTG supported wallet.

      And a wallet that is supporting this private keys sweep functionality for BTG is yet not so clear. Probably Coinomi will allow you to sweep your keys to claim BTG on its wallet after the fork. But don’t worry as you have done a right thing, you will be able to claim BTG sooner or later as you have the private keys.

  9. T

    I have my bitcoin in coinbase does that mean I won’t get bitcoin gold ? Also what is a privet key and how do i get one.
    Thanks…

    1. @Drew,

      You will be able to do so on YoBit and HitBTC after 1st of November. There are quite a few more exchanges that are coming in support of BTG.
      CoinSutra will be publishing instructions soon on where to sell your BTG so keep an eye here.
      🙂

  10. N

    Hey, nice article got the good knowledge about cryptocurrency. Just need to know do I get BTG if I hold BTC in Mycelium wallet?

    Do I need to do anything extra to get it?

    Currently I am holding bitcoins on zebpay and thinking of transferring it to mycelium wallet pls suggest

    1. @Nishant,

      You can HODL your coins in Coinomi, Ledger Nano S or Mycelium.
      During the last fork, Coinomi and Ledger were the ones that implemented the fork coins availability very fast.

      You will need to use your seed keys of mycelium or coinomi to work out your private keys to access your BTG coins.
      Don’t worry we will publish soon further instructions on how to do that.

    1. @Poketbits
      May not support forked coins immediately as experienced in Bitcoin Cash fork. So avoid it.
      Another piece of suggestion no wallet/exchange which is control by third parties are safe.

    1. @Stinos
      yeah, true better to control your private keys as Bittrex has clearly said “At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market”

  11. S

    Best article explaining the fork. i got so confused reading all the information that’s out there. but you have cleared it all up. thanks.

  12. T

    Am I correct to assume that if I have all my bitcoin in a wallet where I have my private key (electrum) and I move my bitcoin to a different wallet after the fork on October 25 (i’ll do it October 28th) than I will still have access to my bitcoin gold by using the private key for Electrum when the blockchain goes live and not have any chance of replay happening because I have moved my bitcoin funds to a different private key/wallet? Thanks in advance for your help.

    1. @Ty

      yes, you will have access to Bitcoin Gold in this given scenario.

      But if Bitcoin Gold lacks a strong replay protection then your BTC transaction that you did on 28th can be used to be replayed on Bitcoin Gold blockchain, which can lead to loss of Bitcoin Gold. This scenario depends on the kind of replay protection Bitcoin Gold implements.

  13. m

    hi do we need to hold our bitcoin up until november or is it possible to transfer our bitcoin to other wallet after few days of fork plus could you tell the best software wallet for storing bitcoin

    1. @manan

      You can transfer your BTC after the fork in October.
      Software wallets:-
      Exodus wallet
      Mycelium wallet
      Blockchain.info
      Coinomi wallet

  14. D

    Hi, I trade on Zebpay and have my Btc there. Would it suffice to leave it there for the free BTCgold, or, do I have to move it to a wallet. In that case would Unicoin wallet do or, can I use Copay wallet? Thanks for helping out.

  15. P

    Hi,

    I have some litecoin in my wallet. Did you recommend sell my litecoin and buy bitcoin before the fork happens ?

    regards,
    Pedro

  16. B

    Hi Sudhir,
    How much will you sell of the BTC gold and how much will you keep?
    Where can we sell the BTC gold? Do we need to be fast to get a higher price?
    Thank you!

    1. @ BTCB
      I will publish a post on where to sell BTG. I will not be able to publish it before 25th because anyhow you won’t be able to sell it before 1st November.

      I may sell half of it if got a good price.

    1. @Jeff
      You can keep on Copay but now the fork’s snapshot is taken.
      So if you transfer it to Copay now you will not get BTG.

  17. W

    Everybody was saying it will forked on 25th October, but it has already been done on 23rd October. Probably short after you have published the article.

    1. True the date was 25th October but the block height was 491407 so it was reached yesterday night and a snapshot already taken.

  18. s

    hi there, i’m having my BTC in Polonix, would the BTG fork happen there too? or i need to transfer to blockchain wallet?
    Thanks ahead

  19. A

    Hi all, Today I received BTG equal to BTC in my yobit exchange wallet. I am still waiting for blockchain.info BTG worth for BTC. I think still there is no update on BTG official wallet to import blockchain.info btc with the phrase. Please update if there is any. Your blog rocks. I keep getting up to date information. Thank you.

    1. @Anil
      Happy to know that you received your BTG.
      Blockchain wallet may or may not support it immediately and moreover, you won’t able to access BTG on your wallet before 1st November in any wallet as stated by BTG dev in their statement.

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