The Bitcoin Gold fiasco continues.
I am assuming that you know about Bitcoin Gold already. But if you don’t, check out these write-ups on Bitcoin Gold:
- Bitcoin Gold Fork Coming: How To Double Your Bitcoins
- Where To Sell Bitcoin Gold (BTG) [Full list of BTG exchanges]
- Will We Really Lose Bitcoin In The SegWit2x Fork?
In short, Bitcoin Gold is a new cryptocurrency that forked out of Bitcoin last week (late October 2017) from the block height of 491407.
Before the fork, CoinSutra had published detailed instructions for our community so that they could benefit in the future. And that moment of the future has now come!
If you were not tracking the fork or not reading CoinSutra and have left your Bitcoin in an exchange that is not supporting BTG after the fork, then you are out of luck.
On the other hand, I would like to congratulate our community readers who heeded our advice of keeping their BTC in the Ledger Nano S, Trezor, Mycelium, Jaxx, or other similar wallets, and are now lucky enough to be eligible to claim BTG.
Also, these forking events are a timely reminder for all of us that one should never trust exchanges and should always be in control of their own private keys.
Note: The fork has already been done and some exchanges have already credited users their BTG tokens. And remember these are only tokens, not actual BTG, given and traded by these exchanges. However, users who had their BTC on a wallet at the time of the fork where they control their seed/private key will be able to claim BTG through the process which I am going to elucidate in this write-up. Another thing is that users will be able to claim BTG only once the BTG blockchain is live, which is going to happen in early November. I will update this section again with the new and latest information.
Step By Step Guide To Claim Your Free BTG
Now that we are on the same page, let’s see how to claim and access our FREE BTG when the blockchain is live by using Coinomi Wallet.
First Things First – Update/Install Wallet
We are going to do this recovery of BTG from the Coinomi Android wallet.
- If you already have Coinomi, then please update your Coinomi wallet to the latest version. Open your Play Store app, click on the top left menu, select “My apps & games”, and then click on the “Update” button next to “Coinomi Wallet”.
- And if you don’t have Coinomi, then please install the latest version from here on your Android device.
Once your device is ready, follow these steps:
#1. Access your BTC wallet where you had your BTC at the time of the fork. Wallets like Jaxx, Mycelium, Ledger, Blockchain.info, Exodus, or any other wallet that supports BIP44 type key generation. Do a simple Google search to check if your BTC wallet is BIP44 supported.
#2. Now from these wallets, take out your seed words. Seed words (or recovery phrases) are the 12, 18, or 24-word long phrases that you backed up while setting up your wallet.
#3. Now use your Coinomi wallet along with these seed words/keys for restoring your BTC wallet on Coinomi.
#4. Once your BTC wallet has been restored on Coinomi using these seed keys, you will be able to see your BTC balance that you had at the time of the fork.
#5. Now in your Coinomi wallet, click on the top left menu, then hit the “+ COINS” button and select “BitcoinGold” from the mind-blowing list of Coinomi’s 86 supported coins and 214 tokens.
#6. A pop-up dialogue will appear asking if BitcoinGold should be added. Hit the “ADVANCED SETTINGS” button. If you clicked “Add” instead, you need to delete your BitcoinGold wallet and add a new one. In the “Derivation Path” section, enter: M/44H/0H/0H
Note: The characters before “H” are the number zero and not the letter O.
#7. Now click “ADD”.
#8. BOOM,🌟⚡💥🌟⚡💥🌟⚡💥 TaDa! Your $BTG wallet is now ready and you can see both your BTC and BTG balances.
A Few More Important Things To Note…
- If you have more than one Bitcoin wallet in your Coinomi account and you want to claim the equivalent BTG, you will have to repeat the above process, replacing the last zero with the (zero-based) account index each time. So for the second wallet, this would be M/44H/0H/1H, and for the third wallet it would be M/44H/0H/2H, and so forth.
- With this Coinomi BTG wallet, you won’t be able to do any valid BTG transactions or see your BTG coins before the BTG blockchain is live. Expect some delay as I don’t see it happening on 1st of November 2017.
- Coinomi doesn’t yet support SegWit addresses starting with ‘3’, so with this method, you won’t be able to claim your BTG if you had BTC on a SegWit address at the time of the fork.
- This doesn’t mean that SegWit address HODLers will not be able to claim BTG; rather, these users have to wait until either BTG’s official wallet comes out or Coinomi starts supporting SegWit addresses.
- Also, the Bitcoin Gold Fork has already happened (around October 24, 6 am UTC at block height 491407). So if you are trying to claim BTG by transferring in BTC that you didn’t own prior to this date, you probably won’t get BTG.
- Beware of SCAM wallets/websites surrounding Bitcoin Gold who are frantically preying on immature users to get ahold of their seed keys. Don’t use your seed words/private keys on splitting tools or 3rd party wallets unless you are 100% sure about it.
Here is the official blog post from the Coinomi team on the Bitcoin Gold fork and how to claim your free BTG.
From now on, it will be interesting to see how Bitcoin Gold survives surrounding all the criticism and how much hash power it will be able to steal from other GPU mining rigs.
Now it’s time to hear from you: So what are you going to do when you are able to claim your free BTG? Are you a HODLer or FUDster? Do let me know your thoughts in the comments section below.
If you enjoyed this tutorial, do share it with your friends on Twitter & Reddit!