Bitcoin Gold, the newest Bitcoin fork created altcoin is about to go live. What is more, after launching on November 12th, anyone who owned Bitcoin prior to block 491,407 of the blockchain being mined on October 24th, will be credited with a like for like balance of Bitcoin Gold.
There is, of course. Only one problem. Just like with the August 21st Bitcoin fork which led to the creation of Bitcoin Cash, many every day cryptocurrency investors don’t know what Bitcoin Gold is, or how the launch of the new blockchain might affect them.
Bitcoin Gold & Bitcoin Cash Simplified
At the time of writing, the Bitcoin price on Coinbase has suffered a shock $1,000 decline in the space of just 24-hours. People are confused. No one knows where Bitcoin Gold has come from, how to get it if they are entitled to it, or what it really means for either blockchain in the long-term.
Thankfully, explaining how the new Bitcoin Gold altcoin works is simple. Bitcoin as a currency is based on the idea of complete decentralization. In reality, however, the Bitcoin network and blockchain is dominated by Bitcoin miners, many of whom use ever-more specialized ASIC mining hardware to mine Bitcoins and control the blockchain itself.
Naturally, some Bitcoin miners aren’t happy about how much influence other groups of miners have over the blockchain. This is why they have cloned the blockchain and set new mining rules on their own version, ones which restrict how easy their new blockchain will be to monopolize in the same way.
In short, Bitcoin Gold is a completely new altcoin which is more than just a clone of Bitcoin. Coins on the new blockchain are mined differently and have transactions processed by a completely different mining community.
How Can You Claim Your Bitcoin Gold?