Here we go again, another Bitcoin hard fork, this time it’s Bitcoin Gold. Bitcoin Gold is scheduled to launch on October 25th. This means everyone who has BTC at the time of the fork will also own the same amount of Bitcoin Gold, just like Bitcoin Cash.
What is Bitcoin Gold?
Bitcoin Gold is the creation of Jack Liao, CEO of Hong Kong mining firm LightningAsic. The goal of BTG is to decentralize the mining power and truly achieve “1 CPU 1 vote” by changing Bitcoin’s proof-of-work algorithm from SHA256 to Equihash, a memory-hard algorithm also used by ZCash. The idea is to give mining power back to normal users instead of pro-miners, so that they can start using commercial computers to mine.
Would CoolWallet accept Bitcoin Gold?
We are still observing the development of Bitcoin Gold and will wait till more information is available before we decide whether to include Bitcoin Gold in CoolWallet or not. In the meantime, your Bitcoins are safe with your CoolWallet and nothing needs to be worried. We’ll keep everyone updated when we have further decisions.
How to claim my Bitcoin Gold?
You do not need to do anything to receive your Bitcoin Gold. It will be automatically associated with the same private keys your CoolWallet uses to access your Bitcoin.
If you would like to access your Bitcoin Gold immediately, you can use your CoolWallet recovery seed in an app that supports BIP39 recovery phrases and also supports the Bitcoin Gold.
Check out the Bitcoin Gold official website for more: http://btcgpu.org/