What to Do About Bitcoin Gold (BTG)
This past Tuesday, at block 491,407, Bitcoin Gold (BTG) hard forked from the bitcoin chain. I first wrote about BTG here.
If you’re a holder of BTC then you should now have an equal amount of BTC and BTG.
Getting to those BTG may not be that easy, however.
Let’s check out the exchange support.
Coinbase is not supporting B2X. It’s not generally a good place to receive a hard forked coin anyways as you do not have control of your private keys. Coinbase is not supporting BTG as the code has not been released to the public for review. That may change in the future if Coinbase feels BTG is secure.
Bittrex will be crediting bitcoin holders with BTG but will not list BTG on the exchange. Like Coinbase, Bittrex notes the lack of code available for review and the fact BTG does not have replay protection.
Poloniex too is not supporting BTG for the same reasons mentioned above.
Then there’s the Gemini Exchange who says that BTG development is so early that they couldn’t technically support BTG even if they wanted to.
So where can you trade BTG? Bitfinex, HitBTC, and Binance are the largest three by volume to date.
And as you can see those that can sell are doing just that.
Hopefully you hold your BTC, and thus your BTG, in a wallet where you control the private keys.
If so you will be able to get to that BTG at some point.
What you’ll need is a wallet that supports BTG. Bitcoin Gold says that it will provide a list of verified wallets on its webpage, although none are listed yet.
Then you’ll also need a tool to extract the BTG. Wallet providers will enable these tools once they wrap their heads around Bitcoin Gold. And Bitcoin Gold plans to publish guides on those extraction tools on its webpage. Again, none are available to date.
As an example, I store my BTC in a Ledger hardware wallet. I’ll be keeping my eye on Ledger and at some point they’ll publish instruction on how to extract BTG. It’s very unlikely they’ll provide a BTG wallet due to the lack of replay protection.
Once the Ledger extraction tool is out then I’ll look for a BTG verified wallet and extract the BTG. Then I plan on selling on Binance.
Who knows what BTG will be worth by then… probably not much.
For more on cryptos follow me @g-dubs and on SteemFollower
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@g-dubs - Seems like this is the future of bitcoin for the next year or so. Like the early 90's bitcoin seems to be the Yahoo! of finance. In relation to the internet, what happens next is the search engine wars (the proliferation of altcoins). Eventually one of these will likely become the next Google of finance.
I don't keep my coins on an exchange and hope everyone eventually drops this habit. It violates the decentralization principles of Satoshi Nakamoto and provides an entry way for state sponsored attacks.
I agree w that... I heard someone say recently they thought the entire crypto space could 10x in the next couple of years AND 80% of projects completely fail. The key is to find those Amazons of crypto.
It'll be interesting to see too BTC's role. Some say a few years from now it'll be 90% of the crypto market cap, others less than 1%. (A good reason to stay diversified)
I've got several alts as well. Hoping Steem does well.
I'm bullish on Steem w HF 20 and smart tokens coming.
Wondering... Steem is the only alt I have that isn't on a hardware wallet, so if following Andreas Antonopoulos's rules "your keys, your coins, not your keys, not your coins" technically my Steem on Steemit isn't mine. However, since it's powered up, the time delay of 13 weeks provides some protection against bad actors (state sponsored or otherwise).
Well you do have your private key w Steem. SteemPower is the way to own Steem. I'm not concerned not have Steem on a hardware wallet.
Toss bitcoin gold in the trash where it belongs.
Well said!
btg is trash
btg was a bad idea
Agreed!
@g-dubs
Nice Post.
Salutations.
I am JaiChai. Very pleased to make your acquaintance.
RE: Your Post
I resonate with your sentiments. I am a bit confused too...
See:
https://steemit.com/cryptocurrency/@jaichai/devil-s-advocate-response-to-an-excellent-video-post-from-boxmining-bitcoin-gold-demystified
https://steemit.com/cryptocurrency/@jaichai/ijch-breaking-you-think-steemit-s-ddos-was-bad-look-at-bitcoin-gold-s-plight
Upvoted and continuing to follow.
Namaste (I recognize the divine in you, my friend.),
JaiChai
off-chain solutions are the answer for bitcoin, not bigger blocks or a different hashing algorithm imo
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Bitcoin gold is just another curency , just to be there and be ... well.. nothing!
Honestly BTG is not worth it. People would have bought BTC at such a high price. They get their gold, sell it for $100 and end up selling BTC for $500 sell than they bought it.
Great point. Definitely not worth it to buy BTC just to get a forked shit coin.
I also stored my tiny bit of BTC on my Ledger, but I now regret it! Like you, I'm waiting for the Ledger tool to split the BTG coins away safely, but I fear by the time that arrives the price will have dropped so much it won't be worth selling it. In hindsight I wish I had deposited my btc on Binance before, then I would've sold by now.
I guess it depends on how much BTC you own... to leave it on an exchange is a risk itself. I would hate to lose $100 worth of BTC to try and get $0.06 worth of BTG! i may not even claim BTG if it puts my BTC at risk. Still though it'd be nice if it were easier to sell.
Well, yeah.. not much BTC currently as I am 95% in alts for a while now. Actually I think if I sell my BTG now, and withdraw it as BTC from Bittrex, I will actually only get like 1-3 dollars because the rest is eaten up by withdrawal fees ;) So currently, my BTG stash is not worth selling really.
Toss bitcoin gold in the trash where it belongs.