Bitcoin Hard Fork Alert | Where to keep Bitcoin (BTC) to receive Bitcoin Gold (BTG) ?

[pkalra]

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Bitcoin Hard Fork Alert | Where to keep Bitcoin (BTC) to receive Bitcoin Gold (BTG)

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Hey Steemians,

Another Bitcoin hard fork is just a few hours away and what all we now about this fork so far?

A wonderful Article shared by my colleague Bunny Chum

Bitcoin Cash generated from previous fork tried to get as much attention and revenues but the Bitcoin kept on moving on its path to reach life time highs of $6,000 and many experts believe it to reach $10,000 soon.

Image Credits

Now the new hard fork is going to generate Bitcoin Gold (as the new currency will be called), where its primary concern is to snatch Bitcoin Mining from huge impactful firms who have controlled and took over generation and creation of the this Cryptocurrency. Bitcoin Gold is seeking to promote in-house bitcoin miners. The Fork is scheduled on October 24th-25th at different time zones. Bitcoin Gold as promoting at-home mining is going to change existing proof of work algorithm to Equihash, where normal system hardware like Graphics Processing Unit (GPUs) are going to mine and make it profitable via using algorithm that will be memory-hard.

According to recent news, Bittrex has also issued official announcement related to Bitcoin Gold that any of its users who will be having and holding Bitcoin balance in its Bittrex Account will be given Bitcoin Gold of corresponding Bitcoin amount on 1 is to 1 (1:1) basis. You should have Bitcoin in your Bittrex account on or before Bitcoin Gold (BTG) snapshot block 4,91,407 supposedly happening on 24th October 1000 HRS (UTC).

Image Credits

Now as per the recent news we heard regarding Bittrex Suspending Accounts Suspiciously, it really seems a complicated decision whether to keep your Bitcoin at Bittrex or not. If not keeping your bitcoins in Bittrex or any other exchanges' account, where the Bitcoin should be kept that we can stay safe as well as we can receive our share of BTG too? E-wallet, paper Wallets, Hardware Wallets are the few options but which of them is going to be best choice.

Please share your opinion in the comments and let the community know the best possible options to be considered.

Your suggestions are most welcomed.

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Comments

[sirstacksalot]

So, how will we claim our Bitcoin gold? Will we need another wallet? I'm currently using Exodus. Hopefully they will support Gold as well.

[pkalra]

Hello @sirstacksalot
If you have your private key with you, you can definitely receive/retrieve your BTG from it.. Cheers!

[bunnychum]

@sirstacksalot it seems exodus is going to support BTG after all... CHEERS !!!

[quattrophoto]

Bittrex likes to contradict themselves, in that same statement you posted they go on to say "Bittrex will make all reasonable attempts to credit our users BTG but until we have a fully supported wallet, we can neither guarantee tokens or consider creating a market. We will continue to monitor the state of the codebase and network. We'd also like to encourage the BTG development team to reach out to us." So who know if we will see it on bittrex

[pkalra]

Right you are @quattrophoto
Rather I too believe its much safer to keep your funds in wallet where you can possess your private key and retrieve your BTG even if its not supported by any particular wallet or exchange!
Cheers :-)

[bunnychum]

@pkalra thank you for mentioning my post bro...
It's always been a pleasure discussing things with you, Lets make the options you mentioned in the order (in my opinion)

1. Hardware Wallet (The best option because, it needs to be physically operated in order to make any transactions)
2. Paper Wallet (Always a cheapest, almost free and best option as your private keys are always stored offline)
3. eWallet (If no hardware wallet is available and paper wallet is too confusing for newbies eWallets that provide with private keys or seed phrase can also be considered)
4. Exchanges (Should be the last option in my opinion because all the major exchanges are centralized and you don't control your coins as you don't get the private keys)

Hope that'll help, please correct me if i missed something...

[pkalra]

Hi @Bunnychum.. You have covered almost everything. Hopefully it helps everyone onboard!

[craigcryptoking]

Ye the prospect sounds good. I checked a youtube video saying the 'hype' regarding this wasn't anywhere near as next months segwit time shall tell. I am buying one or two. Hoping the landed price is low and it rockets ASAP. Time shall tell.

Cheer$:)

[caddena]

Perfect sum up !

[fury123]

I hope nothing goes wrong!

[pkalra]

Hope so @fury123 but better safe than sorry!

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[cryptokom]

Bitcoin Gold snapshot

[sharif77]

good post

[pkalra]

Thanks @sharif77

[pkalra]

@originalworks

[webcatan]

The most reliable option will be LEDGER or TRAZOR HARDWARE WALLETS ..

[pkalra]

Thanks @webcatan You are right!

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[pancheta13]

I put a few in coinomi just to see what happens!

[pkalra]

It seems to be a wise decision @pancheta13

[cryptokom]

Bitcoin Gold mining pools (BTG)

[mejustandrew]

Why would some wallets not support Bitcoin Cash? is it not bad for them because doing so will lose some clients?

[pkalra]

I too agree with you @mejustandrew
Wallets should support all the alternate/forked currency if they hold primary one!

[mrkstn1]

just went to Bittrex to transfer some and everyone's Bitcoin wallets are closed until after the fork......oh well guess I missed the boat again..........

[pkalra]

Never mind @mrkstn1
If you hold funds (BTC) in Bittrex, you will be entitled to receive BTG anyway!

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[helamia]

Thank you for the latest information, it helped alot therefore i upvoted it because the blog contains rich content.
Good work
Keep it up

[pkalra]

Thank you @helamia

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[amityx]

The system also gets my btc amount if they were changed into altcoins before?