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Bitcoin Gold hard fork leaves investors and exchanges with mixed reactions

Ahead of the Bitcoin Gold hard fork scheduled for October 25th, investors and exchanges have announced mixed plans to deal with the new cryptocurrency.

Written by Bryan Smith Published on

Ahead of the Bitcoin Gold hard fork scheduled for October 25th, investors and exchanges have announced mixed plans to deal with the new cryptocurrency.

Though many investors have weighed into Bitcoin for the purpose of accruing extra cash thanks to the upcoming hard fork that will separate Bitcoin Gold from the standard chain, exchanges have announced a mixed series of plans and support for the cryptocurrency thanks to a decided lack of clarity surrounding its operation.

At present, Bitcoin Gold lacks a fully-formed consensus code, replay protection, and publicly announced code developers – leaving many popular exchanges with very little surety should they elect to support the newly-created cryptocurrency.

Read: The International Monetary Fund may develop its own cryptocurrency

The Bitcoin Gold fork is expected to occur at a pre-determined snapshot once block 491,407 has been mined – though timing can differ, this is expected to occur in the early morning of October 25th in general meridian time.

To add more confusion to the pot, Coinbase has announced that a snapshot has previously taken place at an undisclosed point in the past – meaning that, quite simply, it is unknown as to when one would have had to have owned Bitcoin to be awarded with Bitcoin Gold.

Coinbase has further offered that it will not support Bitcoin Gold, citing in an official statement that  [Coinbase] “cannot support bitcoin gold because its developers have not made the code available to the public for review — This is a major security risk”.

GDAX has announced its plans to monitor Bitcoin Gold, and should it find the cryptocurrency’s network as secure and stable it may decide to provide distribution support for split tokens.

Among the exchanges which have publicly offered public support for the fork, Bittrex has announced that it will perform a wallet snapshot past block 491,407 – which it cites will occur on approximately on October 24, 10am UTC – whereafter users will be credited an equivalent amount of Bitcoin Gold on a 1:1 basis.

Coinomi has announced it will support Bitcoin Gold, and that it will credit coins to Coinomi wallet users after November 1st. The startup has further announced that it will offer 24/7 customer support to investors navigating their way through the fork.

In terms of hardware wallets, Satoshi Labs has confirmed that official clarity on Trezor’s stance towards the fork will be announced once Bitcoin Gold has been determined to be safe, and again reiterated its concerns over the cryptocurrency’s lack of replay protection.

Ledger Wallet has clarified that it will support the fork once code is made publicly available with replay protection and that users seeking to receive their allocation of coins should hold their Bitcoin in a Legacy or SegWit address before block 491407 has been mined.

We’ll continue to update this story as new information emerges.

Read: Russia will officially launch its own CryptoRuble, according to President Putin

What are your thoughts? Be sure to let us know your opinion in the comments below!

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Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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