BITCOIN GOLD GOES LIVE DESPITE ATTACK ON ITS MAINNET, XAPO PRESIDENT SAYS BITCOIN COMPANIES COULD MOVE TO BITCOIN CASH OR ETHEREUM
It has been a November laden with a beehive of activities for the Bitcoin and altcoin ecosystem. From the segwit2x sudden indefinite suspension to the Bitcoin price correction and the Ethereum incident which has frozen millions of users funds and now, the battle for Bitcoin supremacy opened a new branch today as Bitcoin Gold finally goes live.
Although many wallets and exchanges do not offer support for Bitcoin Gold just yet, as they supported Bitcoin cash, therefore Bitcoin investors whose Bitcoin wallets do not support Bitcoin gold would need to export their private keys manually to enable them to access their Bitcoin Gold.
The Bitcoin gold main net got launched at block 491,407 and mining is expected to be available at block 499407. The Bitcoin Gold development team said the BTG network survived a massive concerted attack which threatened to disrupt the launching process but they managed to get the network up and running just a little behind schedule.
The Bitcoin Gold fork is not the same as the Segwit2X fork which was scheduled for activation later this month but got suspended indefinitely because of the inability of the Bitcoin community to reach a general consensus.
Just like Bitcoin cash, Bitcoin users will get the same amount of Bitcoin Gold in their Bitcoin gold supporting exchanges and wallets. For example, if you had 1 Bitcoin before the fork, you will receive 1 Bitcoin Gold too.
As contained in the Bitcoin Gold whitepaper, the major aim of the Bitcoin gold hard fork is to make Bitcoin mining easier and less expensive. Currently, Bitcoin mining is very difficult and cumbersome, only possible for a selected group of elites who can afford to buy ASICs computers worth several thousand dollars and also pay the huge electricity bills.
Although Bitcoin Gold is still in its active development stages, the vision of the Bitcoin Gold development team is to make Bitcoin Gold succeed and make Bitcoin mining possible even with just a small personal computer with GPU graphics card, from the comfort of your home.
XAPO PRESIDENT WARNS
In another development, Xapo President, Ted Rogers has warned the Bitcoin industry and community that some of the biggest companies within the Bitcoin ecosystem may have no choice but to move to more flexible and scalable cryptocurrencies like Bitcoin cash or Ethereum and will take along millions of users.
Rogers said although support for Bitcoin is still very strong, businesses may be forced to move to Bitcoin Cash and Ethereum because of cheaper transaction fees and larger blockchains that can handle huge transactions quickly. Currently, the Ethereum network can handle twice the number of transactions Bitcoin can handle daily.
Bitcoin Gold Image Via FxEmpire