Bitcoin Gold Hard Fork Special – Oct 24th Cryptocurrency News

the team behind Bitcoin Gold announced on twitter today that it suffered a massive DDoS attack on its cloud site, but they are working with the providers to ban all the IPs. This was after it posted on twitter that it reached Block 491407. So let’s take a closer look at Bitcoin Gold. Well to it is a community-led project that wanted to create an experimental hard fork of Bitcoin to a new proof-of-work algorithm, so it can make Bitcoin mining decentralized again. The Bitcoin Gold team will pre-mine 100,000 Bitcoin Gold coins before releasing the software to the public. Unlike previous forks, the network will not be usable for several days until the Bitcoin Gold team releases the software. Bitcoin Gold is expected to be open to the public by November 1st. It wants to lessen the control of miners on the bitcoin network by replacing the current algorithm with one that cheaper graphics processing units can mine.

Cryptocurrency exchange Bittrex, says it will not support Bitcoin Gold trading immediately. It said on Sunday that, at this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market. Another leading cryptocurrency exchange Bitfinex said yesterday that it is introducing new Chain Split Tokens (CSTs) that will allow traders to trade on the the potential activation and mining of the Bitcoin Gold consensus protocol. We are designating these CSTs as BG1 (Incumbent Bitcoin Blockchain) and BG2 (Bitcoin Gold).These CSTs will trade against BTC and USD pairs, initially without financing capabilities.
Cryptocurrency exchange Binance said that it has distributed bitcoin gold to its Binance accounts and these pairs are now available on Binance. SanFrancisco headquartered Cryptocurrency exchange Coinbase posted on its blog today “that they do not believe it is safe to allow support for Bitcoin Gold at this time. If the blockchain proves to be secure and valuable, Coinbase may choose to support it.”

Post Author: CoinCryptoNews