Bitcoin gold: what is it? Easily explained
What is Bitcoin Gold? The new Internet currency is traded like a stock exchange. But what is Bitcoin Gold all about? This is simply explained in this article.
What is bitcoin gold?
- From November 1st, the new Bitcoin currency will be officially usable on some exchanges. The new Bitcoin Gold is the third branch of the Bitcoin currency.
- Bitcoin gold is intended to democratize the currency and make it available to more people. It should also be independent of expensive hardware in the future. This is done by Bitcoin Gold to solve the concentration of power among online currencies. In this way, more people should be able to produce Bitcoin Gold in the long term.
- However, Bitcoin Gold does not want to stand as a competitor to Bitcoin, but rather as an addition to it. However, it is based on the development code of Bitcoin. As a result, the currency is playing a pioneering role for future Bitcoin updates.
- Since Bitcoin Gold uses algorithms other than the normal Bitcoin currency, the production is in principle possible with less complex technologies.
Where can I get Bitcoin Gold from?
So far, it is still unclear which exchanges will support the procedure and Bitcoin Gold from November. However, you can prepare yourself for this as follows:
- Choose a Bitcoin wallet that you have control over with private keys. Free examples of this are Exodus and Jaxx.
- Check for Bitcoin Gold news regularly. In the course of November, the first Bitcoin gold wallets should be created. Then choose your own wallet for it. You can then access the gold wallet with the private key from point 1.
- Make sure that you have really transferred all bitcoins to a private kay before inserting the private key into the gold wallet.
How successful will Bitcoin gold be?
- In the future it will be seen how successful the new Bitcoin gold currency will be. Unfortunately, there is no clue as yet.
- Depending on how many users use Bitcoin Gold instead of Bitcoin, the more successful the alternative to the original currency becomes.
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