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Update on the Bitcoin Gold Fork

What is Bitcoin Gold?

Bitcoin Gold is an upcoming hard fork announced by the Bitcoin Gold team and is scheduled for October 25th. The Bitcoin Gold team plans to change the Proof of Work algorithm to an algorithm that is ASIC resistant. You can read more about Bitcoin Gold and their proposal here.

When will the fork occur?

There is no clear information regarding the date of the hard fork except that the hard fork will occur on October 25th (Block Number 491407). The development team might not make the Bitcoin Gold blockchain public until November.

Zebpay’s support for Bitcoin Gold

Our first priority will be ensuring safety of user’s funds in events like hard forks. Secondly, we believe that our users should benefit from forks wherever feasible. However, safety and security are important considerations at Zebpay before supporting a new asset. Hence, we will not support the Bitcoin Gold fork at this point of time and we will continue to monitor the Bitcoin Gold blockchain. If the network proves to be secure and valuable, we may decide to support it at a later point of time.

If Zebpay recovers Bitcoin Gold, Zebpay will not sell or keep the Bitcoin Gold associated with a customer for itself. The Bitcoin Gold coins will be safely stored with Zebpay. If Zebpay decides to support the fork at a later point of time, customers would be able to access the Bitcoin Gold balances that are equivalent to their balances at the time of the Bitcoin Gold fork.

What actions should users take?

Customer’s existing balances with Zebpay will remain safe during the fork. If you want to ensure that you receive your Bitcoin Gold coins immediately after the fork, please move your Bitcoin from your Zebpay wallet to a wallet where you control your private keys. If Zebpay decides to support the fork at a later date, the Bitcoin Gold coins will automatically be credited to the customer’s wallets.

Source : Zebpay

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Founder and Editor-in-Chief of ‘Coinotizia’. Technology Evangelist, Security Analyst, Cryptocurrency Investor, Certified Cyber Security Expert and Web Applications Developer.