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LATEST BITCOIN NEWS......Fireinthebone - Bitcoin Gold is Coming - Bittrex Issues Official Statement, Warns Users

It is a forgone conclusion that the forthcoming Bitcoin Fork will certainly lead to a separation and the coming forth of BITCOIN GOLD.  As Fireinthebone have reported several times, the Bitcoin Gold developers have finalized their steps, opened their website and raised a community in positive expectation of the fork that will happen in days.

Bittrex, the US-based Bitcoin and altcoin exchange has announced its official position on Bitcoin Gold. The exchange, widely regarded as a substantial player in the marketplace, had previously hesitated issuing a formal statement.

However, with the hard fork just a short time away, Bittrex has finally clarified its position on the coming fork. Per the statement, Bittrex will perform a ‘wallet snapshot’ at the time of the hard fork, which will occur at block 491,407. At that time, each BTC will receive an equivalent BTG. According to the statement:

“If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 24, 3am PT (10am UTC), you will be additionally credited the equivalent amount of Bitcoin Gold (BTG) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BTG.  BTC held on orders will also be credited.  Only the BTC held on your account is eligible for BTG.”

Warnings - The exchange’s statement gave users a number of warnings about the forthcoming Bitcoin Gold currency. To wit:

“Bitcoin Gold does not currently have:

Fully formed consensus code
Implemented replay protection
Adequate code for testing and auditing
Publicly known code developers

Bitcoin Gold codebase also contains a private premine of 8,000 blocks (100,000 BTG). Please be aware that if a market does open there is a possibility of the developers selling their premined BTG on the open market.”

Bittrex noted that Bitcoin Gold does not meet the necessary requirements to be listed on its exchange. They also pointed out that taking a snapshot of user balances is extremely disruptive and they will have to suspend all deposits and withdrawals 24 hours before the snapshot is taken.

Nevertheless, in spite of Bittrex’s reservations about the currency and the difficulty involved in creating the snapshot, the exchange appears committed to ensuring its users receive the appropriate amount of Bitcoin Gold.

FIRE:  My interest is how people can benefit from this newbie, which is probably going to rival Bitcoin in every way 'on paper'.  I don't know whether it will ride on the back of Bitcoin in terms of mass adoption and acceptance for settlement of transactions. 

I witnessed the Fork that brought bitcoin cash and how its valued rose on introduction at a particular digital exchanges close to 800%.  Time will tell how Bitcoin Gold will fare, but all indication points to a good showing!

Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!


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