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What is Bitcoin Gold, Exactly?

More on Blockchain and Bitcoin
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Cryptocurrency forks of various types now take place on a regular basis. Even bitcoin has experienced several different iterations and branches in this way. One of the largest and most discussed bitcoin forks took place late in 2017.

Bitcoin gold was a hard fork of the original open source cryptocurrency which took place on October 24, 2017. While hard forks take place for a number of reasons – including for the purposes of scaling as a cryptocurrency customer base grows, or because of developer conflict and differences of goals – bitcoin gold's stated purpose has been to "make bitcoin decentralized again."

On the surface, the idea of "making bitcoin decentralized again" may seem counterintuitive. Bitcoin, like all other cryptocurrencies, is designed to be decentralized already; it is not linked with any central bank, particularly country, or government body.

One of the major issues with bitcoin which prompted the development of bitcoin gold, however, was not related to the question of central issuance at all. Rather, it had to do with the mining process. Bitcoin gold developers believed that by adopting a new algorithm for the mining process (in this case, a so-called proof-of-work algorithm called Equihash), the new branch of the world's most popular cryptocurrency by market cap would not disproportionally favor major mining operations.

Democratizing the Mining Process

Bitcoin mining is a lucrative but resource-intensive process. The most profitable mining ventures are often those which pool together a large number of mining rigs, each of which requires expensive, special equipment. (See more: How Does Bitcoin Mining Work?)

Individuals attempting to mine for bitcoin on their own either have to invest a huge amount of money and time into creating their own rigs, or they get passed by in the process, as their computers are unable to compete with the professional rig systems.

One of the primary goals of bitcoin gold has been to change the algorithm by which the cryptocurrency itself is mined, meaning that the mining process cannot be run faster on specialized equipment than it can on standard computer systems.

Bitcoin gold was not the first major hard fork of bitcoin. Bitcoin cash forked off from the primary cryptocurrency in August of 2017.

In 2018, bitcoin is anticipating several additional hard forks, prompting some to speculate that there may be diminishing returns in terms of investor interest as more offshoots of bitcoin reach the market. (See more: Bitcoin vs. Bitcoin Cash: What's the Difference?)

Distribution, Protection, Transparency

Besides the goal of "re-decentralizing" bitcoin, bitcoin gold's developers were also focused on issues relating to distribution, protection, and transparency. "Hard forking bitcoin's blockchain fairly and efficiently distributes a new digital asset immediately to people all over the world who have interest in cryptocoins," the bitcoin gold website states.

In the world of virtual currencies, threats from hackers and other malicious entities are constantly a concern. For that reason, bitcoin gold took additional safety and protective measures from the time of its launch, in an effort to help secure its customers' accounts and coins. These include replay protection and unique wallet addresses. (See also: Can Bitcoin Be Hacked?)

The fact that bitcoin gold is "a free open-source software project that is built by volunteer developers and supported by a rapidly growing community of bitcoin enthusiasts that stretches around the globe" is also a draw for potential customers.

Bitcoin Gold On Exchanges

For all cryptocurrencies, one of the major factors which helps to determine both short-term and long-term success is its availability on cryptocurrency exchanges. Users must be able to access the cryptocurrency on exchanges in order to make transactions.

According to the bitcoin gold website, as of March 2018, the cryptocurrency was trading live on Bithumb, Bitfinex, Binance, Bittrex, HitBTC, Uphold, YoBit, Gate.io, Changelly, Shapeshift, BitBay, Abucoins, Change Now, Evercoin, Tdax, Bitsane, Bitstarex, QuadrigaCX, Cex.io, Okex, Anybits, BestRate, Bitmarket, Indacoin, CoinSwitch, and Unocoin.

There are additional exchanges slated to offer bitcoin gold in the near future as well. The cryptocurrency is also available through a number of wallet services, including Trezor Wallet, Ledger Wallet, Exodus, Coinomi, Bitpie, Guarda, Freewallet, BTGWallet, and Kasse. According to the website, the cryptocurrency has been listed on 46 markets and 26 exchanges as of January, 2018.

Launch and Controversy

The developers of bitcoin gold used what is called "post-mine" after the launch. This was the retroactive mining of 100,000 coins after the fork already took place. The way that this happened was through the rapid mining of about 8,000 blocks, the results of which were set aside as an "endowment" of sorts, to be used to grow and maintain the broader bitcoin gold network.

About 5% of those 100,000 coins were set aside for each of the six primary team members as a bonus. At the time of the launch, all bitcoin owners received bitcoin gold coins at the rate of one bitcoin gold token per one bitcoin token.

Coinbase, one of the largest cryptocurrency exchanges in the world, was notably skeptical of bitcoin gold at launch time. Coinbase representatives stated that the exchange "cannot support bitcoin gold because its developers have not made the code available to the public for review. This is a major security risk." (See also: Coinbase Hit with 2 Lawsuits: Accused of Insider Bitcoin Cash Trading.)

As of March 4, 2018, bitcoin gold has 253 reachable nodes. The highest concentration of nodes is in Germany (46 nodes), with the next-highest levels being the United States (38), France (37), and Russia (18).

In February 2018, bitcoin gold launched the bitcoin gold insight explorer, calling it a "fully functional bitcoin gold insight instance and web application service presenting the Insight UI and Insight API."

Like most cryptocurrencies, bitcoin gold has had its share of detractors and controversies. Just days after the launch, miners accused one of the developers of bitcoin gold of having added in a 0.5% mining fee that was hidden from the mining community.

The Future of Bitcoin Gold

According to the bitcoin gold website, the cryptocurrency maintains ambitious plans for expansion into the future. In the first quarter of 2018, for instance, the website says its goals including "open source libraries integration" with BitcoinJS, BitcoinJ, and CoPay, as well as "academic and university collaboration" and "design and rebranding," including a refreshed website.

In the second quarter of 2018, the digital currency aims to integrate a lightning network and decentralized mining through P2Pool. There is also a plan to integrate a debit card program and other payment systems integrations.

By the end of 2018, the cryptocurrency aims to develop "sidechains and cross-chain atomic swaps" as well as a number of meet-ups and developer conferences, university outreach, and more. Looking ahead to 2019, the cryptocurrency has its sights on private transactions and scholarship or research support.

Over the longer term, bitcoin gold will conduct research on smart contracts and blockchain democracy, as well as develop a decentralized fiat-crypto brokerage network. (See also: How Did Bitcoin Gold Prices Perform in 2017?)

Bitcoin gold developers are conscious of the connections between this cryptocurrency, its parent bitcoin, and the broader digital currency world. As such, they indicate that "the core improvements we're working on are all of great interest in the broader bitcoin and crypto worlds, not merely for bitcoin gold." They said some of these unilaterally applicable improvements may include scalable ways to address hard forks, "smart voting mechanisms," and decentralized decision-making for the development of the digital currency.

Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.

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Your search engine does not find any satisfactory results for searches. It is too weak. Also, the server of bing is often off

I created a yahoo/email account long ago but I lost access to it; can y'all delete all my yahoo/yahoo account except for my newest YaAccount

I want all my lost access yahoo account 'delete'; Requesting supporter for these old account deletion; 'except' my Newest yahoo account this Account don't delete! Because I don't want it interfering my online 'gamble' /games/business/data/ Activity , because the computer/security program might 'scure' my Information and detect theres other account; then secure online activities/ business securing from my suspicion because of my other account existing will make the security program be 'Suspicious' until I'm 'secure'; and if I'm gambling online 'Depositing' then I need those account 'delete' because the insecurity 'Suspicioun' will program the casino game 'Programs' securities' to be 'secure' then it'll be 'unfair' gaming and I'll lose because of the insecurity can be a 'Excuse'. Hope y'all understand my explanation!

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i dont know what happened but i can not search anything.

Golf handicap tracker, why can't I get to it?

Why do I get redirected on pc and mobile device?

Rahyaftco@yahoo.com

RYAN RAHSAD BELL literally means

Question on a link

In the search for Anaïs Nin, one of the first few links shows a picture of a man. Why? Since Nin is a woman, I can’t figure out why. Can you show some reason for this? Who is he? If you click on the picture a group of pictures of Nin and no mention of that man. Is it an error?

Repair the Yahoo Search App.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.

I contacted Samsung thru their Samsung Tutor app on my phone. I gave their Technican access to my phone to see if there was a problem with my phone that stopped the Yahoo Search App from working. He went to Yahoo and I signed in so he could try to fix the Yahoo Search App not working. He also used another phone, installed the app from the Google Play Store to see if the app would do any kind of search thru the app. The Yahoo Search App just wasn't working.

I also had At&t try to help me because I have UVERSE for my internet service. My internet was working perfectly. Their Technical Support team member checked the Yahoo Search App and it wouldn't work for him either.

We can go to www.yahoo.com and search for any topic or website. It's just the Yahoo Search App that won't allow anyone to do web searches at all.

I let Google know that the Yahoo Search App installed from their Google Play Store had completely stopped working on May 18, 2018.

I told them that Yahoo has made sure that their Yahoo members can't contact them about anything.

I noticed that right after I accepted the agreement that said Oath had joined with Verizon I started having the problem with the Yahoo Search App.
No matter what I search for or website thru the Yahoo Search App it says the following after I searched for
www.att.com.

WEBPAGE NOT AVAILABLE
This webpage at gttp://r.search.yahoo.com/_ylt=A0geJGq8BbkrgALEMMITE5jylu=X3oDMTEzcTjdWsyBGNvbG8DYmyxBHBvcwMxBHZ0aWQDTkFQUEMwxzEEc2VjA3NylRo=10/Ru=https%3a%2f%2fwww.att.att.com%2f/Rk=2/Es=plkGNRAB61_XKqFjTEN7J8cXA-
could not be loaded because:
net::ERR_CLEARTEXT_NOT_PERMITTED

I tried to search for things like www.homedepot.com. The same thing happened. It would say WEBPAGE NOT AVAILABLE. The only thing that changed were all the upper and lower case letters, numbers and symbols.
Then it would again say
could not be loaded because:
net::ERR_CLEARTEXT_NOT_PERMITTED

This is the same thing that happened when Samsung and At&t tried to do any kind of searches thru the Yahoo Search App.

Yahoo needs to fix the problem with their app.

Yahoo Search App from the Google Play Store on my Samsung Galaxy S8+ phone stopped working on May 18, 2018.

I went to the Yahoo Troubleshooting page but the article that said to do a certain 8 steps to fix the problem with Yahoo Services not working and how to fix the problem. Of course they didn't work.

Bitcoin Gold: What to Know About the Blockchain's Next Split

Anyone who owns bitcoin will soon be able to receive a new cryptocurrency.

As of block 491,407 on the bitcoin blockchain, another alternative version of the protocol will be launched, resulting in a variant that's being branded bitcoin gold (BTG).

The project, which seeks to improve bitcoin's technology by changing how its competition for rewards is conducted, is the second to launch since August via an increasingly common process called a "hard fork."

Readers may remember the term from the launch of bitcoin cash, the alternative version of the bitcoin protocol that spurred global headlines for unexpectedly creating billions of dollars in value, seemingly out of thin air.

Looking ahead, many industry observers are expecting the same results this time around, though there may be reasons for enthusiasm to be tempered.

What is bitcoin gold?

In short, bitcoin gold aims to achieve two goals:

First, bitcoin gold wants to change how mining works by making it so the most powerful mining machines (called ASICs) can no longer be used.
Second, by attracting more people to this system over time, it hopes to free the bitcoin network from the large companies that offer these products, and it argues, command undue influence on the network.

Instead of scaling bitcoin to support more users, bitcoin gold tweaks bitcoin in an effort to "make bitcoin decentralized again." This, proponents argue, will make the network, designed to offer an egalitarian way to send payments digitally around the globe, more accessible to users.

And while created via the same mechanism, bitcoin gold differs from bitcoin cash in a few ways, most notably in its distribution.

The bitcoin gold cryptocurrency is set to be created in advance (prior to the code being open-sourced to the public).
About 1 percent of the total cryptocurrency tokens mined before the blockchain goes public will be used to pay the bitcoin gold development team.
Once this distribution is over, the team claims it will launch the cryptocurrency so that users can redeem their coins.

Of course, while it aims to become the de-facto version of bitcoin, others might consider bitcoin gold an "altcoin" – the term has long been used to denote any cryptocurrency launched using bitcoin's existing code, but that has an alternative market or use case.

Do I have bitcoin gold?

All bitcoin owners will receive the cryptocurrency at a rate of 1 BTC to 1 BTG, setting the stage for possible market activity.

But, that's not to say it's totally intuitive to retrieve.

One quirk is that it'll be easier to redeem the funds from wallets or exchanges that recognize the cryptocurrency. The easiest way, then, to retrieve the bitcoin gold is to move bitcoin to a wallet or exchange that supports bitcoin gold, or to hold bitcoin in a wallet where you own your private keys (rather than holding them with an exchange).

To date, 20 exchanges and wallets promise to support bitcoin gold once it launches, according to the project's website.

Although one of the most popular U.S.-based exchanges, Coinbase stated on October 20 that it does not support bitcoin gold due to skepticism about how developers have made project information available to others.

"At this time, Coinbase cannot support bitcoin gold because its developers have not made the code available to the public for review. This is a major security risk," the post reads.

This is perhaps something to keep an eye on as the project progresses. Although the project will officially fork on Monday night, it's not yet open to anyone and everyone, and there's still plenty left on the developers' to-do list.

Who is behind bitcoin gold?

The team behind the hard fork appears to be a relatively small group.

Hong Kong-based LightningAsic CEO Jack Liao, who's an outspoken critic of the state of bitcoin mining, first broached the idea of bitcoin gold back in July.

His company LightningAsic sells mining equipment, including GPUs, the type of computing hardware bitcoin gold is supposed to rely on.

Since first introduced earlier this summer, the team has expanded to include pseudonymous lead developer h4x3rotab, as well as a team of five other volunteers who are now working on developing and promoting the cryptocurrency in their spare time.

The project can be tracked on Github and on the community Slack group.

How do people feel about bitcoin gold?

All that said, for those interested in exploring or using bitcoin gold, it's worth noting that it has generated its share of controversy.

Satoshi Labs CEO Marek Palatinus, who launched bitcoin's first ever mining pool, is skeptical the project will actually work to decentralize mining as planned.

And he's not the only one to throw shade at the new project.

Bitcoin developer Rhett Creighton is working on alternative bitcoin gold "protest fork" software that seeks to pursue the same idea but without setting aside some of the new cryptocurrency for development.

If more than 51% of miners choose to use his software, the so-called pre-distribution to developers will be erased, he told CoinDesk. "It's up to the miners to decide what they want," he added.

All in all, it's unclear if business and mining groups will ultimately support the project, and if they do, how much value the alternative blockchain could create.

For example, while a list of roughly 50 businesses and miners support the so-called Segwit2x fork, similar support hasn't been seen for bitcoin gold. Likewise, though bitcoin cash began with support from vocal miners and exchanges, bitcoin gold has arguably yet to benefit from such early activity.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which helped organize the Segwit2x agreement.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Bitcoin gold

First, you need to setup a wallet to generate a Transparent Address to store your mined funds and to use as your username.
Once you have an address, validate it, and if it's valid - continue to setup compatible mining software.

Bitcoin Gold (BTG) Stratum servers:

Compatible GPU Miner Software

Download one of these miners for your GPU:
- EWBF v0.3.4b (NVIDIA) - Windows, Linux
- dstm's ZCash v0.6.0 (NVIDIA) - Windows, Linux
- ClaymoreZcash v12.6 (AMD) - Windows, Linux

It is recommended to set your virtual memory to at least 16GB

It is recommended to create a startup script to simplify mining.

Create a file named "start-btgpool.bat"
Open the newly created file with your favorite editor (Notepad, nano, vi, gedit)
Use the example script files below as a starting point.

Example Miner Configurations

These examples are with an example wallet address and example worker name both of these should be changed.

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Bitcoin Gold Hacked for $18 Million

It appears Bitcoin Gold (BTG) has been double spend attacked over and over again, totalling something in the neighborhood of $18 million at current prices. BTG forums seem to have been tracking the hack, going as far back as last week, monitoring the controversial coin’s hashrate, ultimately determining a 51% attack was under way.

Bitcoin Gold Gets $18 Million Haircut

“An unknown party with access to very large amounts of hashpower is trying to use ‘51% attacks,’” Bitcoin Gold forum poster Mental Nomad announced a week ago, “to perform ‘double spend’ attacks to steal money from Exchanges. We have been advising all exchanges to increase confirmations and carefully review large deposits.”

A founding economic principle of bitcoin was its alleviation of the double spend problem. It was a main stumbling block in the historical race to create a viable cryptographic monetary form – foiling a great many coders along the way. Satoshi Nakamoto solved it through a decentralized, distributed ledger confirmation process (blockchain). Going as far back as its genesis block from early 2009, users can be confident transactions aren’t rebroadcast. Like clockwork, 6 times an hour, blocks are added – copied to nodes within the universal network.

The offending wallet, according to the BTG team.

One way to achieve double spending is known as a 51% attack. It’s accomplished by bogarting the network’s computing power. With a majority, bad actors can get between the Nakamoto solution and transaction confirmations. By stymieing block completion in the usual manner, all sorts of mischief can arise: blockchain mining rewards redirected, users’ transactions reversed, etc. Not too long after, a double spending attack can commence, acting as the fiat equivalent to counterfeiting. Needless to type, any crypto suffering from such a problem is certain to immediately lose user confidence.

GTNjvCGssb2rbLnDV1xxsHmunQdvXnY2Ft

Over period of days, batches of BTG were deposited into exchanges supporting the forked coin, only to be sent back to the depositor’s wallet. The lag between such a transaction and some exchanges’ discovery is sufficient enough to nab tokens, doubling the filthy lucre. Exchanges trading bitcoin gold have responded by upping transaction confirmation filters, but evidently to no avail as the attacker gains ever-more BTG network control.

Bitcoin Gold team members seem to have communicated with some exchanges. “Requiring more confirmations greatly increases safety,” the forum details. “Until now, some Exchanges were operating with less than five confirmations required. We have been urging higher limits to prevent such an attack, and urging manual review of large deposits of BTG before clearing the funds for trading.” Indeed, according to BTG, “One of the targeted Exchanges reported that they strongly believe this attacker attempted to hit them with a double-spend of BTC in the past. In their words, ‘we are 100% sure that it is the same person, we found many associations between the accounts.’”

The traditional way BTC has been able to thwart double spend attacks.

Evidence put forward by the BTG team points to address GTNjvCGssb2rbLnDV1xxsHmunQdvXnY2Ft as the attacker’s wallet; mined coins, according to the forum post reside at GXXjRkdquAkyHeJ6ReW3v4FY3QbgPfugTx. More than 388,201.92404001 BTG were funneled through the wallet, totalling more than $18 million according to Bitcoin Gold Explorer . That a top thirty crypto by market cap can be so easily troubled is a giant of enough problem, but it could also take exchanges down in the process – something the ecosystem is very sensitive to since Mt. Gox. And though, for now, BTG is confident enough to suggest users are not at risk, history shows that can quickly be the case as an exchange freezes withdrawals in an effort to stop hemorrhaging.

Bitcoin Gold has been beset by controversies since its birth fork late last year, including a recent dust-up between BCH advocate Craig Wright and BTG founder Jack Liao. To be fair, however, it is not the only blockchain to suffer a 51% attack. Mere days ago, recently Chinese government highly rated coin verge (XVG) was made to heel, again. These pages reported XVG, “On the morning of May 22, Suprvona, one of the largest altcoin mining pools, informed its 19,000 Twitter followers that verge was suffering yet another 51% attack, causing all blocks to be rejected.”

Do you think the BTG hack spells doom for the coin? Let us know what you think of this subject in the comments below.

Images via Pixabay, BTG Block Explorer.

What is Bitcoin Gold, Exactly?

More on Blockchain and Bitcoin
What's the Vice Industry Token—A Crypto for Porn?
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Which FAANG Will Win the Blockchain Wars?

Democratizing the Mining Process

Bitcoin gold was not the first major hard fork of bitcoin. Bitcoin cash forked off from the primary cryptocurrency in August of 2017.

Distribution, Protection, Transparency

Bitcoin Gold On Exchanges

Launch and Controversy

The Future of Bitcoin Gold

How to Claim Bitcoin Gold (BTG): A Step-by-Step Guide

Last updated on January 2nd, 2018 at 12:00 am

On October 24, 2017, a new type of Bitcoin was created: Bitcoin Gold. This altcoin has the same abilities of Bitcoin, but its mining algorithm works a bit differently. Most importantly, it’s easier to mine with home equipment like GPUs.

Anyone who held Bitcoins before the time of the creation of Bitcoin Gold is eligible to receive an amount of Bitcoin Gold (BTG) equal to the amount of Bitcoins (BTC) they had. For example, if you had 1 Bitcoin before the split (aka the Bitcoin Gold fork), you’ll now have 1 Bitcoin and 1 Bitcoin Gold.

If, by chance, you had your Bitcoins stored in one of the supporting Bitcoin Gold exchanges, you may not have to do anything because you’ll have been automatically credited the relevant BTG amount by the exchange. Here’s a list of supporting exchanges:

The purpose of this guide is to give you a basic step-by-step guide on how to claim your Bitcoin Gold. However, before we start, I’d like to provide an important warning: If at any step along the way you’re not sure what to do, please stop whatever it is you’re doing and seek advice. While this guide is simple, it holds the risk of losing your Bitcoins if you make a mistake along the way. It’s better to be safe than sorry.

I’ve personally used this method to extract my own Bitcoin Gold from my Ledger Nano S wallet, and I can testify that it works. However, use this guide at your own risk—I don’t want to be responsible for anyone losing their funds.

TL;DR version

Move your current Bitcoins to a new Bitcoin wallet with a new seed/private key.
Export the seed phrase of your previous wallet.
Import the seed phrase into Coinomi.
Add Bitcoin Gold to Coinomi and change the derivation path.
Claim your BTG.

This is a very short explanation of the process; I highly advise that you read the whole guide and not just the summary to avoid mistakes. Also, this process requires that you use Coinomi, a Bitcoin mobile wallet currently available only for Android. If you don’t have an Android mobile phone, I suggest getting one for this process and moving your BTG to an exchange once you claim them.

You also have the option of using the official Bitcoin Gold client, but this means you’ll need to download the whole Bitcoin blockchain to your computer, and that can take several days.

NOTE: This process will work with most HD wallets (i.e., wallets that have a seed phrase); however, some wallets, such as TREZOR, require a dedicated tool (full process described here). I strongly suggest searching for documentation from your existing wallet provider regarding this process before using what’s written in this post.

November 17 updates:

Ledger users – A dedicated wallet for Bitcoin Gold has been released. If you’re using Ledger read more here.

TREZOR users – See updates on a dedicated splitting tool here.

Step 0: Before you start

The first thing to do is secure your current Bitcoins in a new wallet. Since you’re going to expose the private key/seed phrase of your old wallet, you’ll want to make sure that even if it’s compromised, no one will be able to get to your coins. Once the seed is compromised, you never want to use it again to store Bitcoins.

What you need to do is download a new wallet to your computer or mobile phone, or even get a brand new hardware wallet and move your Bitcoins to that wallet. Only when your Bitcoins are safe in the new wallet should you start this process.

A good desktop wallet to use for this process is Electrum since you can create multiple Bitcoin wallets from within the app. Make sure you’re sending your Bitcoin to a completely new wallet, not just a new Bitcoin address. The way you can verify this is if you get a new set of words as your seed phrase.

Step 1: Get your seed

The first step of the process will be to get your seed phrase. The seed phrase is the 12–24 words you were requested to write down when you first installed your wallet. Most wallets will have an option to display the seed phrase as well.

You need this phrase to prove that you owned Bitcoins before the fork. This phrase is considered sensitive data because whoever knows it can access your Bitcoins. That’s why you should move your Bitcoins to a new wallet before using it.

Step 2: Install Coinomi and import your seed

If you already have Coinomi on your Android wallet, great! Make sure to create a backup of your existing wallet since this process may wipe out your existing funds.

If you don’t have Coinomi, install it. Once the wallet is installed, open the app and choose Restore a Wallet.

You will then be asked to enter your seed phrase. Enter the 12–24 words and click Next. On the next screen, choose Bitcoin or any other currency you want; there’s no need to choose Bitcoin Gold for now.

Step 3: Claim your Bitcoin Gold!

Inside the wallet menu, click on +coins.
Choose Bitcoin Gold.

The following may be required depending on the wallet you’re importing your BTG from:

Click on Advanced Settings.
Type in the phrase “M/44H/0H/0H” (note that the characters before the H are zeroes).

If you have more than one Bitcoin wallet in your Coinomi and want to claim the equivalent BTG, you’ll have to repeat the above process, replacing the last zero with the zero-based account index each time. For the second wallet, it would be M/44H/0H/1H, for the third wallet, it would be M/44H/0H/2H, and so forth (source).

If you still can’t understand the whole process, here’s a great video about it:

NOTE: If you’re trying to import a private key from a paper wallet (meaning not a seed phrase), you can click Create New Wallet in Coinomi and choose Sweep Paper Wallet from the settings.

If this process doesn’t work for you

If importing the seed into Coinomi doesn’t work for you it’s always possible to extract the actual private key for your Bitcoin addresses using Electrum and sweeping (i.e. importing) that into Coinomi.

The process is as follows:

Download Electrum
Create a new wallet from your seed phrase
Export the private keys of your wallet
Write down the private key that had Bitcoins in them prior to the fork
Create a Coinomi BTG wallet
Sweep the private key into the Coinomi BTG wallet

For a complete demonstration of how it’s done click here.

Step 4 (optional): Sell your Bitcoin Gold

You can now send your Bitcoin Gold to an exchange and sell it for Bitcoin, USD, or any other altcoin if you wish. At the moment, the only exchange I know of that accepts outside BTG deposits is HitBTC.

UPDATE: Bittrex also accepts outside deposits and the exchange rate seems to be much higher. However withdrawal requires account verification that can take up to one week. HitBTC does not require account verification. Also there have been several complaints about the exchange in the past.

Once you sign up to HitBTC, go to Accounts and deposit your BTG as shown here:

After the transaction is sent, you can follow it through a Bitcoin Gold block explorer. When three confirmations are met, you’ll see the transaction in your HitBTC account. You’ll now need to transfer the funds to your trading account (using the arrows in the image above).

You can then continue on and exchange BTG for whatever currency you wish.

That’s it for this tutorial. If you’ve managed to claim BTG I’d love to hear about what wallet you used and about the process in the comment section below. If you didn’t manage to claim – let me know as well so I can improve this guide.

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Policy / Civilization & Discontents

Bitcoin Gold, the latest Bitcoin fork, explained

Bitcoin is dominated by big mining companies. Bitcoin Gold wants to change that.

by Timothy B. Lee - Nov 13, 2017 9:45 pm UTC

A new cryptocurrency called Bitcoin Gold is now live on the Internet. It aims to correct what its backers see as a serious flaw in the design of the original Bitcoin.

There are hundreds of cryptocurrencies on the Internet, and many of them are derived from Bitcoin in one way or another. But Bitcoin Gold—like Bitcoin Cash, another Bitcoin spinoff that was created in August—is different in two important ways.

Bitcoin Gold is branding itself as a version of Bitcoin rather than merely new platforms derived from Bitcoin's source code. It has also chosen to retain Bitcoin's transaction history, which means that, if you owned bitcoins before the fork, you now own an equal amount of "gold" bitcoins.

While Bitcoin Cash was designed to resolve Bitcoin's capacity crunch with larger blocks, Bitcoin Gold aims to tackle another of Bitcoin's perceived flaws: the increasing centralization of the mining industry that verifies and secures Bitcoin transactions.

The original vision for Bitcoin was that anyone would be able to participate in Bitcoin mining with their personal PCs, earning a bit of extra cash as they helped to support the network. But as Bitcoin became more valuable, people discovered that Bitcoin mining could be done much more efficiently with custom-built application-specific integrated circuits (ASICs).

As a result, Bitcoin mining became a specialized and highly concentrated industry. The leading companies in this new industry wield a disproportionate amount of power over the Bitcoin network.

Bitcoin Gold aims to dethrone these mining companies by introducing an alternative mining algorithm that's much less susceptible to ASIC-based optimization. In theory, that will allow ordinary Bitcoin Gold users to earn extra cash with their spare computing cycles, just as people could do in the early days of Bitcoin.

How Bitcoin mining became centralized

At the core of the Bitcoin network is the blockchain, a distributed ledger that records every transaction that has ever occurred. Every 10 minutes, on average, one computer in Bitcoin's peer-to-peer network adds a block to the end of the blockchain and collects a reward of 12.5 bitcoins—currently worth around $75,000.

Miners compete for the privilege of adding a block to the blockchain by racing to solve a difficult mathematical problem. Here's how it works: the miner takes a list of transactions and adds a random string called a nonce to the end. Then it computes a SHA-256 hash function of this entire block.

A hash function is designed to produce an essentially random string of bits that uniquely represents the data that was hashed. The miner "wins" if these random bits begin with a certain number of zeros. Most of the time, this doesn't happen, so the miner chooses another nonce and repeats the calculation until a winning block comes up.

A miner who discovers a winning block announces it to the rest of the network; everyone else on the network verifies that it meets all the requirements of the Bitcoin rules and then adds the block to their copies of the blockchain. Then the race begins again.

The point of this rather elaborate process is to give the network a way to reach a consensus without a central authority to count votes. If two blocks are announced around the same time, producing a disagreement about which one is the "official" block, the dispute is settled by running another round of the race. Whoever wins the next round gets to choose which block in the preceding round becomes official.

In practice, this means that a node's influence over the network is proportional to the amount of computing power it has. In Bitcoin's early years, this gave Bitcoin mining a democratic character. Almost everyone in the community had spare computing power sitting on their desks that they could devote to Bitcoin mining, earning virtual currency in the process. There were few professional bitcoin miners with dedicated hardware because somebody buying special hardware couldn't compete with a bunch of guys using spare computing cycles they already had.

But that changed when people began building custom Bitcoin-mining ASICs. These chips could compute SHA-256 hashes so much more efficiently than a PC that PC miners soon couldn't even produce enough bitcoins to cover their electricity bills. Mining became an ASIC-only operation heavily concentrated in places with low electricity costs.

Bitcoin Gold hopes to make mining democratic again

This strategy of making influence over a network proportional to computing power is known as proof-of-work. The more work you do—in this case, computing SHA-256 hashes billions of times—the more likely you are to win a chance to add a block to the blockchain.

Bitcoin Gold is identical to vanilla Bitcoin in most respects, but it uses an alternative proof-of-work algorithm called Equihash that supporters believe is impervious to being sped up with custom hardware. Equihash has also been adopted by a Bitcoin rival called Zcash for the same reason.

The key idea behind Equihash is that the algorithm is constrained more by memory than by computing power. Here's a simplified summary of how Equihash works (you can get all the gory details in the Equihash white paper):

Equihash starts with a list of pseudorandom bit strings derived from the block the miner wants to add to the blockchain.
The miner tries to find a subset of n strings (out of the ones generated in step 1) that XOR to zero.
The bit strings chosen in step 2 are concatenated together and hashed with the goal (as in the original Bitcoin) of finding a value below some pre-defined value.

Step 2 is the hard part of this process—the first and third steps are relatively trivial. And the most efficient algorithm for completing step 2 requires a lot of memory. Trying to solve the problem with less than the optimal amount of memory imposes drastic computational penalties. In one example presented in the Equihash paper, solving a version of the problem with 700 megabytes took about 15 seconds, while solving the same problem with 250 megabytes took 1,000 times as long.

The reason this matters, the creators of Equihash say, is that it's not really feasible to optimize memory-intensive algorithms with custom silicon the way you can optimize compute-intensive algorithms. Bitcoin mining hardware is blazingly fast because a chip custom-designed for computing SHA-256 hashes can compute vastly more hashes per second than a conventional CPU with the same number of transistors. But 1GB of memory takes up as much space on a chip whether it's being used for custom mining hardware or a general purpose PC.

The result, supporters hope, is that Bitcoin Gold will always be accessible to ordinary users who want to mine cryptocurrency with their PCs. That could give Bitcoin a more democratic character and reduce the influence of the big mining pools that are so powerful within the mainstream Bitcoin network.

Bitcoin Gold is still a fringe cryptocurrency

Bitcoin Gold's vision of democratizing Bitcoin mining appeals to a lot of people in the mainstream Bitcoin world. But the currency still faces a ton of skepticism in the broader Bitcoin community.

Critics have objected to the unusual way that Bitcoin Gold launched the currency. After forking the main Bitcoin blockchain a few weeks ago, the Bitcoin Gold team operated the new network privately, allowing them to mine a bunch of "gold" bitcoins without competition from the rest of the Bitcoin world. Critics say this leaves fewer bitcoins available for anyone else to mine.

The broader objection, though, is that many bitcoiners look with suspicion on any effort to split the Bitcoin community. They worry that having multiple, competing versions of Bitcoin will confuse the public. Opponents argue that Bitcoin Gold is unfairly capitalizing on the Bitcoin name.

But the Bitcoin Gold team insists that their project will be good for Bitcoin in the long run. They say their ultimate goal is to prove the viability of Equihash as an alternative proof-of-work algorithm and eventually convince the mainstream Bitcoin network to make a similar move. That seems like an uphill battle, however, given the millions of dollars Bitcoin miners have invested in their existing hashing hardware.

The market values Bitcoin Gold much less than vanilla bitcoin or even Bitcoin Cash. On Monday afternoon, one unit of Bitcoin Gold was worth around $250, compared to $1,400 for Bitcoin Cash and $6,300 for normal Bitcoin. Still, with more than 16 million bitcoins in circulation, the creation of Bitcoin Gold created $4 billion in new cryptocurrency value—at least on paper.

четверг, 7 июня 2018 г.

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четверг, 7 июня 2018 г.