Within days, we could have three versions of bitcoin, including Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin Gold (BTG). Whats the difference between these three cryptocurrencies? Will BTG actually launch? Find out everything you need to know about BTC vs BCH vs BTG including how to take advantage of the upcoming hard fork.
Its entirely possible that there will be four total versions of bitcoin within the next few weeks. If all proposed hard forks are successful, then well have four separate bitcoin versions, including:
Of course, theres also a reasonable possibility that well have just two versions of bitcoin, including the two we have today:BitcoinandBitcoin Cash.
Bitcoin Gold isscheduled to forkfrom the mainbitcoin blockchainat block 491407.
The block is scheduled to take place on or around October 25, 2017.
How does BTC vs BCH vs BTC break down? How do the three versions of bitcoin compete against each other? Heres a basic overview:
Theres a total supply of 21 million tokens for BTC, BCH, and BTG (if launched, B2X will also have a total supply of 21 million)
All versions of bitcoin use a proof of work (PoW) algorithm; BTC, BCH, and the proposed B2X all use SHA256, while Bitcoin Gold uses Equihash
The two versions of bitcoin, including BTC and BCH, all use ASIC mining hardware, while BTG uses GPU-based mining hardware
All versions of bitcoin, including the proposed BTG and B2X, have a block interval of 10 minutes
BTC and BTC have a block size of 1MB (2 to 4MB actual), whileBitcoin Cashhas an 8MB blocksize (8MB actual) and SegWit 2x bitcoin (B2X) would have a 2M block size (4 to 8MB actual)
Difficulty adjustments take place every two weeks on BTC, BCH, and the proposed B2X, while with BTG, the difficulty is adjusted with every block
Ultimately, the point ofBitcoin Goldis to solve a crucial problem in the world of bitcoin: it plans to make mining decentralized again. Today, one of the biggest criticisms of bitcoin is its centralized mining pool, which threatens to ruin the democratic foundation of the currency. Bitcoin Gold sees itself as a return to Satoshi Nakamotos original vision for the currency, where one CPU meant one vote. Centralized, largescale mining is one of the few issues with bitcoin that werent predicted in Satoshis original whitepaper, and it remains one of the biggest issues in the cryptocurrency community today.
Bitcoin(BTC) andBitcoin Cash(BCH) can be purchased from most major exchanges. Obviously, Bitcoin is the easiest to purchase, and you can do that from just about anywhere.
How do you get Bitcoin Gold (BTG), the newcomer to the scene? BTGs initial coin distribution method is exactly the same as the one used by Bitcoin Cash. All bitcoin holders who possess BTC private keys on October 25 (block 491,407) will receive Bitcoin Gold at a rate of 1 BTC = 1 BTG. In order to make Bitcoin Gold transactions, youll need to control BTC private keys.
In laymans terms, that means you need to get your bitcoin off an exchange if you want to own Bitcoin Gold on November 25.
Weve already seen a number of articles on the internet talking about how you can double your bitcoin with the launch of Bitcoin Gold. Other people ask us how they can get free bitcoin after thehard fork.
In reality, you can certainly double your bitcoin during any hard fork, because you have the opportunity to hold both bitcoin (BTC) and Bitcoin Gold (BTG), simultaneously. However, thevalueof your bitcoin is never doubled. Youre just holding the private key that represents two different spots on the bitcoin blockchain.
Obviously, you should always hold your bitcoins in a place where you retain control of your private key regardless of whether you plan to support Bitcoin Gold.
BTC vs BCHvs BTG could be one of the biggest points of contention in the bitcoin community in the near future. Or, if Bitcoin Gold (BTG) doesnt have mining support, then this hard fork could be a total non-issue. Of course, some people said the same about Bitcoin Cash and BCH is still alive and kicking today.
Stay tuned for the potential launch of Bitcoin Gold on October 25!
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can you please clarify on BTG ? I now own less than 1 bitcoin at coinbase will that mean i will get equal amount of BTG ?
@Rajkumar: You mean coinbase owes you some bitcoin. They have your coins in their addresses, and their address now has the same amount of BTG (and BCH) as it does BTC. When a fork happens, Coinbase does not keep the forked coins, but they are not releasing them to users at this time for safety reasons. At some point in the future they will send them to you, but who knows what they will be worth at that time.
What happens to people who were holding it in their hardware wallets?
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