itcoinGold is live. At 2 p.m. Eastern on Sunday, the latest splinter from the worlds biggest cryptocurrency hit the internet. Its the second time this year that a project has forked split away from Bitcoinsblockchain, the first being Bitcoin Cash back in August. Its developers have big plans to make a cryptocurrency thats decentralized and free from major group influences.

One of the biggest differences between Bitcoin Gold and its predecessor is the mining algorithm each uses. Over time, Bitcoin went from being a cryptocurrency that regular computers could mine to one that required specialized, bespoke hardware. The new Bitcoin Gold uses the Equihash algorithm instead of SHA256, which means that application-specific integrated circuit boards (ASICs)designedfor mining Bitcoin at rapid speed wont work with the new cryptocurrency.

The only way to participate in Bitcoin mining is to buy hardware from one of those manufacturers – the biggest of which is believed to manufacture over 70 percent of the global supply of SHA256 ASICs, the Bitcoin Gold team said in itsroadmap documents. This has led to a situation where one entity can hold the entire network hostage, and this is exactly what happened when thebackwards compatible Segregated Witnessupgrade was blocked by a faction of miners, despite there being universal consensus from Bitcoin experts that it should be activated.

Although the currency launched on Sunday, Bitcoin Gold split from the blockchain on October 25. That means the new currency split from block 491407, earlier than launch. As of 10 a.m. Eastern time this Monday, one bitcoin gold was valued at $264.53 byCoinmarketcap. By comparison, one bitcoin was valued at$6,576.83.

However, while the projects official website lists 18 exchanges, five wallets, and 16 pools that support the new cryptocurrency, there are some notable exceptions. One of those is Coinbase, which has exchanged over $40 billion worth of digital currency for over 12 million users. In asupport documentdated October 23, the exchange said:

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. However, safety andsecurityare also important considerations for any asset supported by Coinbase.

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.

Alongside the cryptocurrencys launch, the Bitcoin Gold project released its code to the public via GitHub.Inversehas contacted Coinbase to see if its position will now change.

Until then, buyers interested in the new currency will have to use an alternative exchange likeBitBayorCEX.IO, which Bitcoin Gold lists as both offering support.

Media via Getty Images / Dan Kitwood,Flickr / cafecredit

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