Bittrex Issues Official Statement About Bitcoin Gold

Bitcoin Gold

The US-based Bitcoin and altcoin exchange, Bittrex, has stated the official position on Bitcoin Gold. The exchange, widely known as a substantial player in the marketplace, used previously to hesitate issuing a formal statement.
Nevertheless, with the hard fork coming out soon, Bittrex has finally presented its position on it. It is said that Bittrex will perform a ‘wallet snapshot’ at the time of the hard fork, which will happen at block 491,407. Moreover, each BTC will receive an equivalent BTG. Regarding 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 statement above gave users a lots of warnings about the forthcoming Bitcoin Gold currency.
“Bitcoin Gold does not currently have:
* Implemented replay protection
* Adequate code for testing and auditing
* Fully formed consensus code
* Publicly known code developers
Bitcoin Gold codebase also has 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 also noted that Bitcoin Gold does not fit the necessary requirements to be listed on its exchange. They also emphasized that taking a snapshot of user balances is absolutely disruptive and they will have to suspend all deposits and withdrawals 24 hours before the snapshot is taken.
However, in spite of Bittrex’s reservations about the difficulty involved in creating the snapshot and the currency, the exchange appears committed to ensuring its users will be provided with the appropriate amount of Bitcoin Gold

Polli Bormotova

Leave a Reply

Your email address will not be published. Required fields are marked *