The Case of Bitcoin Gold in Japan
With the upcoming Bitcoin hard fork all set to rattle the cryptocurrency world soon, two of the leading bitcoin exchange platforms in Japan have announced their roadmap for dealing with the same. The best-funded Japanese Bitcoin exchange, bitFlyer wishes to distribute the nascent cryptocurrency form termed as Bitcoin Gold (BTG) among its users before proceeding with the Bitcoin blockchain split which is scheduled to occur on 25th October. Trading services shall also be launched in support of the new cryptocurrency by the exchange which shall enable users to deposit, sale and send Bitcoin Gold from their bitFlyer accounts.
Led by Jack Liao of LightningASIC, a Hong Kong based mining firm whose main aim is to bring upon considerable improvement into this protocol, a new version of Bitcoin shall emerge from this hard fork. The hard fork of block 491407 will give rise to a brand new currency form for digital enthusiasts to engage into.
BitFlyer recently announced that:
“We will credit you with an amount of BTG corresponding to the amount of Bitcoin (BTC) in your bitFlyer account prior to the split. If the BTG split is deemed by bitFlyer to be permanent and secure in regards to customer assets, you will be able to own both BTC and BTG in your bitFlyer account.”
They also added that BTG deposits and withdrawals shall be enabled by the exchange “after sufficient observation of the stability in the BTG chain after the split.”
Another major Japanese exchange Coincheck, revealed that it is ‘planning to provide Bitcoin Gold’ in the aftermath of a chain split. A public notice issued by them last week revealed that the cryptocurrency exchange has not yet zeroed on any specific date and time for distribution of the new token as the same is contingent upon garnering stable miner hashpower, sufficient replay attack protection and adequate protection from vulnerabilities. The exchange also added that it shall not provide BTG if they, “decide listing of Bitcoin Gold is inappropriate.” Coincheck also came up with an easy to apprehend equation to make it easier for investors to deal with the same.
Bitcoin Gold to be distributed = ( (Amount of Bitcoin owned) + (Amount of long position held) – (Amount of short position held) – (Amount of Bitcoin to be borrowed) )
The equation’s pay-out scale differs among users of lending and payment accounts at the exchange. In contrast to BitFlyer, Coincheck pointed out that it has not yet finalized the Bitcoin Gold trading options yet. However services shall remain up and running during the time of the split at both the exchanges.
Bitcoin Gold Scenario in India
India’s leading Bitcoin Exchange, Zebpay has announced that it will not support Bitcoin Gold as of now. Zebpay team will continue to monitor the Bitcoin Gold Blockchain. If the Bitcoin Gold Blockchain network proves to be secure and valuable, Zebpay may support Bitcoin Gold later.
Although Zebpay is not supporting Bitcoin Gold, still Zebpay mentions that it will not sell or keep the Bitcoin Gold associated with a customer for itself.
The Bitcoin Gold coins will be safely stored with Zebpay. If Zebpay decides to support the Bitcoin Gold later, customers would be able to access the Bitcoin Gold balances that are equivalent to their balances at the time of the Bitcoin Gold fork.
Get latest Cryptocurrency news and updates on KryptoMoney.com