What Is Bitcoin Gold?
Bitcoin Gold cryptocurrency is another derivative of its predecessor, Bitcoin. It came into existence as a result of a split on the blockchain network which is popularly referred to as Fork. A Fork is simply a separation from a mother cryptocurrency by people who no longer agree with the current system of operation, and think they can come up with a better plan.
Bitcoin mining was once everyone’s game, where anyone could mine and generate more bitcoin on their personal home computers. In recent times, some professional mining groups have dominated, using specialized and expensive chips.
The primary purpose of Bitcoin Gold was to compete with Etherium and other GPU mining cryptocurrencies by centralizing the system and bringing a fair share of profit to every miner on the network, therefore, removing monopolization.
How To Store Bitcoin Gold?
There are quite some online exchanges listed to support the bitcoin gold as listed on the bitcoin gold official website which will automatically give you the same value of bitcoin gold as you have in your bitcoin wallet at the time of the fork. If you have bitcoin on any of the exchanges, you should expect your Bitcoin Gold in few days with little or no action at all. Nevertheless, it’s not the best advice to have your tokens/coins, especially the majority of your coins on an exchange which you have no control over your private keys.
Few hot or mobile wallets are also in support of the Bitcoin Gold cryptocurrency. Wallets like the Coinomi and Guarda has also been listed on Bitcoin Gold’s website to be in support of the crypto. Though hardware wallets are the best and most secure way to store your cryptocurrencies, hot wallets give you a little bit of control over your bitcoins and other cryptocurrencies, and we will be using the Coinomi wallet as an example in showing you how to claim your free Bitcoin Gold.
How Do I Qualify For The Bitcoin Gold Cryptocurrency?
The only requirement for you to get free Bitcoin Gold cryptocurrency after the fork is to have Bitcoin on your wallet as at the block a snapshot is taken of the blockchain. This snapshot shows the record of all addresses that have bitcoins in them to know who gets the Bitcoin Gold and who doesn’t. Note that those who do not own bitcoin in any wallet at the time of the snapshot are not qualified to get any Bitcoin Gold cryptocurrency whatsoever. So buying Bitcoin on the day of the snapshot but after doesn’t make you a beneficiary.
The Bitcoin Gold snapshot was taken on block 491406 which was mined on 24th of October, 2017 which was mined a day earlier than scheduled. Those who had Bitcoins already in Coinomi before the said snapshot was to go through some few easy steps as listed below:
How Coinomi Wallet Users Can Claim Their Free Bitcoin Gold Cryptocurrency.
Please be informed that your BTG might not show up until the Bitcoin Gold’s network is entirely launched sometime in November. You need to follow the development program by the Bitcoin Gold development team on their official page.
The first thing required of you is to update your Coinomi Wallet as latest version will have the options for you to add the new coin, Bitcoin Gold. If you don’t have the wallet installed on your android device already, then you will need to do a new installation by going to the Google Play Store on your mobile phone. You will then search for Coinomi and then click on the install button. Depending on the speed of your internet connection, Coinomi is a light mobile application that should be installed in no time. So you will need to wait some minutes for the process to be complete. After installation is complete, open the app and proceed.
If you have your bitcoins outside of Coinomi mobile application at the time of the snapshot, then you need to get your seed words/recovery phrases from your current application which your bitcoin resides. These seed words/recovery phrases are twelve (12), eighteen (18), or twenty-four (24) word key phrases you’ve backed up when setting up those wallets. You must have printed or written these on a piece of paper as directed and kept in a secured place where no one but you has access to it. If you don’t have the seed but have access to the application be it on your mobile or PC, you need to find your way to the BACKUP option for the application and the seed will once again be displayed.
At this point, you need to use the restore option on the Coinomi mobile application. This will take you to the screen where you need to enter your recovery phrases also known as your seed words. When that has been done properly, you will see your balance appear on the Coinomi application just the way it was before the snapshot, if you haven’t acquired more after that time. Note that the value of bitcoin you have at the time of the snapshot is the same value you get as Bitcoin Gold cryptocurrency. Bitcoin acquired after this time will not be counted.
In your Coinomi wallet, click on the top menu, then the +Coin button. This brings you a list of supported coin by the Coinomi application. Search for Bitcoin Gold to add that to your list of coins. You get a popup dialogue after you click to add asking if to confirm if the Bitcoin Gold should be added. Choose the ADVANCED SETTINGS button. If you clicked add, you would be required to delete your Bitcoin Gold wallet and then add a new one. In the “Derivation Path” you need to enter the following:
Be informed that it’s a numeric zero and not the alphabet O.
Now click on the add button, and wait for your BitcoinGold wallet to be updated.
Those already using the Coinomi wallet can skip steps 2 and 3.
Another alternative to that having to use your seed or recovery phrase is to send your bitcoins to Coinomi address before the day scheduled for the fork. But have it in mind that this process will have you paying transaction fees.