The first decentralized digital currency, bitcoin is a cryptocurrency and digital payment system operating worldwide released as an open-source software in 2009. Since then, it is continually being discussed in every household, especially in the economic platform.
Fans of bitcoin have been discussing the gold fork which is scheduled for 25th of October. Crypto currency boards and social media is full of discussion of this relatively new trend. Similarly, bitcoin-based service suppliers are coming into the big picture clarifying their firm stance in the direction of this fork and detailing their contingency plans on how to tackle the upcoming distribution of split tokens.
The crypto currency alternate and brokerage service revealed its plan for bitcoin on 21st of October. They have rejected to help this fork declaring the protocol conflicting with the current model of bitcoin.
GDAX and Coinbase are planning to observe bitcoin gold to make sure that community is secure and workable. The company might be ready to provide distribution support for split tokens are a later date.
Two hardware wallets
After the announcement made by Coinbase, two crypto currency pockets producers named Satoshi Labs and Ledger gave their views on the bitcoin gold scenario. Satoshi Labs explained it on Twitter that a Trezor announcement will come if the project is safe in actuality, but not just a mere abstract concept. Trezor originally highlighted that bitcoin gold builders have not considered replay safety which can be a potential issue for most of the service providers. Satoshi Lab has continued to shed some light by saying that their help will completely depend on the timeframe.
On 21st of October, France-based Ledger Wallet also gave some details about their plans on bitcoin gold. They were of the view that Ledger will provide help instantly for bitcoin gold fork if the code is in market with replay protection given that it is profitable.
Another wallet provider Coinomi has defined the way it will encounter the upcoming scenario. They have said that there is a high tendency of them supporting bitcoin gold tokens. When the network will go live after the fork, split tokens will be credited to their wallet users. This firm provides detailed instructions on how a consumer can receive their bitcoin gold alongside stating the startup will provide 24/7 customer support.
Moreover, another crypto currency alternate Bittrex has defined the way in which they will continue to credit their customers with bitcoin gold. They will only credit their users if they held bitcoin on exchange prior to block 491,407 occurring on 24th of October. However, due to enterprise’s considerations, this alternative might not record the forked token throughout the platform’s market. Bittrex is concerned about lack of code, no replay protection, no publicly recognized developers, and the fact that no enterprise has been provided with enough code for testing and auditing. The company has also informed the users about bitcoin gold pre-mine.
Fork is just days away and bitcoin gold network will go live in a week. But it is still difficult for people to have confidence in this split. The reason being lack of replay safety and infrastructure support. However, the community still tends to weigh out the pros and cons.