In about 5 days, there will be a bitcoin hardfork which is changing the difficulty adjustment algorithm and also the mining algorithm in order to bring back GPU mining. This is a new chain, not the original chain and it will called bitcoin Gold/GPU (both names are being used at the moment but they are the same team.) There is still some question whether or not they would add complete replay protection in order to fully separate from the main chain, and it looks like they will.
If you are unaware of how forks work, any coins you own on the main bitcoin chain, will be available on the forked chain when it launches on the 25th. I would wait and see for an easy option to collect your GPU/Gold coins so you don’t have to do anything technical. This will probably take a few days but it will be worth it so you don’t accidentally screw things up and lose the coins. If you are wondering where to keep your coins, I would not keep them on exchanges unless they have specifically said they will support bitcoin gold.
At the moment hardware wallets such as ledger and trezor have said as long as they have good replay protection, they will provide a splitting tool so you will be able to claim your coins. There will be many people dumping coins on day one that you might want to hold on for a bit of a support to form. We saw this happen with almost every fork in the past. There does seem to be a slight premine, which will most likely come from the new generated coins, but also it could just come from the coins that end up not being claimed like satoshi’s coins.
The dev team is said to be a few people, some in China who cant access github, but commits on the actual code are being done by one person. This isn’t exactly a mainstream fork and many people are weary of even going through the hassle of getting the btc gold coins. They will most likely not be worth anything in comparison to the bitcoin cash forked coins that we saw a few months ago, just because there is not much of a support. However that being said, if you are looking to sell for a bit more bitcoin, it cant hurt.
I think the most important thing you should do is wait and let other people claim their coins first. You might not get the most amount of money if you try to sell them, but you also wont have the large amount of risk that comes with a relatively unknown project. I wish I could tell you more, but even being so close to launch, we really don’t know much. The team has been relatively quiet and while updates are occurring slowly, they are mostly just off their website at http://btcgpu.org/ I recommend taking things slow for this fork and make sure the replay protection that was promised, comes to fruition and the devs aren’t looking to scam people, ect.
Thanks to @Elyaque for the badges
Isn't there another fork coming up, sometime in November? Or is this is the only one planned for now?
Based on your post, the October 25th fork won't be very important... I wonder how much value it can hold with so little support.
The SegWit2x fork is happening in November :)
A lot of this seems to be like a scam, apparently the github is pretty in shambles and there is no real proof of what they are claiming.
very informative for btc.
Hypothetical question here, hope you can advise. Let’s say I am holding BTC in a hardware wallet on 10/25 when the first BTG block is established and want to sell my BTC(Bitcoin Core) immediately after(same day), say due to a market crash. Am I at risk of losing or not recieving my BTG if I sell immediately?
I'm ready to see the internet inflate with how to claim btcg. Gonna be insane lol. Great post. Voted followed resteemed.
I sold all my Bitcoin's yesterday when it dropped. Now it's back up. Thinking I now made a mistake. I'm not sure about Bitcoin this time around. Now I don't know what to do.
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I will certainly hold this coin if there is something in it, will be worth the holding for for sure.I'm anxiously waiting for the big fork in November that's where we will see the big spike in BTC. Up up and away BTC
Hoes does this effects those of us holding Bitcoin within our Coinbase accounts? Can't seem to find them saying much about the fork.
About claiming your new coins, you won't have anything if you have bitcoins at Poloniex. I do, and last August, I received some Bitcoin Cash without me asking. Poloniex took the initiative to give me those coins. I was happy, even if it wasn't worth much.
the bitcoin coumunity is against the bitcoin hardfork
I enjoyed reading your post. There is a lot of good stuff.
We made a deal @calaber24p -- Seems as though it's time to pay up, eh?
Go to /r/bitcoin and watch the video if you have the balls for it. Not going to link it here nor watch it myself but it looks like he did it for real. Good for you.
Nice post...