Bittrex, the US-based Bitcoin and altcoin exchange has announced its official position on Bitcoin Gold. The exchange, widely regarded as a substantial player in the marketplace, had previously hesitated issuing a formal statement.
However, with the hard fork just a short time away, Bittrex has finally clarified its position on the coming fork. Per the statement, Bittrex will perform a ‘wallet snapshot’ at the time of the hard fork, which will occur at block 491,407. At that time, each BTC will receive an equivalent BTG. According to the statement:
The exchange’s statement gave users a number of warnings about the forthcoming Bitcoin Gold currency. To wit:
“Bitcoin Gold does not currently have:
- Fully formed consensus code
- Implemented replay protection
- Adequate code for testing and auditing
- Publicly known code developers
Bitcoin Gold codebase also contains 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 noted that Bitcoin Gold does not meet the necessary requirements to be listed on its exchange. They also pointed out that taking a snapshot of user balances is extremely disruptive and they will have to suspend all deposits and withdrawals 24 hours before the snapshot is taken.
Nevertheless, in spite of Bittrex’s reservations about the currency and the difficulty involved in creating the snapshot, the exchange appears committed to ensuring its users receive the appropriate amount of Bitcoin Gold.