Why You Should Consider Not Selling Your Bitcoin Gold; But Should Be Careful Retrieving It
If you held Bitcoin during the Bitcoin Gold fork, you now have equal parts Bitcoin Gold. Although you can claim your Bitcoin Gold, you should consider “hodling.”
How to claim your Bitcoin Gold: Bitcoin Gold launches shortly after November 1st after a delay. Directions for claiming Bitcoin Gold are on Bitcoin Gold’s website (options for claiming your Gold can be found in the wallets section of the front page; if you had your BTC on an exchange or third party wallet, follow their FAQ). With that said, I haven’t personally claimed Bitcoin Gold using the methods on the official Bitcoin Gold site yet. Honestly, I’m waiting for the dust to settle and for Bitcoin Gold to earn some trust and gain some value. Please feel free to comment with your experience.
NOTE: Even if you do nothing, you own your Bitcoin Gold (as you own the private key to your wallet’s address which points back to the Bitcoin Gold blockchain where the Bitcoin Gold exists). You don’t have to do anything with Gold until you are ready, when you are ready, you can claim it (assuming you don’t lose your wallet).
On Claiming Your Bitcoin Gold
As noted above, although I suggest waiting until the dust has settled a bit to even claim your Gold (as this will avoid you being a guinea pig and clicking on the spam links out there), you can now claim your Bitcoin Gold by following one of the sets of directions on Bitcoin Gold’s website (look under the Wallets section on the front page).
You can even store it in a unofficial but featured on the site myBTGWallet (theoretically this works).
However, aside from claiming your Gold, I would again suggest doing nothing with it.
The reason for this is that we all just saw what happened with Bitcoin Cash. What happened is a small group of people went rouge and tried to kill Bitcoin using Bitcoin Cash. This involved, among other things, spiking the price of Bitcoin Cash and crashing Bitcoin.
That means for a moment there you could have traded your Bitcoin Cash in for a nice chunk of actual Bitcoin (or, if you are in the other camp, you would now have more valuable Bitcoin Cash; either way, those who dumped it early for $300 are likely not stoked).
If you believe in Bitcoin, but didn’t really care about the fork, flipping $2,500 Bitcoin Cash to Bitcoin is awesome (more Bitcoin at a cheaper price is what that works out to). Meanwhile, if you love forked coins, why are you selling them?
Right now Gold is worth like $200. It took you nearly $6,000 worth of Bitcoin to get one Gold. Why take $200 when you can wait and potentially cash out for more?
Sure, it could become worth less than $200. That possibility is real. However, at the current ratio it seems worth holding onto some if not all of your gold.
The choice is yours, I simply wanted to confirm that Bitcoin Gold has officially launched. Make sure not to click random links and use only the official bitcoingold.org site. If we assume their team is legit, then the site should be fine.
NOTE: People got annoyed with Bitcoin Gold. It seemed like a hastily put together attempt to cash in on Bitcoin’s brand name. However, if it is what they say it is, it could have some value. According to their site it can be mined with a GPU, its difficult adjusts every block, it is Segwit friendly, and it has replay protection. That is actually not too bad. Plus, as a bonus, they don’t seem to openly hostile to Bitcoin like Bitcoin Cash. Bitcoin Gold seeks to make mining decentralized, Bitcoin Cash is all about centralization. So, odd as it may seem, Bitcoin Gold could actually have value in the future… Lots of ifs in there, but you never know.
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