CryptoReporting
Your #1 Cryptocurrency News and Price Source!

Bittrex Releases Official Statement About Bitcoin Gold (BTG)

Exchange also warns users about upcoming currency

1,822

Over the weekend, one of the largest and most substantial bitcoin and altcoin exchanges announced its official position on Bitcoin Gold.

It looks like all Bittrex customers who currently have a Bitcoin (BTC) balance in their account on October 23rd, 11PM PST, or at BTG snapshot block 491,407 will receive a 1:1 equivalent of Bitcoin Gold (BTG) in their account.

According to their statement:

If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 23, 11pm PT (6am UTC), you will be additionally credited the equivalent amount of Bitcoin Gold (BTG) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BTG.  BTC held on orders will also be credited.  Only the BTC held on your account is eligible for BTG

Bittrex also noted and warned that Bitcoin Gold (BTG) is a proposed digital asset and lacks the following:

Furthermore, there is a possibility of developers selling their Bitcoin (BTG) when the market opens.  When Bitcoin Gold (BTG) was implemented, it allowed for a private premine of 8,000 blocks, or 100,000 BTG.  If these developers do sell, we could see dramatic volatility most likely on the downside.

Lastly, Bitrex provided additional information as to the exact snapshot times:

Bittrex will close deposits and withdrawals of Bitcoin 24 hours prior at block 491,263 to the BTG snapshot block 491,407 occurring approximately on October 23, 11pm PT (6am UTC). The wallet will remain closed until the on-exchange snapshot is complete. Trading will remain active during this time.

Invest wisely!

Leave A Reply

Your email address will not be published.