PocketBits Stance on BitcoinGold Fork

Here we are again, Déjà vu.

This is about the two new Altcoins that are being forked from Bitcoin. We’ve learned from our experience of handling BCash, where we distributed BCash to the users holding funds with us at the time of the fork which was the ethical thing to do.

As of today 24th of October, there will be a new coin termed as “Bitcoin Gold” the BTC Blockchain snapshot will take place on block 491407, If you have confirmed Bitcoin balance in your PocketBits wallet at that time you don’t need to do anything in particular and you may be eligible to receive your BitcoinGold* after we have carefully studied the BitcoinGold code and cleared our doubts about the new coin and the feasibility to complete transactions on it, as BTG network will go live on approximately 1st of November for the general public, we will start working on the process.

As things stand we are concerned about the lack of consensus code, no replay protection, no publicly known developers, and the fact that no business has been provided with adequate code for testing and auditing. Bitcoin Gold codebase also contains a 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.

We may or may not add BitcoinGold for trading once we add support for other Altcoins on PocketBits.

*We will announce the process to claim the coins in due course, please note that the distribution could take weeks or months until the new chain is stable and feasible for general transactions with support from wallet providers, there is no set date for distribution of BTG. Claiming BTG will only be available for users with previous trade history and new users without any trade history adding bitcoins to their PB wallet to claim the new coin will not be eligible for the same as neither we are a Wallet Service or Token Claim Service.

We do not expect any impact on the Bitcoin network or delays with Bitcoin Transactions at this time.

The process about the looming Segwit2X Hardfork at block 494,784 on or around November 16, 2017, will be addressed in detail in a statement on a later date.

We are always available for you should you have any queries, drop by our website chat and say HI.