My 2 Cents on the BTC/BCH Hard Fork for Newbies and Veterans
This short article is simply my opinion about the upcoming BTC/BCH hardfork. Like anything, do your own research and make your own educated conclusions.
I am writing this particularly for those of you who are relatively new to cryptocurrency. It is easy to forget that all cryptocurrencies are tokens created in support of a blockchain, not just some magical internet money. If you don't know the basics of what a blockchain is, then you don't need to be investing in a cryptocurrency until you do your homework! Also, you need to know that everyone and anyone has the ability to create a new crypto token. Even you! Most new cryptocurrencies are a fork off an existing open source blockchain such as Bitcoin or Ethereum. When bitcoin cash (BCH) is created in a few days, IT WILL NOT BE BITCOIN! It will be just another altcoin forked from the original Bitcoin blockchain like many others before it. The true Bitcoin blockchain is the version that has majority consensus, which in this case, is the original Bitcoin blockchain created by an unknown person known as Satoshi Nakamoto and traded as BTC. Anything else with the name Bitcoin in it (such as bitcoin dark, bitcoin plus and now bitcoin cash) is an altcoin...or fork of the original Bitcoin blockchain.
The hype surrounding this new altcoin is unprecedented. I have been involved in the crypto space since before Ethereum existed. I have witnessed nearly every major event that has occurred thus far in the space. I can honestly say that I have never seen such hype and such FUD in the creation of a new altcoin. This is exactly what the creators of this new altcoin hoped to achieve. The timing of the roll-out of this new altcoin is no accident. The creators of BCH knew by timing the release of their new altcoin in conjunction with the implementation of segregated witness (SegWit) for Bitcoin, would cause allot of buzz and is touted by its creators as an alternative to Bitcoin for the small minority who are against SegWit. This, combined with offering to match your Bitcoin holdings with their new altcoin and purposely creating unnecessary fear, uncertainty and doubt (FUD) to the entire crypto space has brought the hype to this point, which again, is exactly what they wanted. Make no mistake about it. The creators of this new altcoin are playing directly to your fear and greed in order to gain as much publicity and buzz as possible to pump their new altcoin.
In the end, my advice is this:
- KEEP YOUR BITCOIN IN A PRIVATE WALLET AND NOT ON AN EXCHANGE!
- DO NOT BUY IN TO THE HYPE OF THIS NEW ALTCOIN! (It is not, and will never be Bitcoin)
- DO NOT RISK LOOSING YOUR BITCOIN ON UNPROVEN BLOCKCHAIN PROJECTS!
- HOLD ON TO YOUR BITCOIN! (Think long term...like a savings account)
- THERE IS ONLY ONE REAL BITCOIN...BTC...Period!