Bitcoin Cash, Bitcoin Hardfork and You!
August 1st is looming! Looking highly probable that were getting a fork into Bitcoin Cash. I've written a few notes on the subject to help you guy's understand a little more what's going on.
I invested in Bitcoin, How does Bitcoin Cash get into circulation?
Bitcoin Cash is a fork of the ledger. This means that the same amount of Bitcoin Cash exists then Bitcoin at the time of the hard fork. Assuming that you own the private key to your coins, You will also own some Bitcoin Cash.
How do I choose whether i want Bitcoin Cash or Bitcoin?
The beauty of this is that you don't have to! You now own twice the amount of coins. For example, If you owned 2 BTC, You now also own 2 Bitcoin Cash! No need to worry about whether or not it's gonna take off, you will automatically be incorporated in the chain.
To sum everything up, this fork really isn't as scary and fearful than people make it out to be. I truely believe that Bitcoin will always be the one and only and that Bitcoin Cash will simply be another Altcoin in the end.
My best advice is just to hold onto both sides of the chain until more applications come out. You're bound to win!
Happy Hodling!
Thanks for the simple, quick explanation. I just moved most of my BTC from Coinbase to Jaxx - just in case.. this environment is so dynamic that it's really easy to get complacent and let stuff slip away unknowingly.
prices of both chains will fall.... look at ETH and ETC. The crypto market is an emotional market which doesn't help the situation
Good comment!
But I'm not sure you can attribute last year's ETH price volatility with the ETH/ETC hard fork directly. Since the whole project was
I think the current situation for the bitcoin community is a bit different regarding these kind of "external" events.
besides all that what i mean is that miners still believed in the old chain..... there were more people holding etc than expected. I fear the same can happen with btc
Why do you think the hard fork is "highly probable"?
It has already been announced to be planned for in the near future!