Jimmy Song comes through again with a Bitcoin Cash guide in advance of this week's likely fork. I excerpt the key parts for BTC holders.
Current BTC holders get Bitcoin Cash for free without having to do anything?
if you own Bitcoin (that is, you control your own private keys) prior to the fork on 2017 August 1 12:20 UTC, you will have the same amount of Bitcoin and Bitcoin Cash after the fork.
Lest you think these BCC isn’t worth anything, BCC futures are currently trading at about $475 on ViaBTC.
What is Bitcoin Cash?
Bitcoin Cash offers three new features. First, it offers a much larger block size of 8MB.
Second, it offers replay and wipeout protection. The transaction signature is slightly different and the forking block has to be greater than 1MB.
Third, it offers a way to adjust the proof-of-work difficulty quicker than the normal 2016 block difficulty adjustment interval found in Bitcoin.
What to do?
One thing is for certain: if you want to maximize your holdings, it’s in your best interest to get your Bitcoin off third-party services and control your own private keys before August 1st.
I 100% agree with this recommendation. I intend to make sure all my BTC are off Coinbase this week. Crypto is never boring, that's for sure. Stay safe out there.
One thing keeps me wondering: what BTC volatility we may see soon, onvce all Bitcoins will soon be removed from the exchanges ? Such a shalow market can (potentialy) show some crazy spikes, right?
Interesting days ahead
Hrm. I hadn't actually thought about that, but you might be right. It depends on how much of people on exchanges are that activist that they would actually pull money from exchanges? I guess fewer than you'd expect. People are lazy and poorly informed.
Hard to understand this. I always had withdrawing my funds from exchanges as soon as have complete my trades. Been doing this since long before Mt.Gox crash. Never have lost even 1 satoshi in the exchanges.
anyway don't forget that guy that said he will eat his d*ck on tv if btc doesn't reach $500,000 lol
Hi @eeks I've written an article about you, check it out if you can, thanks.
21 Best Steemians Of The Day To Follow 6th August 2017
https://steemit.com/steemit/@jzeek/21-best-steemians-of-the-day-to-follow-6th-august-2017
shhhhh! ;)
My same thoughts lol!
this is a very interesting...sell orders will be significantly less later this week
Should I take my BTC off Bittrex? Or will I get Bitcoin Cash if I hold it on there?
I am not sure Bittrex has made an announcement yet. I would check with them.
I believe Bittrex will give you your BCH (Bitcoin Cash). I will have BTC on Kraken and Bittrex and in my own wallets.
Funny..I was just researching "Bitcoin Cash" on google & now you post this.
Moved some to paper wallet last night, thank you for info cheers!!!
What do you mean when you say, "I intend to make sure all my BTC are off Coinbase this week." I have a little handful of XRP and some changed of BTC on my bittrex account. Oh, and I have like $20.00 US in btc on my bitpay app on my phone.
All my Coinbase BTC I will send to a wallet I control. When you have coins with an exchange, they control the coins -- they "custody" them for you. But that means you are at their discretion as to how they custody your assets.
So if I send them to a wallet I control, I am no longer under their discretion and I will have full access to the private keys that correspond to the BTC accounts that hold my BTC.
Thanks for the info. #nooblife
Thanks for info. If I don't own any Bitcoin yet, would buying before Aug 1st be a good bet in your opinion?
I can't say. I'd only give you stock advice like don't invest what you can't afford to set on fire and dollar cost average in over time.
Thanks- I've been averaging with Ethereum on a small scale, thinking about doing the same with Bitcoin but I feel the price may be a little inflated right now.
Jimmy Song always delivery good articles. thanks for sharing...
Bitmain does "not rule out the possibility of supporting both Segwit2x and BCC."
Hey @eeks i have a coin base account and I only have invested in #Ethereum and #litecoin , but i seen a message on my coinbase related to what your content is , so i logged on and clicked on it and here is what stuck out most ,
UAHF or UASF ? WHAT ARE THE CHANGES THAT ARE COMINGThere are two major upcoming proposals that will affect the Bitcoin protocol and network. These are known as the UAHF and UASF.
The current User Activated Hard Fork (UAHF), including BitcoinABC, is a proposal to alter the Bitcoin protocol by creating a new version of the Bitcoin software, which will operate on its own, separate blockchain.
In contrast, the User Activated Soft Fork (UASF), also known as BIP148, is a proposal to alter the Bitcoin protocol by merging new features into the Bitcoin software, but continue using the same existing blockchain. The proposed features for the upcoming UASF include Segregated Witness, a technology designed to increase the amount of transactions that can be made over the Bitcoin network, and increase the security of the network.
This is really going to throw a wrench in the spokes , oh yea ,and I would also like to mention that this UAHF or UASF is going to effect your coinbase , and your GDAX , sounds like a mess to me , if anyone can see the good in this or would like to read the rest of the whole report check me out @jakeworkingman , you get my upvote , follow an a resteem STEEM ONN /customer/portal/articles/2844217-uahf-uasf-faq
Thanks for the news @eeks! I have BTC on Coinbase. Do you think there is some risk? I'm a bit of a crypto noob so not up to speed on keys and what not. Perhaps I could buy another coin with my btc? I'll pass this on to my mates :)
yea i suggest looking into #ethereum or #litecoin but ethereum is hot right now check out my post that will tell you exactly whats gunna happen to our bitcoin of we dont get it out of there check it out an tell me what you think @JAKEWORKINGMAN under blog thanks you get my follow an upvotes
Thanks for the intel! I'm working on a project and I will check your post today.
Coinbase i joined and exited in 30 seconds after i read 3.99% convenience fee!!!!
You can trade on GDAX (Coinbase affiliated exchange) for 25-50bps.
Coinbase bites in so many ways.
How will one access bitcoincash? Need a separate wallet?
Unclear right now. Bitcoin Cash shares this.
Hm, I have some cash on the sidelines waiting for a good time to buy-in. I'm wondering if it should be before August 1st, regardless of price, just so I can benefit from the fork...
Wild times ahead.
I hadn't heard about BCC before. I've been researching it for about half an hour since I saw your post. I'll be looking into it more closely tomorrow.
I don't advice anyone to use any obscure unknown wallet in the hope of receiving some BCC at this point. Only trusted wallets should be used at this point and BCC need to be accessible through these trusted wallet...
Yes. But what you need is your private keys for your BTC addresses. If you don't know what those are then it's a good time to learn. Private keys underpin the cryptography of distributed cryptographic ledgers like Bitcoin, Ethereum and Steem.
I know what they are. I'm currently using Electrum and I still have a bit of Bitcoin left on exchanges.
I'm currently in the process of bringing them back on my Electrum wallet. We'll see how things go from here.
thinking at the same way
What if we traded our bitcoin to an alternative crypto? What will happen to it when hard fork bites on August 1?
Unknowable.
I'm not very familiar with bitcoin because my dollar steem is still small and I have not switched from dollar steem to bitcoin. I also do not understand the issue of bitcoin cash that provides a large space of 8 mb
I translated all bitcoins into violas. But maybe we need to keep the bitcoins on the stock exchanges? Will they double?
what you think about Bitcoin cash for long term does it have any huge potential in a long run