Bitcoin and August 1st - Six Simple things you can do!
Further to my previous post "Safe Bitcoin Storage and August 1st - What you need to know", with this one, i am focusing on simple things that we can do right now, to be protected against a possible Bitcoin split.
source: zsenews.tv
The most possible scenario at the moment is that there will be NO SPLIT. But even if there will be one, there are a few simple things that can be done to get prepared for it.
Six Simple things you can do!
1. Remain Calm and Under Control
source: icvega.com
Under pressure conditions like the ones we face these days with the possible Bitcoin split on August 1st, we have to remain calm and under control.
2. Keep your coins in a Self Hosted Wallet with control over your private keys.
Having control of your wallet private keys is the best practice generally and more now that the split is possible.
Examples of Self Hosted Wallets are Electreum (desktop wallet), Ledger (hardware wallet), TREZOR (hardware wallet), MyCelium (mobile wallet) and Bitaddress (paper wallet) . I already have analyze Bitaddress in my previous post.
If you do not control your keys and have your coins in an exchange it depends to the exchange on how will handle the split.
3. Keep always a backup of your private keys
It is obvious that you must always keep backup of your private keys and not further explanation required.
4. Avoid to Receive or Send any payments
If a split seems possible or finally happen, avoid to receive or send any payments from the time of the split until things clear up. The Uncertainty period is likely to be between hours and days, in which the behaviour of even the most recommended wallets is unpredictable.
5. Invest only money that you can afford to lose
Invest only money that you can afford to lose. Only invest in what you understand and believe in.
6. Keep yourself updated
Have in mind this is a very dynamic issue that can change day by day. Keep yourself updated by checking the reddit bitcoin section.
You can read more in this article that is very explanatory about "Segwit2x, UASF and the Possible Fork " and i highly recommend to read it all.
Thanks for reading
Digital King
very good post, thanks for the tips, but what if I will just keep my all bitcoin in bittrex account ?
Thank you for your comment @clixmoney. If you have your coins in an exchange like bittrex it depends on the exchange how will handle the split when it happen. For now, seems like bitcoin split postponed for the following months and this gave a push to its price and to all the other cryptos.
what does it me ( postponed for the following months ), is that mean that in august everything will stay the same ?
Seems like it postponed for November as @hilarski replied to me in one of his posts.
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A very good post @digitalking
I think this is probably the biggest danger in crypto right now!
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Thanks for the tips! Resteemed😊😊
Thank you for resteeming @lifeasalion
Anytime! I appreciate all the tips and help I've seen across all the posts. Still trying to figure everything out but I'm slowly getting there haha!