How I Prepared Myself For The Upcoming Bitcoin Forks
In case you haven't heard, Bitcoin is going to be FORKING again and again and again... and again? A total of 8 proposed forks are expected to form over the coming month or so.
Special thanks to @fatpandadesign for putting out an article a few days ago, which describes the upcoming forks in greater detail (https://steemit.com/bitcoin/@fatpandadesign/bitcoin-are-you-forking-kidding-me)
One important thing to note is that the first proposed fork on the list, BitcoinPlatinum, was supposed to fork at block 498533 but has since been postponed for whatever reasons. Their GitHub has a post up entirely in Korean so after translation it states:
- "However, there was a crucial mining-related problem at the original scheduled fork point of 498533 blocks, which inevitably delayed the fork schedule.
In the future, we will resolve this defect as soon as possible and allow it to be completed until 500,000 blocks. " (Source: https://bitcoinplatinum.github.io/)
Meanwhile, SuperBitcoin is expected to skip ahead of BitcoinPlatinum and fork sometime tomorrow at block 498888.
The news of these upcoming splits made me finally jump into action in order to take advantage of these free crypto-dividends! In order to do this you need to be in control of YOUR OWN PRIVATE KEYS so you can export them and split off your own coins. It is important to remember that many exchanges will not be supporting these splits and will not have the markets ready in time since everything is happening so fast. As a result, any Bitcoin left on exchanges (say Coinbase for example) will not be eligible to receive these free gifts.
This is because Coinbase is a "custodial wallet" not a private wallet but that is a discussion for another day. Just know that they control the private keys and never show them to you. This means that they control your Bitcoin and consequently your crypto-dividends.
SO what should you do? SIMPLE - just move your Bitcoin into a private wallet such as Exodus, Electrum, or a similar private wallet where you can "export your private keys". This will allow you to split the money into two when the time comes.
At the time of the proposed forks, the blockchain will have a snapshot taken of it in order to keep track of balances on the new chain that will be forked off. After this snapshot time frame you can then export those private keys to a supporting wallet for the newly formed fork, or you can simply wait until you are ready. Those coins aren't going to go anywhere BUT you must make sure your BTC is in the right place at the right time :)!
In the meantime all I have to do is sit back and wait for my free presents this month.
If you have any questions or comments please let me know down below.
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
Yobit- Sketch exchange gave me BTCUN, BTH (Bitcoin HOT) and Super Bitcoin..... Binance gave up BTX at 1000x to 1 and Super Bitcoin
This fork thing is getting ridiculous... I prefer not to keep the money on an exchange at the time of the split because they won't all be supporting every coin. Best idea is to do it manually but yeah the madness has BEGUN!
Check out my last Bitcoin post:
https://steemit.com/bitcoin/@hotsauceislethal/crypto-market-recap-12-9-2017
Feeling salty about missing the crypto boat?
https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out
Don't worry:
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-s-hype-cycle-is-finally-here
https://steemit.com/eos/@hotsauceislethal/eos-price-analysis-9-17-2017
Fantastic Documentary About Relevant STUFF! (MUST WATCH!!!)
https://steemit.com/cryptocurrency/@avii/mind-over-money-documentary
Like Bitcoin But Want To Avoid The Fees?
https://steemit.com/bitcoin/@hotsauceislethal/save-money-when-sending-crypto
Pay No Transaction Fee From Coinbase!!!
https://steemit.com/bitcoin/@hotsauceislethal/no-transaction-fee-bitcoin-trick-using-coinbase
Need A Good Laugh?
https://steemit.com/bitcoin/@hotsauceislethal/what-kind-of-crypto-trader-are-you
~BITCOIN BUY ALERT~
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-cup-and-handle-formation-buy-alert
Hi.. @hotsauceislethal
Thanks for this information... what is your opinion on ripple coin. why nobaody is talking about it though, it seems good project.
XRP is a fantastic project but it has a dirty secret. First of all it is entirely premined and controlled by the Ripple Labs company making it a centralized currency. Additionally they work with banks to do remittance payments and money transfers and all of their fees are destroyed creating a sort of deflation over time.
Bitcoiners got into crypto in order to get away from centralization and banks. XRP is all about that. The last thing is that XRP is stabilized by the company in order to make it a better payment system- something that BTC doesn't have.
As far as whether to buy or not, I think #XRP will be huge in the long run but has been in a slumber since it has its massive pump at the beginning of the crypto mania this year.
Guys , watch out for xem from the 20th of december ;)
What is happening on that day with them? I sold all of my XEM when it went from 6 cent to 8 cents :-D Learned to stop doing that reallllllly quick.
Guys, Keep an eye on #XEM.
For the past few days,we have seen a lot of accumulations and price spikes and also #XEM is coming up with 2 huge news
1# WeChat wallet will be released on 21st December
2#CataPult release will be on 31st Dec
Thank you for the heads up :-D
;)
@hotsauceislethal payed 0.263 SBD to @minnowbooster to buy a stealth upvote.
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