The Upcoming Bitcoin Fork And What To Do

So, many people are still keeping their Bitcoin in their Coinbase wallet. Bitcoin is going to 'fork' in a few days; A new alternate coin will develop and it will be called Bitcoin Cash. This is similar to what happened with Bitcoin Plus, Bitcoin Dark during other Bitcoin 'forks'.

The reason why you should move your Bitcoin away from Coinbase is simple. It's not about security or anything bad with Coinbase, just that they will not support the forked coin, meaning that if your Bitcoin is stored elsewhere, you might benefit from getting the same amount of Bitcoin Cash, the new crypto coin being born during the fork ...for free.

The way to do this is: make sure your Bitcoin is in a wallet that you own the private keys to. When a 'fork' occurs, this is what happens, you get the same amount of coins on both blockchains.

To export a private key from your Bitcoin-QT / Bitcoin-core client: 1. Launch your bitcoin client. 2. Click on 'help' in the menu bar (top right) 3. Click on 'debug window' 4. Select the 'console' tab.

If your wallet is protected by a passphrase (i.e you have to enter a passphrase before you can send) unlock it by typing: walletpassphrase "your walletpassphrase here" 600 dumpprivkey [your Bitcoin address here].

This will return the private key which will start with the number 5

Once you have your private key if you had to unlock your wallet you can relock it by exiting or typing: walletlock
Once you have this you can go to https://www.omniwallet.org and click 'Create a New Wallet' (or log into a wallet you already created).
Once you have created and logged into your new wallet go to the 'My Address' page and click the 'Import Address with Private Key' Button.
Enter the private key you exported and in a few moments that address should be added to your wallet and displayed in the list below giving you access to your BTC and any Omni Protocol Properties on that address.

Process found at: https://github.com/OmniLayer/omniwallet/wiki/Exporting-a-private-key-from-Bitcoin-QT-Bitcoin-core-and-Importing-to-Omniwallet.org

Basis of information by @busyjordy. More on Bitcoin Forking in this Steemit post by OJ Jordan entitled: Bitcoin is Forking... But How? https://steemit.com/bitcoin/@busyjordy/bitcoin-is-forking-but-how

I hope this helps you in your crypto journey.

If this post was helpful to you or someone you're teaching, please upvote, comment what was helpful and what to write next, also follow me @mitchmahoney around the world.