Are you selling out of your Bitcoin before August 1st Update? If not why??? :)

in bitcoin •  last year

Will you sell your Bitcoin holdings? If not why not?


Are you aware of the potential Hard Fork coming up on August 1st? It could become a problem if a minority of miners want to continue mining their own coin and cause a coin split. Will it though? It is likely.


In the chance it DOES have a coin split what should you do? Well I actually can help with this answer :) :) if you are intent on holding your Bitcoin, you should withdraw all of it to a local Bitcoin wallet that you have full control over and full control of the private keys. Why do I say this and why shouldn't you leave it on an exchange or another website like Coinbase? Because when a coinsplit happens whoever holds the private keys to that BTC address gets to choose what they do with the coins, AND you may double your coin holdings.


What happens when the coin splits is that now you are hold double, in other words, if you have 1 BTC and the coin splits, you now have 1BTC + 1 of whatever the split coin is. If you control the private keys you are able to do a command in most wallets where you can tell it to do this and you will be able to withdraw the 1BTC + the 1 of whatever the other coin is.


So if you are holding, make sure you don't leave it on an exchange!!!


I am holding a small amount, but I put 700USD in Steem instead as Isee this as more valuable.


Make sure you upvote/re-steem if this helped you!

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August 1st has become a meaningless date. The hardfork is all but guaranteed to NOT happen. Consensus has been reached on SegWit2x. Nevertheless, you've been upvoted and followed.

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This is right on the money. The chances of a hardfork happening at this point are incredibly low.

Is the Blockchain ios app considered safe during the split?

Good question. The risks are high to maintain the bitcoins and not to sell, because bitcoin can even split in two. Anyways, I think the probability is that the prices will fall, so it is better to sell.

pretty scary man, what to do, not sure. I might change some btc into steem as well !

I hodl my bitcoin and i sell maximum cryptocurrency possible :)
cryptocurrency is the future
thanks so much for this great post
following you

I am hodling. Hoping a possible hard fork won't hard fork me