HARD FORKING FOR DUMMIES: 2 SIMPLE RULES TO ACCESS YOUR BITCOIN CASH
The most important thing to remember:
do not keep your coins on a custodial wallet. This will ensure you will have access to your bitcoin after the fork. Make sure you store your coins in a wallet where you KEEP THE PRIVATE KEYS. To keep your private key private all you need to do is to use a wallet where you create a seed code or generate a password that protects your private keys. Many wallet applications provide information on whether they are custodial or not.
Keys are not the same thing as “password”. You can use a password to login to a service (like an online wallet). “Keys” refer to the actual code used to control your funds (your coins) on the Bitcoin blockchain. As long as you have the key, you can always use that key to access your funds. There are two cardinal rules for the bitcoin holders, they should follow to prepare for the bitcoin hard fork. These rules will help to users protect bitcoin and gain access to bitcoin cash after the fork resolves all of this.
The Korean Bitcoin Exchanges Divided on ‘Bitcoin Cash’
Bitcoin.com has had a lot of people inquire about how to protect their bitcoin and gain access to bitcoin cash.
The Breadwallet and blockchain.info sites specifically, which will be addressed at the end of this article....
The Bitcoin cash is being created by the fork. It's a new and different coin than bitcoin.
Do not panic Your coins will not just evaporate into air. You will have options on how to handle the consequences of the fork no matter what happens. Here are the two cardinal rules. The Protect Your Private Keys
The wallet generally managed by the user keys themselves. They do not give you access to the keys, so the reality is control all your coins on their site much like a bank would control your assets.
It's a word code or seed code basically acts a replacement for your private keys. In the event that you lose your private keys, the seed code is used to regenerate that key again. the private keys means you will be able to access also bitcoin cash. The amount you can control will be the equivalent amount of bitcoin you had the keys to at the time.
If you do not have your keys, however, the custodian or web wallet controller will make that decision for you (whether to credit you with the new bitcoin cash coins or not.
The Waiting Period of Obtaining Bitcoin Cash After the Fork..
After the fork completes each wallet provider or have already provided information on how to manage bitcoin cash.That application that allows you to access your newly minted bitcoin cash. The user can simply wait until the service in question provides that tool. The wallet you are using to check their latest statements. If there is no statement on Bitcoin Cash and they don’t reply to questions. it's to move coins to a wallet that explicitly supports bitcoin cash......
If the company does not do it possible to extract your private keys in most cases. hen for claim bitcoin cash use a another wallet.
This process requires some technical knowledge of command line or code. It may be best for most users just to keep their keys in wallets that have already announced support for bitcoin cash. For example Coinbase.com currently does not support bitcoin cash. Another options place your coins at an exchange that will support bitcoin cash. They will credit your account with the same amount of bitcoin cash.
Do not Transfer Bitcoin During or Immediately Following the Fork :--
The second rule: The Users should not do any bitcoin transactions send or receive coins during the fork. All users should wait until two or three days after before sending funds. may be depending on network stability weak. This is important because the network may be unstable to during this period. that time users are not sending funds. Please follow these two rules cited above. you should be well protected both during and after.
Stay tuned to Bitcoin.com for more information regarding the fork as the situation develops.
A plenty of useful info.