FYI: Bitcoin/Bitcoin Cash and the potential Fork
As most of you have heard, next Monday night there will be a potential ‘fork’ in the Bitcoin blockchain. Although i’m no crypto expert, I wanted to clarify things for a few of you (to the best of my ability)
What is a fork?
A fork is a split in the bitcoin blockchain caused by different miners on the network running different software. As of right now, there is speculation that there will be two currencies afterwards (Bitcoin and ‘Bitcoin Cash’)
(Fork in the road lol)
What will happen to my Bitcoin if the blockchain forks?
If the fork occurs, every person holding bitcoin will have an equal amount of bitcoin and bitcoin cash afterwards. For example, if I hold 1 BTC pre-fork = 1 BTC and 1 BCC post fork.
Currently, Bitcoin Cash (futures) are currently trading for approximately $400. This means that after the fork, you will potentially have free money in Bitcoin Cash.
How will I have free money?
Since you have equal amounts of BTC and BCC after the fork, you basically hold two different types of currency. You can choose to sell your BCC immediately and cash out on +14% of your Bitcoin holdings without having done a single thing (Thanks hard fork miners!)
Something to be cautious of….
.
.
.
What exchange do you use?
Some exchanges (like coinbase) have strictly said they will not support BCC. So if you want to have your free BCC after the fork YOU MUST WITHDRAW YOUR FUNDS FROM COINBASE PRIOR TO JULY 31ST. Your coins can be stored on a hardware wallet, paper wallet, or on another exchange that has said they will support bitcoin cash. (go to bitcoin.com/wallet for help setting one of these wallets up)
Good luck crypto traders! And please comment any questions or concerns below. I’d be happy to talk further with you.
If you like my posts, please upvote and follow @bl0ckchained125!
welcome to steem! follow you pls follow back.
enjoy
Thank you very much for this wonderful information dear friend @ bl0ckchained125
Have a great day
Congratulations! This post has been upvoted from the new curation trail @animus,
The goal is to help Steemit grow by supporting Minnows and creating a social network. It's a completely free and you can join https://streemian.com/profile/curationtrail/trailing/691 or delegate steem power (SP) to @animus
Welcome here Bl0ckchained125:) Nice post, i will follow your account, please follow me...
Resteem this post and you have a deal, my friend.
Hi. I am a volunteer bot for @resteembot that upvoted you.
Your post was chosen at random, as part of the advertisment campaign for @resteembot.
@resteembot is meant to help minnows get noticed by re-steeming their posts
To use the bot, one must follow it for at least 3 hours, and then make a transaction where the memo is the url of the post.
The price per post is the author's reputation, devided by 1000.
(For example 44 reputation means minimum 0.044 SBD or STEEM.)
Even better: If your reputation is lower than 28 re-steeming only costs 0.001 SBD!
If you want to learn more - read the introduction post of @resteembot.
If you want help spread the word - read the advertisment program post.
Steem ON!
Welcome my friend nice to me you i am @djnoel :)
Welcome to the community. your introduction was very nice. Followed. Follow me back 😘
good job!!!! and fork happened and everything is cool. We should get more folks from philadelphia.I got few more,hopefully they become more active...I will be at PSL events soon!!!