Bitcoin Hard Fork Will Be Felt Deeper Than Ethereum’s: Experts
There is some panic among users of Bitcoin regarding their fate in the event of a split within the community. Online web wallet owners seem to be the most concerned as the majority of them, apart from lacking an in-depth knowledge on the functionalities of the Bitcoin protocol assume that they may be stuck with whichever chain that their vendors decide to go with. Cassidy also notes that if a hard fork takes place, exchanges are likely to freeze withdrawals for a period of time leading up to and preceding the hard fork itself. Exchanges should credit users holding Bitcoin with Bitcoin unlimited coins (BTU) in addition to their regular Bitcoins (BTC).Cassidy says:“If you held five Bitcoins on an exchange prior to a hard fork, you should have five Bitcoin on the Bitcoin Core network along with five Bitcoin on the Bitcoin Unlimited network. Everyone, will in essence, gain double their Bitcoins.”https://cointelegraph.com/news/bitcoin-hard-fork-will-be-felt-deeper-than-ethereums-experts
I just emptied the last tiny bit of BTC I had vaulted in my Coinbase. Have most of my cryptos in altcoins right now. I am too small a player for this much risk and spread it around some altcoins hoping I can survive the storm that's brewing.
Digital currency expert Aleksandar Matanovic acknowledges the fact that it will not be an easy task for online wallet providers and exchanges to do the necessary adjustments in the event of a hard fork.
However, he notes that people should have coins in both chains after the split, regardless of where they are keeping them.Matanovic points out that the people will probably expect exchanges to have both versions of Bitcoin available for trading right after the split. He notes that it shouldn’t come as a surprise if most exchanges stop working for a couple of hours or even days after the hard fork, to give themselves some time for adjustments.