There are so many bitcoin forks that are happening these days that it is becoming difficult to keep track of these forks. As mentioned in https://news.bitcoin.com/crypto-community-grows-skeptical-of-bitcoin-forks/ people are growing skeptical of these forks. The below image pretty much captures the feeling of crypto-enthusiasts these days.
Even the hardcore investors are finding it difficult to keep track of the forks and to separate the good forks from the me-too forks. But you cannot ignore it completely as there some forks like Bitcoin Cash and Bitcoin Gold which turned out to be more than just passing fads. This has become more like a catch 22 situation - You cant spend too much time researching these but at the same time you can't risk missing them out.
So here is the solution I am sticking to as of now.
- Make sure that more than 25% of your portfolio is Bitcoin.
- Keep your bitcoin stash on an exchange that supports majority of forks.
Most of the people would agree with 1 but they might have some concerns with 2. I am currently not using paper wallets and would prefer keeping my stash on exchanges(DYOR and decide if you would like to risk keeping your stash on exchanges).
Binance supports majority of the bitcoin forks. They have an official policy regarding the same which you can read in details in my previous post https://steemit.com/binance/@gokulnk/binance. It is interesting to note that Binance supports all the upcoming bitcoin forks but it allows trading of these coins only after vetting them like they vet any other alt coin. Only if the new fork passes these tests they will be tradable. If not you need to withdraw from Binance.
If you still do not have a Binance account click on the image below and create an account to use my refererral code.
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