There are two rules bitcoin holders should follow to prepare themself for the bitcoin hard fork and Segwit. These rules will help you protect their bitcoin and get access to bitcoin cash after 1 August .
Also read: what you hould know about bitcoin cash coin
Howtoearnmoneyusinginternet has had a lot of people inquire about how to protect their bitcoin from the fork and get access to bitcoin cash on exchange service and offline wallets .
A video presentation about the hardfork :
The fork will happen is on August 1. Bitcoin cash will be created the fork. It is a new and different token (coin) than the bitcoin classic .
Do not panic, though. Your coins will not lose your coins. You will have options on how to handle the consequences of the fork no matter what happens. Here are the two basics rules.
Rule 1: Protect Your Private Keys
The most important thing to remember: do not keep your coins on wallet where you not be able to get your private keys . This will ensure you will have access to your bitcoin after the fork and the Segwit. Make sure you store your coins in a wallet where you KEEP THE PRIVATE KEYS by this way you will be able to reach your funds .
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 (in almost any Bitcoin-compatible wallet) to access your funds.
To keep your private key private all you need to do is to use a wallet where you create a seed code , a seed code is a combination of 24 words , it is a like a password to protect your funds on any wallet .
For clarification, 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 and gain access to your coins.
When the fork occurs, possessing 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 of the fork. 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).
Waiting Period: Obtaining Bitcoin Cash After the Fork
Furthermore, after the fork completes, each wallet provider may provide (or have already provided) information on how to manage bitcoin cash. Usually, this will just involve each service/app creating a tool or application that allows you to access your newly minted bitcoin cash. The user can simply wait until the service in question provides that tool. Read the news blog of the company behind 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 on the matter, it might be advisable to move coins to a wallet that explicitly supports bitcoin cash.
If the company does not, it is still possible to extract your private keys (in most cases, not all) and use them to claim bitcoin cash in another wallet, although 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. Coinbase.com, for instance, currently does not support bitcoin cash.
Another option, although a bit riskier, is to place your coins at an exchange that’ll support bitcoin cash (they’ll credit your account with the same amount of bitcoin cash), you will find a list of the platform that will provide you with bitcoin cash under this article
Rule 2: Do not Transfer Bitcoin During or Immediately Following the Fork
The second rule: Users should not to do any bitcoin transactions — send or receive coins — during or directly following the FORK All users should wait until two or three days after the fork before sending funds (maybe longer depending on network stability). This is important because the network may be unstable and vulnerable to attacks during this period. However, any vulnerabilities cannot be easily exploited if users are not sending funds around.
If you follow the two rules cited above, you should be well protected both during and after the fork, as well as be able to access bitcoin cash. Stay tuned to Bitcoin.com for more information regarding the fork as the situation develops.
After the fork directly i advise to sell directly your BCC , bitcoin cahs because the price will go down directly after the fork , because when peoples will see that they have get bcc they will trade them with bitcoin , this will create a panic sell , the result will be a dump in the price of BCC »Bitcoin cash » .
The exchange service that will provide you with BCC :
The exchange service tthat will not give bcc :
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