As you know, all Bitcoin society is talking about soft/hard fork may happen for bitcoin.
Today we will learn if there will be hard fork or not. If it happens, we will have Bitcoin Cash other than bitcoin, most of exchange companies announced that they won’t support Bitcoin Cash. And some of them has sent email to their clients that they will support BCC as alt coin, plus they told they will add bitcoin cash equals to BTC balance you have.
So what does this mean?
Most of web sites, blogs, and posts on social media are talking about we are going to have same amount of btc in our bitcoin cash balance, but how? Most of posts about this news, they are not explaining clearly.
Here how it is:
In programming a “fork” means exact clone (copy) of main project you are forking.
For example; if you have one project you are working on, and you are sharing it as open source on github or any similar. And I saw your project on github and I want to use it for myself and edit it up to my needs. I can simply click to fork, and I will have the same project in my folders.
In same way, some miners told we need block size to be up to 8mb, make difficulty drop downs from 2 years to 4 years, 6 years, etc.. and they decided to make hard fork and continue this fork as calling Bitcoin Cash.
But these miners may be only 5-10 or 15% of total bitcoin miners. So it’s not big deal, it’s bitcoin is going to end of its days. Bitcoin will remain working and continue as we used to, with segwit soft fork.
I hope, I could explain situation well until here.
And here how you will get Bitcoin cash, When they made fork, they will have a copy of bitcoin and this means they will have same transactions database too.
This is not physical money, it’s just a record.
So Let’s say, records are like this:
Wallets – Amount
abc123 – 1.0 BTC
def456 – 0.4 BTC
In this case, abc123 and def456 wallets have balance in this database, when they forked they will also have this records in their database.
So, How can you get your bitcoin cash, and securely?
First of all, don’t rush. Just lean back and let all these mess go.
- After Fork happened.
- Firstly Transfer all your bitcoin balance (let’s say this wallet address is “Wallet 1” )into a new address (Let’s call this “Wallet 2”)
- Wait transfer to be done and took at the least 6 confirm.
- Export your Wallet 1 public and private keys.
- Find a secure Bitcoin Cash wallet and import your address (public key) with your private key.And wallet will sync and get same amount of balance you had.
I know, it took a bit long but you have to understand concept, otherwise you may get fooled… But how ? why?
First of all, as I said, wait dust to go, let mess get lost. Right now there are wallets who offers they support bitcoin cash and telling you to only enter your public keys and private keys then you will have bitcoin cash. Don’t trust them. When you gave your private key you are also giving your BTC balance into their hands as well.
You may lose your new Bitcoin Cash balance and plus your old Bitcoin balance.
So don’t hurry up, don’t rush. Everything is ok, everything is fine. Losing 1-2 day is better than losing all your bitcoin funds.
Thanks for reading. When I found out new information and secure wallets for bitcoin cash, I will write another post. Until then, GoodBye!