- Joined
- Dec 28, 2014
https://www.reddit.com/r/btc/comments/6p8v9k/bitcoin_cash_mega_thread/
Plebbit megathread
For various reasons, Bitcoin is undergoing a hard fork on August 1 2017 at 0020 UTC (about 50 hours from the time of this posting. This is going to be between the current core client and a hard fork (instituted by users) called Bitcoin Cash.
Rather than go into the tech of it, the practical impact of this is that if you have BTC now on the blockchain, after the fork, you will have both BTC and the new Bitcoin Cash fork and can spend either wherever they are supported. BTC is $2659.98 as of this instant and Bitcoin Cash doesn't exist, but futures in it have been fluctuating wildly and are currently hovering around $350.
Why does this mean to get money out of exchanges and into your own wallet where you control the private key?
Because if you're on a third party exchange and the fork happens, it's the exchange who has both the BTC and BCC, and they may or may not act honorably under these circumstances. You'd much rather be in full control of the private key storing your BTC at the time of the split.
Coinbase for instance has refused to support BCC at this time although presumably they will do something with it at the appropriate time. But why trust them? In general you shouldn't keep money on exchanges for this very reason, but right now, there's a very specific reason not to.
In any event, one of the sides of the fork could collapse in price very rapidly. In that event, you'd rather have control of both currencies if there's a sudden rush of value from one currency to the other, rather than trusting that some exchange (or other online wallet) is going to treat you fairly when they have both currencies.
Anyway you have a bit under 50 hours to do this and should do it immediately if you plan on doing it, since there will inevitably be lengthy delays if you wait.
Countdown clock
Plebbit megathread
For various reasons, Bitcoin is undergoing a hard fork on August 1 2017 at 0020 UTC (about 50 hours from the time of this posting. This is going to be between the current core client and a hard fork (instituted by users) called Bitcoin Cash.
Rather than go into the tech of it, the practical impact of this is that if you have BTC now on the blockchain, after the fork, you will have both BTC and the new Bitcoin Cash fork and can spend either wherever they are supported. BTC is $2659.98 as of this instant and Bitcoin Cash doesn't exist, but futures in it have been fluctuating wildly and are currently hovering around $350.
Why does this mean to get money out of exchanges and into your own wallet where you control the private key?
Because if you're on a third party exchange and the fork happens, it's the exchange who has both the BTC and BCC, and they may or may not act honorably under these circumstances. You'd much rather be in full control of the private key storing your BTC at the time of the split.
Coinbase for instance has refused to support BCC at this time although presumably they will do something with it at the appropriate time. But why trust them? In general you shouldn't keep money on exchanges for this very reason, but right now, there's a very specific reason not to.
In any event, one of the sides of the fork could collapse in price very rapidly. In that event, you'd rather have control of both currencies if there's a sudden rush of value from one currency to the other, rather than trusting that some exchange (or other online wallet) is going to treat you fairly when they have both currencies.
Anyway you have a bit under 50 hours to do this and should do it immediately if you plan on doing it, since there will inevitably be lengthy delays if you wait.
Countdown clock
