How to survive a Bitcoin Fork

How to survive a Bitcoin Fork

After the Ethereum fork and the DAO event, lot of people went crazy and confused about what kind of crypto coin they had: Ethereum or Ethereum Classic? What will happen to my Ethereum? In the last months, some people start talking about a Bitcoin fork https://www.reddit.com/r/Btcfork and what will happen after.

If a Bitcoin fork happen, from that moment there will be at least two blockchains with all transaction history from the 2009 till the fork (we can call it BitcoinX or BitcoinFork):

  1. Bitcoin
  2. BitcoinX - BitcoinFork

If a wallet has 100BTC, this wallet will be present on both blockchains and it means that this address can spend 100BTC on each blockchain! But the two crypto coins will be different. One supported by one group of people and the other by another group of people. And both will have different values.

Without doing nothing, all Bitcoin will be doubled.. just like the "Back to the future" timeline with two different "past" that creates two different "future".

If you are the only owner of your private keys, you can do whatever you want: keep all BTC from both blockchains or sell some of them, but keep an eye on the exchange market in case of a quick dump or pump!

So, how to survive?

  • Export your keys in a safe place
  • Keep in a safe place the private key
  • Don't trust exchanges, never leave BTC on an exchange
  • Keep in a safe place the private key
  • Read and follow the news
  • Keep in a safe place the private key
  • Don't panic! You're not alone!
  • Keep in a safe place the private key
  • As above

 





How to survive a Bitcoin Fork

BitcoinFork