08/01 Move your BTC properly NOW or someone else might receive your BCH!

On 08/01 there will be a hard fork creating a second blockchain (Bitcoin Cash, BCH). All coins which are on the BTC blockchain before the fork will be copied onto the BCH blockchain. This means: For every BTC you have, you will get one BCH.

To have access to your BCH, move your BTC BEFORE 08/01 (!) to a wallet of which you and only you control the private keys (because they are the keys to BOTH your BTC and your BCH). Otherwise you are missing out on your BCH (which will be received by the actual owner of the private keys) and therefore you will lose money. After the fork you can use custom software to spend your BCH. Or you can trade them on some (not all!) exchanges like kraken for money or BTC.

(or just hodl them and see how the price behaves)

BCH will have a certain value (futures are currently selling for $350). This value will not be created out of nowhere, but instead this value will be moved away from the original BTC value. So IN THEORY (this is not an actual price prediction since there are lots of other, mostly psychlogical factors involved) the BTC price prefork will be the same as the sum of the BCH + BTC price postfork.


Maybe you remember the talk about that user activated soft fork (UASF: BIP-148) which would have taken place on 08/01. This is no longer a problem, because BIP-148 nodes will do nothing but reject all blocks which do not signal SegWit. Due to BIP-91, currently all blocks are signaling SegWit so there will be no unexpected behaviour.


Comments


[8 Points] C66HH12OO6:

Coinbase locked an account of mine with .2ish bitcoin in it. What will most likely happen to this bitcoin?


[6 Points] papervoid:

Jesus fucking Christ. Can someone explain this fucking shit in English? I have $11fucking dollars in a blockchain wallet. How much fucking money am I gonna have on Wednesday and how do I send it to Trade Route on fucking Thursday? Any advice would be fucking appreciated. FUCK!!! lol


[4 Points] megahurt:

How about BreadWallet on iOS?


[5 Points] killyourfamily12:

Can someone help explain this to me? Will i be able to just use my electrum wallet and localbitcoins to buy my drugs?

If i cant just do what i was doing before, how do i "update" it


[3 Points] C_Lana_Zepamo:

How would I know if I was....said recipient of these bitcoins?

Should I pay attention to my wallets and see what happens?


[3 Points] SorryAboutYourAnus:

What is the point of this fork?


[2 Points] thegroovedude:

I have some coins locked up on an exchange (waiting for bank w/d to process - won't happen before 8/1) so I can't withdraw the BTC from the exchange to my personal wallet. I can, however, trade them for ETH in the meantime. Would that be any better?


[2 Points] None:

[deleted]


[1 Points] translinguistic:

Are Mycelium coins safe?


[1 Points] Frenchstery:

What will happen with buying bitcoin after the fork, will I get BTC or BCH?


[1 Points] mrmcepic69:

Prepare to dump boys.


[1 Points] ThePercectTaco:

How will this fork effect someone using bitcoin next week?


[1 Points] None:

[deleted]


[1 Points] run_a_train:

so if I buy some coins later today through lbc do you think I would have enough time to send it to a tumblr then my electrum wallet? I've seen people talking about having delays. Also if I were to get my btc in time to my wallet and I can get the BCH, can you convert it to more BTC or what and if not how do you spend the BCH?


[1 Points] mynamesalwaystaken:

Queue the Jackie Chan meme