In about 11 days from now, the historical Bitcoin cash proposed infrastructure upgrade and hard fork would have been done and completed. It is imperative to provide a necessary guide to users who has no experience with this kind of event. The upcoming Bitcoin Cash hard fork will be a historical and interesting one. Historical in the sense that this will be the first time that both sides of the divide share the same philosophical idealogy and yet do not want to remain together. Interesting in the sense that most users are going to be witnessing this for the first time, and what follows after the event.
One of the first interesting thing to know about the hard fork is that there will be free money
The first interesting thing about the hard-fork is that you will get free coins. This is the beauty of a hard fork, however, to receive these free coins you must possess the parent coin Bitcoin cash. Everyone who holds Bitcoin cash at the time of the fork will receive free coins from the new chain equivalent to the numbers of coins in your wallet at a ratio of 1:1 on the new chain. These coins will be free to enjoy, this is what makes it interesting. However, we must be guided on how to use the new coins else we might as well lose them unknowingly.
How to receive and store the new coins during the hard-fork
Your private or personal wallet is so important here, so pay attention to it. First, you must have the parent coin Bitcoin cash in your wallet to receive the new coins. To receive the new coin your BCH must be in your private wallet. If you have your BCH in an exchange wallet you can keep trading till November 13th and withdraw it from your exchange. It must be two days before the Bitcoin Cash hard fork begins. Then after the sprint, with your private keys create a new wallet on the new chain to access your new coins. Nonetheless, there is something more to know to be able to use the new coin separately.
The effect of a replay attack.
There is a possible effect of a replay attack in this case. A replay attack is a situation where transaction details from the older blockchain can be used on the new chain. How this happened is: you make a transaction of sending coins to someone on the older blockchain but the receiver uses the details from that transaction to receive coins on the new blockchain without your permission. If this happens you lost your coins at both chains. As you should have known in cryptocurrencies there is no pullback request only push in transactions. But with necessary preparation users can Avoid this.
How to avoid a replay attack on your coins
During the fork, it's wise not to make any transaction at all. First, users should decide which version of Bitcoin cash they are going to support and keep their wallets on that chain. Once this is done, users can install the new Bitcoin cash version to access the new coins on that chain. Once you have access to the new coins and you do not intend to continue to use them you can move them to a new address on that chain. Create a new wallet on that chain and move your new coins there. In this way, your coins are free from the risk of replay attack because they are now in different accounts or addresses. On the other hand, if you don't care about the new coins you can simply watch as things unfold without bothering myself. Should there be a replay on a transaction you sent out from your preferred chain you wouldn't be bothered in any way.
An alternative way to receive and secure the new coins
The other way to receive the new coins and avoid replay attack is to use exchanges that support both the parent and the new coins. Users who feel concerned and sure they won't be able to migrate their new coins could simply send all their Bitcoin cash to an exchange that has stated their support for both coins. Users will be automatically credited with the new coins. If you want both coins you can withdraw them separately to a personal wallet once things settle down. This is real free money indeed. As of the time of writing this article, popular exchanges such as binance.com and Houbi global have stated their support for the planned Bitcoin cash hard fork.
One more issue, which will be the real BCH?
As things stand now no one is sure which side will retain the use of BCH as a name. Bitcoin ABC still wants to support the BCH chain. This means there will be a fight for who to retain the use of the name BCH. in either case, one chain must pick a new name or argue over the old one with the ABC team.
A bit strange is I didn't hear any wallet mention the hardcore not their intention to support one or both of them (I should say all three) but if the name isn't even clear.
I like to know what it means for this platform. What will they promote? One or both?
I don't understand what you mean by "personal wallet" either.
Each wallet is personal although some have are in my account with traders.