Over the past few months, there have been serious discussions and a lot of articles published on the possibility of a hard fork on the Bitcoin cash blockchain comes November 15th. For these, I believe those who matter in the Bitcoin cash ecosystem are already prepared for such an event. Going by this, there is a need also for holders or users of Bitcoin cash who are not well informed nor have any experience with a hard fork to be acquainted with basic technical information about the upcoming event. Should the hard fork eventually goes as envisaged what should users expect?
Basically, as a novice in cryptocurrencies, I have to be curious about this thing called hard fork and what will happen to the BCH I have in my Bitcoin cash wallet or my exchange wallet. And I think the majority of new users of BCH like me on read.cash and the Bitcoin cash community who have not experienced such an event as a hard fork or a Sprint of a coin should be properly guided to know what to do now and what to expect after the fork. A question of curiosity that comes to my mind and which I think most users like me will also ask is as follows...
If by November 15th, should there be a Sprint what will happen to the amount of BCH I owned, let say if originally I owned BCH1,000 before the Sprint, will I now own (BCH1)1,000 and (BCH2) 1,000 separately after the fork, will my BCH be Sprint in two or it will just remain BCH1,000, or do I have to choose between the two chains, either (BCH1)1,000 or (BCH2) 1,000 as the case May be, or do I lose all my BCH unless I redeem them for either BCH1 or BCH2?
I also understand that forking Bitcoin cash into two different currencies might reduce its value, which is to say that BCH2 10,000 might not buy you what you could have got for BCH 1,000 before the fork event, and we will have to think carefully before choosing sides. All of these are brain cracking that only an experienced crypto user can profer answers to. However, my curiosity could not allow me to hold my peace, hence I embark on research and came out with the following discovery
1. Your Bitcoin cash in your wallet will be safe
This is the first and foremost information you should be abreast of. In the event of a hard fork that splits the Bitcoin cash blockchain, the BCH you possess will be perfectly safe. This was sourced from experiences on a past hard fork on the Bitcoin cash blockchain. When the blockchain sprint into two there will be two kinds of coins immediately after the hard fork. Bitcoin Cash holders will be able to access assets on both chains with their private keys after the split event occurs. This means those who keep their money in a local wallet on their computer or mobile phone just have to stay put and watch the fork happen. Nonetheless, those who hold money on a Bitcoin cash exchange will have to rely on the exchange’s discretion on how they choose to trade both token assets to customers.
2. Your Bitcoin cash On Exchanges
As always said, users should remember that holding assets on an exchange is not recommended even in normal times. After a blockchain split customers storing BCH on an exchange must have to buy into the rules of that specific trading platform. And there will be a pause in transactions involving the Sprint coin on that exchanges for some days to allow the network to stabilize. Withdrawals of assets will not be possible during this time. This is so for the exchange platform to assess the situation and choose which of the two assets to disperse to their customers. It will be advisable to move your money (BCH) away from an exchange wallet to a private local wallet because if it's not your keys it's not your money. Anything can happen on an exchange wallet. I recommend you download bitcoin.com wallet and move your assets away from an exchange wallet, and don't forget to back up your wallet by copying down your seed words on a book and keep it safe.
3. A possibility of possessing two kinds of assets same time
After the Sprint holders of the older coin will receive the equivalent of the new coin on the separate chain. This means the amount of BCH1 you possess in your wallet, you will receive an equivalent amount BCH2 of it on the new chain. You can access both chains with your Bitcoin cash wallet private keys. The explanation is that if your wallet supports the new coin you will find out that a new asset has been sent into your wallet equivalent to the amount of the older asset without merging or switched. You will have the new assets while still holding your BCH at the same time. The reason for this is that the new asset uses the numbers of holders of the parent asset to determine the number of coins to allow to go in circulation.
This might seem like a gain, but there is a logic involved in transacting Sprint assets. First, you must need to choose which of the assets to continue with and which you are to move or merge. It is during this merging that the logic takes place.
If before a hard fork you have for example (BCH1) 1,000 you will receive the same value of (BCH2) 1,000. Now should you choose to move or merge BCH2 with BCH1 you will still have (BCH1)1,000. But you can use them differently. The only thing am not sure about is if one of the chains will be able to detect that the assets have been spent on the other chain should you decide to exchange it for Fiat currency.
4. Your private keys is your master key
Having your private keys is like having a master key. Should there be a Sprint you can access both chains with your private keys. Your money is safe as long as you possess your private keys, and you can access and use your funds when you want instead of having to follow the guidelines of an exchanges because of a Sprint.
from the foregoing, you are well equipped to know what to do now and after the Bitcoin Cash hard fork. Remember your private keys are your master key, keep them safe.
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