Bitcoin Cash Hardfork Answers

I keep hearing people say that you will "automatically" hold Bitcoin Cash BCH if you own Bitcoin BTC and that is simply not true. So here are a few simple questions and answers so you know what the hard fork will mean to you and your Bitcoins.

• Is the Bitcoin sky falling? No. Bitcoin BTC will still be the largest cryptocurrency with the largest market cap and it's acceptance is growing.
• Is the hard fork happening? Yes, on Aug. 1st.
• Will you automatically get a Bitcoin Cash BCH for each Bitcoin BTC you own? No. If you hold your BTC in an exchange like Coinbase or Bitstamp who have said they are NOT supporting Bitcoin Cash then you will lose the opportunity to gain the FREE Bitcoin Cash BCH on August 1st as you would if you held your BTC in an exchange like Bitfinex or Kraken who has said they will support it.

So check with your exchange and if you are not sure, and even if you are, it's still suggested to hold your BTC in a cold wallet (That's an offline wallet.) like Trezor or Ledger Nano. If you don't have one you can open up a hot wallet account with Jaxx or a mobile wallet like airBitz.

It's suggested NOT to make any deposits or changes to your BTC during the time the update is supposed to be taking place that's on Tues. Aug. 1st around 12:20pm UTC. But you really should not from around 11am to after 2pm just to be safe and note the time difference from UTC and where you are. Depending on the exchange your on you may not even be permitted to trade during this time. Some suggest to avoid depositing or trading the entire day. This lack of ultimate control is one reason many experts suggest holding your cryptocurrencies offline in a cold wallet. So you control it and are not subject to their rules you may have missed or if they get hacked. So you should only put your BTC or cryptocurrencies on an exchange to trade it. Once traded put it back onto a cold wallet that you place in a very safe place. But if you hold and lose the wallet, or keys you lose it's value. So be careful. If you use a hot wallet, protect your passwords and be sure they are different than any other passwords you might have. Using 2FA is becoming a commonplace now and is widely used.

So at todays prices for every BTC you own that's valued at $2,743 with the futures of BCH coming in at $341. So buy and sell, buy and hold, or buy and trade. But you should buy some BTC on Monday to take advantage of this free BCH money, just be sure to follow the above tips in how you hold it so you don't wake up Wed. to find out the price dropped AND you didn't even get the free BCH.

As an experiment I started paying my two teenage boys in Ethereum last year. Hoping to encourage them to start learning about both technology and the value of money, albeit crypto. With skin in the game they have both been motivated to research and learn. They have since built a miner and have started to code. Success!!! Now on doing their own research they both opted to trade 100% of their ETH for BTC before this hard fork. I think a smart move. Now if they sell their BTC, BCH, or both to regain their ETH position we shall see. But I would expect to see an increase in the price of ETH by the end of the week as I think they are not alone in their thinking. So regardless if your long or short Bitcoin, this opportunity is a good one to get into crypto and learn firsthand.

Check out the links above for info from those sites and have a great week!