Image source: bitmoose
The past couple of days have been very traumatic for most Bitcoin fans and cryptocurrency enthusiastics generally as Bitcoin started a bloody decent as we draw closer to the August 1st kick start of the intended SegWit protocol, to upgrade Bitcoin network.
This has resulted in Bitcoin falling below the $2000 mark to as low as $1800.
However, the morning of 17th July, saw a rebound in the Bitcoin price to $2025 and though this may seem like a glimmer of hope, we are no way near out of the woods yet.
It is important for everyone to protect themselves against any unforseen circumstances. Do not hold more than you can afford to lose in Bitcoin, if you are brave enough and have the cash to spare, you can also take advantage and buy some Bitcoin as the price dips further in the coming days.
However, from the 26th of July, it won't be advisable to carry out Bitcoin transactions that may result in longer confirmation time as you may lose your money.
If you haven't gotten your Bitcoin wallet address private keys, you can go through this article here to know how to export your private key, so you have full control over your wallet and can move your wallet address to another platform like mycelium. Keeping Bitcoin on any exchanger is strictly forbidden to do in this period as majority would be pausing Bitcoin trades.
If you have your 12 word pass phrase, you can uses this Web application offline to generate your wallet address and their private keys Here. Download and save the zip file, extract it and open the Web page inside. Input your Bitcoin wallet backup 12 word phrase in the mnemonic tab as shown below
After the calculations, you will see your wallet address and their private key. Copy them and save them offline.
I just wish all the Bitcoin miners and stakeholders would just put their egos aside and agree on the August 1st SegWit BIP148 UASF upgrade and let us move on. They should stop joking with people's hard earned money.
For more information,
Read about how to survive this disruption Here
Source :Bitcoin magazine, github
Stay safe and enjoy Bitcoin.
Nice article. There's really nothing we, regular users, can do but protect our assets. Like you said, have your bitcoins in a wallet you own (private keys), and just wait for the dust to settle.
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Yes, that's just about what we regular users can do.
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