August 1st is almost upon us and the great hard fork is about to confuse the heck out of the casual cryptocurrency observer. Heres what you should know.
Quite simply, if you are using an exchange that is explicitly in support of the Cash or you control your own private keys then you are fine. If you are keeping your bitcoin on an exchange, like Coinbase, that does not support Cash, then you should transfer your bitcoin immediately unless you dont want to deal in Cash.
What is Cash?
Cash is an slowly rolling upgrade to the current network that should make things move far more quickly on the network. Whats happening tomorrow is the implementation of Improvement Proposal (BIP) 91 or BIP 91, a move that will put on the path to support SegWit2x, an improved method for managing transactions. In theory all holders of will receive the same amount of Cash tomorrow.
Isnt this kind of goofy? Sure, but thats how changes are introduced into this technology, creating a so-called hard fork. This is less than ideal in the buttoned up world of but seemingly just fine for cryptospeculators.
How much will Cash be worth?
proper will be basically unaffected by the creation of the new cryptocurrency, and all holders of will get equivalent funds in Cash on the day of the fork, wrote David Morris on Fortune. A futures market for Cash has already emerged, and currently values it at around 13% of s price. That means that when the split happens, something like $6 billion in new market value will be created from thin air.
Thin air is a prospect that would excite some of us and worry others. Regardless, its happening.
Which wallet?
You need to host your own wallet.
I am using a and to hold the minimal amount of BTC for which Im responsible. Your results may vary and I dont actively endorse either of these products. The cynic in me doesnt trust any tool or exchange.
The following shows how to create and send your BTC to an wallet on your computer. Keep track of your seed, friends. Please be careful. Send tests before you send your full amount.
But Im still afraid
You should be. This shows a healthy respect for a technology whose hallmarks are transparent obfuscation and active campaigns of Fear, Uncertainty, and Doubt (FUD). If youve put your life savings into then I hope youve been following this far more closely than a single post the day before the fork. If you own one or two please move your s to a local wallet and wait it out.