Bitcoin is going to fork, here's how to benefit

At, or around (but not before), Aug. 1, 2017, 12:20 p.m. UTC, the Bitcoin Cash fork will activate. With this fork, holders of Bitcoin will be able to transact their total amount of Bitcoin on each chain, separately. The current price of Bitcoin Cash is $289.77. That is roughly 10.15% the value of Bitcoin ($2,855 at time of writing).

If users dump Bitcoin Cash immediately after being able to, this is effectively a free 10.15% in ones holdings. This guide will let you know how to use your Ledger Nano S to prepare to use Bitcoin Cash.

Before going forward

This process requires you to update the firmware on your Ledger Nano S. If nothing goes wrong, this is a very quick, simple process. However, there are always chances mistakes can happen. For this reason, I HIGHLY ENCOURAGE you to ensure you have your wallet backup seed written down somewhere safe.

Updating the firmware

First, plug the Ledger Nano S into your computer. If you do not already have it, visit Ledger's website and download Ledger Manager. This is a Chrome App. Once it is installed, you should be able to navigate to the Apps tab in Chrome and click Ledger Manager.

Click on Install next to Firmware 1.3.1. Follow the prompts and verify the process on your Ledger Nano S when asked. If everything goes as planned, the new firmware update will be installed.

Install the apps

After updating the Firmware, you will now be able to navigate to the Apps screen and install the applications you want. For Bitcoin, you should install both Bitcoin and Bitcoin Cash. When you want to deal with the Bitcoin Cash chain you should ensure that you open the Bitcoin Cash application on the Ledger Nano S.

Note

If you have several apps already installed on your Ledger Nano S, you might run into an error about not having enough disk space. Do not fear, you can safely delete the apps you have installed already (they will all be deleted anyway. deleting the apps does not delete the private keys, however if something ever does happen, you should always have your backup phrase so you can restore your private keys.

ALWAYS MAINTAIN YOUR BACKUPS

ALWAYS MAINTAIN YOUR BACKUPS

ALWAYS MAINTAIN YOUR BACKUPS

Status

You can monitor the status of the Bitcoin fork at this website.

Congratulations

Your Ledger Nano S is now prepared to process Bitcoin Cash transactions. Get ready for the action when the trading opens and good luck.