August 1st is fast approaching and it appears SegWit2x is locked in. However, there is nothing set in stone and thus, all users holding Bitcoin are highly encouraged to move them off of exchanges or any site where you do not own the private key.
If Bitcoin does experience a chain split, users will own Bitcoin on both ends of the split. But if you are unaware of this and do not move your coins off the exchanges, the exchanges will own your split chain Bitcoin (BCC).
I have personally moved 13% of my cryptocurrency portfolio into Bitcoin in preparation for August 1st. I believe things will go off without a hitch, and the price will respond positively. If the split occurs, I have my Bitcoin on my Ledger Nano S where I will be able to do whatever I want with the split coins.
If this is all gibberish to you, it is not a big deal if you just ignore it, hold your coins, and live another day.
Fyi, MIT also had a Litecoin page up at http://litecoin.mit.edu but that has since been taken offline. It was a countdown with a timer counting until August 1st and the page claimed there would be a project information release on that day. Maybe it was a joke by MIT ... but that seems unlikely since it was on their website.
I also believe it will go OK, however you can never before and your advice to hold your own bitcoin is good advice. I do not fully trust exchanges after losing out on the Mt Gox debacle, so I try and keep coins in wallets I control, unless trading or selling etc.
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i am voted you follow and voted me bro
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Nice post about crypto currencies...
I'm already hold my all currencies now..
Thank you so much @netuoso sharing this post..upvoted..
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You don't think bittrex is safe? What are the chances of uahf going through?
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I don't use bittrex enough to comment. But it does seem they will try to ensure access to split coins is possible.
If they do so that is good of them. Seems coinbase and others are being political
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Thank you so much for information ! I agree with you dear @netuoso !
👍👍👍👍👍
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I like your article - it s not gibberish. Everyone is feeling some anxiety regarding the event and what will occur or not occur. You are right - the thing to do is HODL. Some will sell but I believe - this will be like year 2000 - "much ado about nothing":) Just kidding. It is something and well worth it. All this noise created the awareness in the cryptoworld that we all need to take action - hold the keys to our " intangible coins".
I am eager for 1 August to past. I am no soothsayer but I foresee Bitcoin passing 3000 and just shooting up. This is my dream anyway. :)
Hmm - interesting post from MIT - although the article is good - it is apparent that cryptocurrencies are here to stay.
I really like your post - it is like talking to a friend cryptos while I have a cup of tea. I have not made any posts in about a week as I try to figure out what to do with my blog. However, it is fun to peruse around. Upvoted and followed.
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It's not gibberish at all. Defo don't sell. Just hold them off the exchange until it is clear what the final move is. Then we can all enjoy the rise :-)
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can you explain further ..? ^_^
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When you use an exchange, they OWN the private key. They allow you to have an account and make transactions, but you dont have the actual private key.
With cryptocurrency, you never own the coins themselves technically. You own a private key that gives you access to the coins on the blockchain. (i guess this is ownership since no one else has the access unless they have the same private key)
When you use a device like a Ledger Nano S or a Trezor, you retain ownership of the actual private key. If the chain splits, you will not have to worry about a particular exchange supporting the coins because you will have the ability to transfer the coins (using the private key) thru any interface that eventually supports it.
Sorry I know that explanation was kind of technical, but in essence, you dont own the key your account uses on exchanges.
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