There is a massive herd on the move in the community. Just because the herd tramples one way, doesn't mean you should follow. Sometimes observing is least profitable, but a lot safer. Right now might be best observed, rather than barreling down the tracks toward the unknown.

I just saw a comment by a user that claimed to be buying BTC because they weren't "going to miss out on the free coin!". When is SegWit 2x again? Nobody knows, but we know it's soon.

That's not exactly the kind of 'precision' you want to be basing your investments upon, now is it? This article will hopefully bring some helpful information to light and offer some resources for those interested in educating themselves about this upcoming fork.

Some here on Steemit even carry the notion that they should BUY BTC before the fork because it's 'free money' - get free coin! Yes, it can be exciting and free stuff always draws a crowd. But, is it really what people think it is?

I am not a crypto-expert (simply a crypto-trader), but I'd like to share some great resources and articles with you that will hopefully better prepare you to make more informed decisions. I also would like to share my personal experience with the previous Bitcoin Gold fork.

Note: This article is not intended to be investment advice of any kind. It is simply for educational purposes ONLY.

💰FREE MONEY💰

Most of us are aware that nothing is truly free - it all comes at a cost. In order to capitalize on this, it's important to understand what the fork is; you can read more about SegWit2x here at coindesk.com. We must try to understand that BTC is decentralized - it requires many users, functioning in harmony and by the same protocol or rules, in order to remain operational. So this is where the problems begin.

I read a great article (link below) after finding the one mentioned above, also on Coindesk.com, that summed it up beautifully:

"Often called simply a "digital currency," bitcoin is best viewed as a protocol (a set of code) that delivers data (in this case bitcoins) in defined quantities (called blocks) that are then stored in a sequence (called a blockchain) on a distributed set of global computers. Bitcoin is decentralized – in that many people help make the network function, and in choosing to run its software, users all agree to abide by the same rules to keep it operational.

It's these qualities that make the proposed change particularly divisive." Pete Rizzo

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Understanding Segwit2x: Why Bitcoin's Next Fork Might Not Mean Free Money

I think this is a particularly helpful article and largely why I am writing this. It's imperative to educate ourselves before making financial decisions - especially ones that few actually understand. That is dangerous.

We have already seen 2 forks this year: Bitcoin Cash & Bitcoin Gold and now another in the approaching weeks ahead

Regardless if you are in the Pro-fork camp or the No-fork camp - we can all agree that there is a ton of work that goes into BTC maintaining operation. Just the sum of electricity being used is staggering, but the actual human-power that goes into it is tremendous as well.

Another great article I came across in my research to (try to) understand the upcoming fork. I'd like to share another snip that I think is important, but I do recommend reading the full article, which I'll link below the quote:

What’s wrong with hard forks?

Core developers believe that this hardfork is coming too fast (three months after implementing SegWit) and that for a hardfork to take place and be accepted, it requires a lot of time to prep the community and reach a consensus regarding the fork. Many members of the crypto community dislike hard forks because hard forks weaken what is supposed to be a united decentralized community (I know, a bit ironic). Patrick Thompson

(Full Article) • Bitcoin’s Upcoming SegWit2x Hard Fork, Put in Layman’s Terms

Hold Your Keys! Or At Least Know Who's Driving

If you are holding BTC on an exchange in hopes of snagging yourself some free coin - there's a few things to remember:

• HOLD YOUR KEYS - Whoever has the keys is in control. Be sure that the exchange you're using is going to split the coin for you and also identify if they are actually going to support the coin. You might want to look into a secure wallet, such as a Hardware Wallet or Paper Wallet. Some might say this is the far more secure way to do it , by handling it yourself. I tend to agree.

• Have a Plan - Know why you're buying and have an exit strategy in place. If you don't do that then you are subjecting yourself to unnecessary risk. Know the timeframe you're looking at and always have a backup plan. You probably do not want to be "accidentally involved" in a split, especially if it might create a divide amongst the community. Don't get stuck in between two warring sides.

• Do Your Homework! Due Diligence is a MUST!!! Investing your hard earned money has to be done with care - treat yourself well! I held my BTC through the last split, but not for the BTG - I could not find any clear information on it and the site was even DDoS'd down, so I had really no motivation to 'desire' it at that point. I have not even gotten my BTG yet and more on the below.

I had BTC before the last split. So... Where's my Bitcoin Gold?

Prior to the previous BTC fork, Bitcoin Gold, I held some BTC. @Bittrex, the exchange that I happened to have it on at the time and they had stated that they were going to honor $BTG for users that held at the time their snapshot was taken. That is all well and good, but there's a huge problem.

@Bittrex held their promise to go through the trouble of creating the snapshot, so they can split the coin for their users. The problem is, however, that BTG was pushed out with no real 'product for market'. Bittrex and other exchanges it has been expressed that:

Bittrex will make all reasonable attempts to credit our users BTG but until we have a fully supported wallet, we can neither guarantee tokens or consider creating a market. We will continue to monitor the state of the codebase and network. We'd also like to encourage the BTG development team to reach out to us.
READ FULL STATEMENT HERE • BITTREX.com

So even though I trust that I will eventually have my BTG, I'm concerned that my exchange will not support a wallet for several reasons, largely for the security of their userbase. I understand that completely. What concerns me is if I have BTG and my exchange doesn't support the wallet and I cannot trade it on my exchange of choice - then what good does it do me? It's hardly FREE MONEY at the moment. The future remains out of focus and swatting in the dark is no way to go forward, especially when investing your hard-earned money!

The exchange did what they can do - that doesn't mean I have BTG for holding BTC

It's truly not just up to the exchange, but also the development team of BTG. That said, last I checked: still no BTG. I do not fault my exchange for it and I can't say I truly fault the BTG dev team either (I have no idea who they are - a mysterious bunch?). All I can do now is wait and see what happens (not how I like to "invest"). I didn't hold BTC solely to get the BTG anyhow, so for me it's a bonus (maybe...).

In Conclusion

Whether you're a crypto-maniac chasing forks at lightspeed or a new trader that is eager to test the waters of cryptopia, do me a favor and exercise some caution.

It's easy to get caught up with the trend and inevitably succumb to the vacuum of FOMO (fear of missing out) that follows. Don't get sucked into something you're not prepared for and do not understand. There's a great deal of info, from credible sources, and I highly recommend that everyone make their own informed decision.

I hope this helps others to ask the right questions and spark some conversation! Please leave your thoughts, opinions, or insight below in the comments.