Get ready for the upcoming hard fork!
If you are new into cryptos you may ask you self how to prepare for the upcoming hard fork on the bitcoin blockchain and how to get the new forked currency on your wallet. Here you will find some answers of these questions. There are few important steps that can be made to secure your funds during the hard fork and I will try to explain these for you.
What is a hard fork?
A hard fork is a point on the blockchain where the chain splits in two different and independent new chains. This means that both new chains are coming from the same old blocks. They contain the same information and share the same history to the point when the hard fork happened. From then they develop their own blockchain with own information that is different from the other one.
What will happen with my coins?
The coins will be doubled (in most cases) and will be available (after the fork) on both blockchains. This means, if you had 10 bitcoins on the old blockchain you will have later 10 bitcoins on the new chain (A) plus 10 XY-Coins on the (B) chain.
How can I be sure to get the new coins?
This is a very important point. You need to keep your coins on a wallet where you have your private key. There are desktop wallets (hot storage) which will do the job but the better option is to keep them on a hardware (cold storage) like Ledger Nano S or Trezor. Also it is important that you have them secured in your wallet before the hard fork will be made.
Can I store my coins on an exchange
This is not a good option. There are some exchanges which will support the hard fork and some will not. Also you have no direct access to your private key which is very important.
What I need to do after the fork?
You can get you a wallet which supports "the new fork coins" (B) and then you only need to activate it with your private key. This is all.
Watch this video and get some infos how to use the hardware wallet Ledger Nano S.
I hope I could help you with some of these informations and wish all of you the best for the upcoming hard forks.
Thank you for reading!
UPVOTE - RESTEEM - FOLLOW