Dos And Don'ts In A Bitcoin Hard Fork [Must Know for Every Bitcoin HODLER]
Sudhir Khatwani
What an exciting time to be alive amidst this crypto revolution! Don't you agree? We have seen ups and downs in Bitcoin and other altcoins markets a number of times and have learned that HODLing is the way to go forward if you have picked your cryptocurrencies in the right manner. (#RIP Bitconnet investors) "HODL" is slowly becoming a lifestyle of many cryptocurrency lovers which, I think, is the right thing to do if you can't time your in & out timings from the market. The "HODL" strategy will reward you in your long-term journey of crypto as well as open up new avenues of earning profits from the resulting hard forks and airdrops in the cryptosphere. This year can be unprecedented in the number of hard forks and airdrops that we might see but that's just a gut feeling because I don't have a crystal ball to tell you the exact truth. But by learning from the past we can say that we may see a good number of hard forks of popular cryptocurrencies like Bitcoin and Ethereum. And the holders of these tokens will eventually benefit from it. In the past CoinSutra has notified you about such forks and also helped many claim their free forked coins such as:- But while claiming these forked coins many people outside the CoinSutra community were scammed and robbed of their Bitcoin because they unknowingly used malicious wallets. That's why I think in the sight of these ongoing scams and many forks coming up it is appropriate for me to write a head-up article on "Do's & Don'ts in a BTC hard fork". Do's In A Bitcoin Hard Fork 1. HODL Bitcoin in your Ledger Nano S or similar kind of wallet– As many of our CoinSutra readers might be knowing that we don't ever recommend you to hold your BTC in an exchange on any day. Similarly, if you hold your BTC in an exchange during a hard fork then chances are slim for you to claim your forked coins unless the exchange explicitly gives you access to those coins. So, in short, you will be at the mercy of decision which these exchanges take for that particular fork. 2. HODL your bitcoins in a non-hosted wallet – like Ledger Nano S, Ledger Blue, Trezor etc during a hard fork because these wallets make sure that you are in control of your funds as well as your forked coins by controlling its seed keys or private keys. 3. HODL in software wallets- If you don't have a hardware wallet, use software wallets like Mycelium, Coinomi, Jaxx, and Exodus to control your private keys. You can also hold your bitcoins in a paper wallet but I won't recommend it because now we have hardware wallets and also claiming through paper wallets is somewhat tedious. 4. Know how to sign a message with your Bitcoin wallet– This is a new way of claiming your free forked coins and I think it is a much safer way of forking and claiming free coins. By signing a message with your BTC wallet you avoid the risk of exposing your private keys or seed directly to a third party service. Learn how to do this Bitcoin signature here. 5. Check for segwit support in the fork– Also, check if the fork which is happening supports segwit or not because just in case if it not supporting and if you are holding your BTC coins on a segwit address then you won't be able to claim your forked coins. 6. Check which wallet to use for claiming your forked coins– Do check the wallet which you are planning to use to claim your forked coins is segwit supported or legacy. It is important to check because if you were holding your coins on a segwit address then you will need a segwit wallet to claim your forked coins and if you were holding your coins on a legacy wallet then you will need a legacy type wallet to claim your forked coins. Don'ts In A Bitcoin Hard Fork - Don't keep your bitcoins in an exchange during the fork if you want your free forked coins.
- Don't put your seed or private keys anywhere until you are very sure that this wallet or service for claiming your forked coins is legit enough to trust. In the Bitcoin Gold and Bitcoin Diamond fork itself, people have lost millions by using malicious services for splitting or claiming their coins.
- Never put your original seed or private keys in a wallet before you have sent your bitcoins to a new wallet with a new seed or private key.
- You can keep your BTC on any fork supported exchange also but only if you need quick access to your forked coins but this is highly risky and not recommended from us. If you do, please do it at your own risk.
- Also, it best to avoid software wallets to keep a significant amount of coins because they are also inherently risky. But if you still wish to use them then do educate yourself about their security risks from here.
Conclusion: Your Safety is in your mindfulness Now, I know some of you might be overwhelmed after reading this as there are so many dos and don'ts and must be asking is all this hassle worth it. However, when a new Bitcoin fork happens, don't let greed get over you. In comparison to 1 genuine forked coins, there are more than 10 scam forked coins. These scam bitcoin forks are created to lure you to give them your private key and thus you may end up losing your precious Bitcoins. At the end, and I would say yeah it is worth it as well as significantly rewarding if you do it cautiously. Just to put in perspective how much all this hassle is worth, you should look at the price of the past forked coins from Bitcoin. So you saw all these forked coins are worth a significant amount and free money is always good as long as you know how to secure your existing money to claim the new one. That's it from my side in this article and I will be soon back with some secure ways of claiming Bitcoin Diamond and Super Bitcoin which we haven't claimed yet. Until that time stayed tuned at CoinSutra and don't get caught in trouble, Bye Bye!! If you liked this article then do share it with your friends & family on Facebook & Twitter!! Love this article? Here are a few more articles that you should not miss: The post Dos And Don'ts In A Bitcoin Hard Fork [Must Know for Every Bitcoin HODLER] appeared first on CoinSutra - Bitcoin Community. | 
![Here Is A List Of The Best Cryptocurrency Trading Sites For Beginners [Updated List]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uaoT2VpyoM_tm2v6YABCQXM3lcrJCMNI0Qhh385GEM3Sqji9dJn-JNIfp17Dm6ZjKg35mErzUuEfHCKg6PJkNPS-2D37YroaH8qGumLQBhB1I)
No comments:
Post a Comment