If you own Bitcoin, you might want to know that Bitcoin(BTC) will split into Bitcoin (BTC) and Bitcoin Cash (BCC). This will take place on Aug 1st.
During the fork, BCC will be given out to those who own BTC as well. I thought I will share a quick guide for those who want to protect their Bitcoin while also receiving the new Bitcoin Cash.
Here we go:
Step 1: Create a new wallet, separate to your current one (lets call it wallet A) for your Bitcoin. Make sure it is legitimate wallet, I use Electrum, but you can also use Bitcoin Core or any as long as you have done your research on it. ( Important: Please find and safely secure the private key of your new wallet A as you will need this to receive the Bitcoin Cash)
Step 2: Transfer your Bitcoin to the new wallet A. (Please do a test transaction by sending a minimal amount first to make sure everything works, before sending bigger amount)
Step 3: Wait for the fork to happen. Keep up-to-date with various reputable sources and do not move Bitcoin until you are absolutely sure the hard fork has finished and settled. (I recommend to wait at least 1-2 days for the safest)
Step 4: Once the "dust" has settled, transfer all your Bitcoin back from wallet A to your original wallet, and continue as normal.
Step 5: Search for Bitcoin Cash Wallet (Wallet B) that are trustworthy ( I suggest waiting for the official wallet). Do not trust articles or videos with few reviews, only go for reliable sources.
Step 6: Once you found which wallet you want to use for BCC, download and install it, and then import your private key from Wallet A. Wait for the blockchain to finish syncing and you should see your new BCC balance.
This is to protect your Bitcoin(BTC) IF unfortunately you used a fake or scam wallet B (Bitcoin Cash Wallet).
Imagine 2 different scenarios:
You keep your current BTC in your original Wallet, and once the fork is finished, you found a BTC Wallet. You import your private key of your original BTC wallet into this new BTC wallet, only to find it is a scam BTC wallet. This means your BTC will be in risk.
You move your current BTC to a temporary and intermediary wallet A, which is trustworthy. Wait for the fork. At this time, because the fork has finished, you technically have been given out BCC for your BTC. But as most wallet and exchanges do not support BCC yet, you might just not see it unless you have BCC wallet. here is the crucial difference, after the fork, then you move your BTC back from wallet A to your original wallet. This means wallet A has none of your BTC, and has your BCC. You can then import this private key to your newly found BCC wallet. This extra step of an intermediary wallet A, allows you for your another level of security for your BTC.
Hope that helps!
Good luck
L