Hello, welcome to cryptocurrency economics news which is going to be dedicated to analyzing what happened after the Bitcoin fork and what we can do next, so if you're interested in finding out why the fork or split occurred.
So, today I will explain all and I'm going to dedicate a minute to explain what happened to, I'm going to explain how you can claim your Bitcoin cash coins and sell them if you so choose three I will explain what I've done personally and drawn some conclusions.
All right then so the scenario I've explained last week basically unfolded and after the fork we now have two currencies, one the dominant and one which was accepted by most wallets market participants and so on, which is still referred to as Bitcoin but now there's also a new currency called Bitcoin cash, that's basically traded on the market like an alternative currency or alt coins such as light coin or an etherium that had its own split and so on now to make things simple to understand if you had one Bitcoin in your Bitcoin wallet prior to the fork or split as it's also called you now have one Bitcoin so business as usual that you can spend through your usual wallet and access just like you did before but you also have the right to claim one Bitcoin cash coin.
So essentially you now have one Bitcoin and one Bitcoin cash coin now you might be wondering why you should care about. Bitcoin cash in light of the fact that bitcoin is the dominant chain is supported by our wallets and so on and so forth well you should care because one Bitcoin cash is worth money and two you have access to them and it's relatively easy to claim your coins.
So essentially if you have access to an asset that's worth money and it's not that difficult to get your hands on it, then I think it's a good idea to claim your coins because maybe you're gonna keep them, may be you're gonna sell them, it's all up to you but you know they're your coins so why not of course if you had a very very very small balance in Bitcoin to begin with it, might not be worth the hassle but still I would say that for a lot of people it makes sense to claim your Bitcoin cash coins and decide what to do next unfortunately.
it might seem difficult at first to claim your Bitcoin cash for the simple reason that the popular wallets exchanges and so on don't support it but it's double and here are some steps to
consider.
Step 1 -very important we'll assume you have a Bitcoin wallet with one Bitcoin in it that you haven't touched since the fork so step number one should be, I think moving that Bitcoin to an entirely different Bitcoin wallet and that way you will not be putting any Bitcoin at risk when claiming your Bitcoin cash step to install a Bitcoin cash wallet preferably once again to play it safe on a computer that doesn't have any Bitcoin wallets on it.
I've personally used an old laptop I'd recommend choosing between wallets recommended by the Bitcoin cashorg official website and I've personally chosen electron cashorg if you do choose this one to be careful and downloaded from the org and not the dot net which I've heard is quite shady and also don't consider this a recommendation for this specific wallet. It worked for me so far.
So good but I'm not making any guarantees I'm not tech savvy enough to look at the code and tell you yeah don't worry guys everything's okay, so proceed with caution step 3 import your old wallet the one that should now have a 0 Bitcoin balance on it and all you need to do to import wallets, is get the private key copy paste it and you're good to go so you should now have access to Bitcoin cash which brings us to step 4 deciding what to do with it.
which can be either keeping your Bitcoin cash or selling step 5. If you decide to sell you can do it through an exchange or you can sell directly to people on forums such as Bitcoin talk dot-org.
So yeah that's pretty much it finally here's what I've done and please don't read this as a recommendation I'm just sharing my experience in the hope that you're gonna extract whatever value you see fit from.
It so personally at this point I've sold a little under half of my Bitcoin cash and I've done so directly to some one on the Bitcoin talk org forum at a price of 0.15 Bitcoin for one Bitcoin cash now.
Prices have fluctuated quite a bit I think they started out at about 0.1 Bitcoin for one Bitcoin cash, they've then moved up on exchanges I think primarily due to the low volume they've since gone down and up again and yeah the usual cryptocurrency volatility.
I've personally chosen to sell because I'm not that interested in alkaline trading. I know a lot of people do well with it and you know more power to them but it's not my thing I'm not that passionate about alt coins for me to you know to invest the time, it takes to become genuinely good at alkaline creating so I said sure I'm gonna claim my Bitcoin cash, I'm gonna sell at least some and then we're gonna see what happens next at the end of the day this entire fork situation was a pretty positive thing for Bitcoin holders.
of course primarily those who either had access to their keys or who held bitcoins on a platform that gave them Bitcoin cash as well because one the price of Bitcoin remained at the same level so one Bitcoin right now is worth about as much as it was before the fork and to the Bitcoin cash you got was basically free money which is definitely good of course you cannot expect.
A Bitcoin cash coin to be worth as much Bitcoin but still, even at 10%you're basically getting free money and as long as you don't have a really really really small Bitcoin balance so small that it's not worth it.
You should be pretty happy with how things unfolded that's it for today guys thanks a lot for tuning into yet another edition of 1-minute news from 1-minute economics. Please Like my post...
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