Caught between not wanting to trust an exchange with your private keys and at the same time wanting to trade the upcoming Bitcoin Cash soft fork? Read on.
With the BIP91 technical lock-in last week BTC traders and hodlers could breathe a little easier in the knowledge that things weren't going to get too crazy. But with the announcement that a Bitcoin Cash fork is going ahead anyway, a new set of issues popped up, with the idea of free coins stirring up a whole new FOMO.
Everyone loves a free coin (even if it is a shitcoin), and trading that first four hours after a fork presents a huge opportunity. If you do want to trade those first moments you really need the new coin in your exchange account ASAP, but the wisdom of leaving your BTC (and your private keys) in an exchange is questionable at best, especially if the exchange ends up keeping the new coin giving you zero upside.
While no guarantee, and I'm certainly not advocating or advising anyone to leave anything on an exchange, Bittrex has said the following:
"In the event of a chain split, Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains."
Not an 'iron clad' statement, and doesn't clarify that you will be able to then trade said coin but it is something, and if trading those first moments is attractive to you then it's worth taking into consideration.
The full release can be seen here:
https://support.bittrex.com/hc/en-us/articles/115000761392-Statement-on-the-upcoming-Bitcoin-activation-of-Bitcoin-Improvement-Proposal-91-BIP-91-
If you have info from other exchanges please post below so we can all benefit.
More than happy to be told why I'm wrong and thanks for reading.
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