This article is more of a question to the Crypto community rather than my view and opinion on the same.
So as 1st August is approaching everyone has only one question.
What should I do to keep my investment safe in case of a bitcoin fork?
Below I am mentioning my views , do comment your views regarding the bitcoin fork.
Currently i can think of below three options which can be done before 1st AUG:
1> Just cash out all the BTC to Fiat.
By doing this, you are now free from crypto world and are not bothered by the market going down abruptly.
Only disadvantage here is if BTC goes up, you need to buy it higher.
2> Buy some Altcoins with your BTC
I am talking about buying Altcoins which you can cash out directly to fiat.
There are exchanges which allow you to cashout AltCoins like ETH,ETC,LTC,XRP,XMR etc
Problem with majority of the altcoins are that they go down easily when BTC is on the move either +ve or -ve. And probability of this is high.
3> Hangover to BTC
Of course you can hangover to BTC, by moving it to your own offline wallet, where you control the private keys.
This way you get Coins on both the chain in case of a fork.
But there is a possibility for the BTC value to go down, which may recover and shoot up hopefully.
Technically, Hard fork is a very good thing to happen to Bitcoin.
But there is lots of misinformation regarding the fork and everyone is in a confused state.
Due to this confusion many might cash out or move to other coins resulting in a drop of BTC value
But i expect the fall to be temporary as people may buy into bitcoin as it will get more efficient.
If you cash out all to fiat and august first goes through without a hitch, you will miss the massive rise in the price. Its a risky course of action. I say just keep your bitcoins and DO NOT MOVE THEM until the dust settles
Me too thinking of Holding on to BTC, Do you think keeping some money in AltCoins will benefit ?
@dwitil
Beautiful writeup!Thanks for sharing.
Thanks!!
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