How To Secure Your Bitcoin Against August Fork


What is happening?
What is happening in bitcoin world is what you know and what you can see.some year ago,transaction fee was very low but today the transaction fees is high.what is causing this? I will explain now.

Block is a box that contain transaction and the weight of this box must not exceed 1MB in order to be added to the blockchain.Miners work is to file your transaction into the block and let it appear on blockchain i.e to confirm your transaction.

Everyday bitcoin users keep on increasing and this block are quickly filled with transaction.increased in bitcoin users cause transaction with low transaction fees to be on queue for days or months, let me say they are neglected.transaction with high transaction fees are recognized by miners and due to the large involvement in bitcoin the block are easily filled and ready to be sent to the blockchain,neglecting those with low transaction fees.

Now,segwit came in,segwit in simple term is expanding the block size.what has been proposed to be implemented in the case of bitcoin is segwit2x,expansion from 1MB to 2MB.

The real problem
Currently, one of these proposals, known as the User Activated Soft Fork (UASF) is scheduled to go live on 1 August, 2017. Another group of miners has stated their intention to create another fork of the Blockchain if UASF is indeed activated, splitting the Bitcoin chain into two.

How to safe your Bitcoin from been affected
It cleared now that splitting will surely occur,and when this occur two difference coin will arise and if this happen we cant decide which one our wallet provider or exchanger may choose.This will impose a serious damage if they choose unfavorable coin.A perfect example of this kind of splitting is Ethereum and ethereum classic. The price of those two coin varies.

The only way to protect yourself in the event of a fork is to ensure that your Bitcoins are under your control. If your coins are stored on an exchange such as Coinbase, Bittrex, Bitfinex etc. or on an online wallet such as, you are forced to use whichever bitcoin fork they choose to is 50/50 either you go for BTC1 or BTC2,i dont really know how it going to be named but just to make it clear.

If you want to control your bitcoin you must own your private key.A private key in the context of Bitcoin is a secret number that allows bitcoins to be spent. There are two ways to be in complete control.

1. Wallet Applications – Also known as hot wallets, these are programs that run on your computer or mobile phone that are capable of generating Bitcoin addresses, creating transactions, and more. Most such programs allow you to export your private key, which can then be imported into another wallet application. These wallets allow you to make Bitcoin transactions without giving up the power to maintain control of your coins in the event of a fork. However, due to being stored on your device, they are more susceptible to theft through malware and hackers.Example of these wallet are Electrum and mycelium

2. Paper Wallets – Also known as cold storage, paper wallets are Bitcoin addresses generated on a device with no internet access, and then printed out and kept safely. They have the advantage of being far more secure, as the only way to access your Bitcoin is to physically access the paper wallet. They also have the disadvantage of not being able to easily use your Bitcoin, as you would first need to import the wallet into a wallet application connected to the Bitcoin network, or manually create and sign transactions on an offline device, before broadcasting the signed transaction from a connected device.If it is tedious you can go for wallet application.

In conclusion: if you cant do those two,my advice is that you should buy some coin and after the end of this fork you can buy your bitcoin back again


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