Today, the Bitcoin Cash network is about to commit to a contentious fork and several users of Bitcoin Cash have been wondering what to do with their funds before the consensus changes. In order to address some questions concerning the looming fork.
Preparing for the fork
Every now and then, digital currencies like Bitcoin will fork and most of the time, upgrades are usually quite smooth. But this is only most of the time. On the other hand, you have some changes in consensus which can cause controversy and ultimately lead to a blockchain split. Currently, at the moment the Bitcoin Cash fork has been in planning for today but is in dispute and the two development teams behind the crypto (Bitcoin ABC and Bitcoin SV) have yet to come to an agreement.
It’s worth noting that Bitcoin Cash forks twice a year.
Following the announcement regarding the fork on social media and digital currency forums, several newcomers have asked if they should prepare for the consensus change - especially since the result could be a split. There are lots of options available for people who possess Bitcoin Cash but in the end, the decision will ultimately change with every organisation and each individual.
There are several long-term digital currency enthusiasts who have already experienced a number of disputed changes to consensus, specifically ones which have led to splits in the blockchain will most likely inform you to just sit and wait.
As said by Bitcoin.com:
“Nobody truly knows the outcome, so basically, the “sit and wait” method doesn’t take much effort. However, there are a couple of things to think about. For example, if you use a noncustodial wallet that gives you the ability to possess your own keys, whether it be a 12-24 word mnemonic phrase or a file, then the “sit and wait” process is considered a safe method by experienced crypto-enthusiasts.”
In the end, what will happen, will happen and your current funds, including your future split coins, will sit and wait while simply hold on.
Even if you don’t use the noncustodial wallet to keep your Bitcoin Cash then you can still do the sit and wait method with an exchange. You would most likely do this if you trust your service provider to keep on top of the consensus change effectively.
Most people stick to the ideology that if you don’t hold your keys you don’t own your assets but some people will still hold their funds on exchanges despite others mindsets. The integrity of this, however, can be questioned.
What are your thoughts? Let us know what you think down below in the comments!