Bitcoin HardFork .. What you should know if you hold BTC's on exchanges (Eg: Poloniex)

in #bitcoin7 years ago

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ALL BITCOIN [BTC] HOLDERS WILL GET THE SAME AMOUNT OF BITCOIN CASH [BCC] POST HARD FORK --- Not entirely true

YES: You do get the same amount of BCC if you 'own' your BTCs i.e. you hold your Private Keys. For example: you use a hardware wallet like trezor etc.

NO: If you store your BTCs in an exchange like Poloniex, you do not 'own' your coins as you do not have access to your Private Keys. Which could mean, Poloniex would have access to YOUR BCC funds as the FORK would replicate your keys (thereby replicating funds on both chains).

Some exchanges like Kraken have made it clear that every Bitcoin holder would get equal amount of Bitcoin Cash <-- Good on ya Kraken!

Bitcoin Holders on Exchanges: BEWARE! Get your Bitcoins OUT before the FORK..

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People love d risk.... Wat I have left in my btc wallet is wat I can afford to lose