In a previous blog, I spoke about the upcoming bitcoin fork. A fork is when the blockchain, the underlying technology of bitcoin, is copied, thus creating two similar currencies. The bitcoin gold split happened on October 25th and the other fork by the name of Segwit 2x is set for November 16th. These two forks will be explained in moderate detail below. The point of this article is to give you an idea of what to do with your money. I will not be going into the technological detail of the two splits.
Segwit 2x is scheduled to happen sometime around November 16th. When splits happen, there is a lot of hype around bitcoin and it is likely that a lot of people will buy. If you currently own bitcoin here is what you should to to maximize profits:
1. Make sure you have your bitcoins in a wallet on your computer with access to your 12 word seed/password. (Having your bitcoin on a hardware wallet such as a trezor is fine as well.) (Having your bitcoin on an exchange that will support Segwit 2x is fine as well but just know the exchange can make up and change its rules when they see fit)
2. Buy more bitcoin now, as November 16th approaches, you may want to stop buying because the price will rise sharply and then decrease once the split is over.
3. At the peak or near peak of the bitcoin price in the few weeks, you should either cash out into your local currency, cash out into altcoins (because they may rise after the split), or you can collect your segwit 2x coins and convert that into the original btc, or you can hold both.
“The bitcoin gold split happened on October 25th and the other fork by the name of Segwit 2x is set for November 16th.”
The bitcoin gold split happened on October 25th and there is little support for it. What that means is that if you had 1 BTC before the split, you also have 1 BTG. Since there is currently very little support, it may be hard to extract your BTG. The good news is as long as you have access to your private keys, you will be able to access and trade with your BTG. The bad news is no one is sure when the BTG wallets will be available.