Re: What You Need To Know To Get FREE Bitcoin Gold During The Fork.
4. How do I get some of this new FREE money called Bitcoin Gold?
Follow these steps:
1. If you have Bitcoin on an Coinbase or any other purchasing/exchange platform - MOVE IT.
2. Move it by, creating a desktop wallet for your Bitcoin and transfer the coins to that wallet.
3. Do nothing. Yep. Nada. Here is where people get confused.
4. IF YOU control the private key for your Bitcoin via a desktop wallet then YOU will have Bitcoin Gold in equal amounts.
I'm a newby to bitcoin and have put savings into a BTC exchange wallet. I dont understand this fork at all, but having read your post i think im going to purchase a hardware wallet even if its just for security! Could someone please explain how transferring my BTC from and exchange to a hardware wallet before the fork, gains me more BTC? super confused!
Thanks!
In the exchange you do not have access to the private keys => no access to the forked network.
If you have PC/Phone/Paper/Hardware wallet then you have the private keys and have access to all forked chains
If you sell the new coins you will end up with more BTC then if you keep in the exchange.
There is a possibility that the exchange will support the new fork, then you will get the new coins, but that depends on the exchange will to share the coins (support them)...
Awesome thanks for the reply! So basically I may as well just store them to a hardware wallet, then after the fork (say beginning of December), i can transfer back to the exchange wallet and my BTC should be worth more? If i want to transfer it back that is.
Have I understood that right? haha
Nope the BTC will be the same, but you will have Bitcoin Gold and the other x2 (if it occurs)
but the amount of BTC will be the same (the price of BTC is something different)
Okay, but what i dont understand is how the 1 BTC on my hardware wallet somehow magically gets 1 Bitcoin Gold andd possible the other two currency? Sorry if im being dumb! Really appreciate your replies
