Dear Steemians!
It's been awhile since I last wrote. Schedule was really not on my side for the last couple of weeks but here I am trying to deal the best I can regarding this possible User Activated Hard Fork.
I have not written anything about Crypto yet, but ever since my introduction to Steem and my first ever payout from it, most of my little spare time at work is spent on reading about cryptocurrencies, cryptonews, movement of crypto on the exchanges. It's driving me nuts, but I enjoy every single bit of it. Is this common?
So the bulk of what I am reading belongs to the recent hacks happening all over Etherium and of course segwit2x and the possible UAHF happening on Aug1. Or so they say it is happening.
And so this is how I have been preparing for the possibilities of UAHF.
Initially I had mine on a wallet Coins.ph, a wallet where I can convert it on our local fiat currency. (Much like Coinbase?)
I looked it up and found out that my stash of BTC is actually being held by that online wallet, meaning, and correct me if I am wrong, it is much like giving it to a bank. It's letting you know how much you have, but you don't have full control over it.
If say, the hardfork happens, the status of the BTC I have on CoinsPH would be dependent on which Fork (and hopefully both forks but I highly doubt it) would be followed by the online wallet.
After weeks worth of reading. A whole lot of topics pops up about private keys and its importance and not just on these types of scenarios. I only then realized what it meant to have them, as private keys are technically personal wallet (Think wallet you have in your back pocket). It is assigned to you and along with it, a receiving address. These private keys are not dependent on ANY online wallet, exchange, it is not attached to anything (yet). And so I set one up, through bitaddress.org. Many would say to do this offline- off the grid -- cold storage, which I obediently did. And so I have a private key setup for myself.
Check out these 2 videos about Private Key that helped me get through creating one.
Note: You can generate Private keys as many as you can if you feel like you don't want it. There are other features on this as well, such as having a printable paper format.
Now that I have a private key, I transferred "some" of my Bitcoins to test it out (Yes I am a pessimist). And I checked the balance on another online wallet blockchain.info. I created an account, and this time around, enrolled my Private Key into it, and boom, I can see the balance of my newly created private key.
Note: This is the part I am very doubtful. I hope someone can shed some light. If I enrolled my Private key into Blockchain.info, would I still be in charge of this key? I am sure that I did not send the Bitcoin into Blockchain.info's own "mywallet" specified for me. Please help me out, till now I am still unsure of the answer to this concern.
So what it means to have a private key in this possible split.
Checkout some websites I used to get me through.
http://bitcoinist.com/prepare-bitcoin-hard-fork/
https://99bitcoins.com/segwit2x-uasf-and-the-upcoming-fork-guidelines-heres-what-you-need-to-know/
If we have left our Coins to, say, an exchange; it would stay as Bitcoin in that exchange however it is interpreted but with the exchange's rules. (Again, correct me if I am wrong on this next few statements)
IF the exchange opts to follow only ONE FORK of the currency, then you would have that COIN only.
IF the exchange would support BOTH Coins, then you will receive your Coins on both ends of the FORK.
If we have our own PRIVATE KEYS, we are in charge of COINS. We get to place them on exchanges that actually SUPPORT BOTH COINS, and get EQUAL AMOUNTS OF COINS on BOTH ENDS of the FORK. (the 2nd Statement)
This part though I am unsure as to how to manage both coins. I would have a single Private Key and if I were to add it to an exchange, would they AUTOMATICALLY give me Coins on Both right away? Or is there a procedure that needs to be done before it is so. That I need to clarify to those who has experience from the ones affected by the Ether Hard Fork.
I have not had first hand experience of the Hard Fork that split Ethereum and Ethereum Classic. And being new to this whole crypto thing, it's nice to have more inputs for new guys like me. It also helps us, new guys, get involved and read more about the crypto world.
This post is more of what I have done so far, what I have read and understand. These are all steps that I have learned after all those times looking the situation up. There are plenty of questions(doubts) here that needs answers. There are also tips here that I would like to share. But if you feel like there is so much more that needs to be added here, please upvote comment and resteem.
Tips on keeping private keys safe: https://99bitcoins.com/bitcoin-private-key-safe-how-use/
Till next time!
All Pictures/Videos belongs to their respective owners. None of them I created for myself. I just felt like they deserve the share as I learned from them.