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Bitcoin Fork is Upon Us August 1 Bitcoin Cash | What You Need To Know

3,553 views · Published 30 July 2017 · 18:31 · Indexed 18 October 2026

Channel: Rules For Rebels · 2017 · Howto & Style

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***UPDATE*** My transaction initiated 07/19 at 6PM Central Time finally wound up clearing 07/30 at 12:40PM


Hey guys, for any of you involved in Bitcoin and Cryptocurrency's I imagine you've been pretty busy preparing for August 1, trying to get your coins onto a hardware wallet or software wallet or off a particular exchange or on another. I'm currently waiting over 36 hours for a Coinbase Bitcoin transfer to go through to my Trezor.

In general I feel this whole August 1 date, Bitcoin Fork, etc has been a bunch of drama and non-sense leading up to nothing. 

I've had my eye on Bitcoin forums and Reddit and the news trying to keep up on what's going on so wanted to make a quick video sharing some points I think you should be aware of. Watch the video to get the full effect but here's essentially what they are...

1. Coinbase is taking forever to let people transfer their Bitcoins. I'm going on 36+ hours. I've accepted I'm going to wind up with some BTC stuck on there. Honestly it's my own fault for leaving it til the last minute. I think the only way to get around this is trade your BTC for Litecoin or Ethereum, send that off of Coinbase since those don't have delays and send them to Bittrex, convert back to Bitcoin and then move them to a hardware wallet or software wallet or leave them on that exchange if your okay with letting money sit in an exchange. 

2. If you don't have a hardware wallet already your too late. It's not a huge deal, get one they are nice, but Electrum should be fine. It's free and secure, download it and move your coins there if you don't want them sitting on an exchange.

3. The 3 major exchanges who support Bitcoin Cash for those of you wondering where to dump or where to hold your coins is Bittrex, Poloniex, and Kracken. There are others but these IMHO are the best so why look anywhere else. 

4. Looking for a wallet which supports Bitcoin Cash? For hardware look to Trezor or Ledger although at this point it's too late to get one. For software get an Electrum.

5. How to access your Bitcoin Cash? Trezor or Ledger they should just show up in your wallet. If you store on an exchange that supports it same thing will just appear. If you don't have a hardware wallet and don't want to trust an exchange use Electrum. Setup a temporary burner wallet, move your Bitcoins there. After the fork move back to your real wallet. The dummy wallet or temp wallet will still hold Bitcoin cash. Use your seed or private keys to restore that wallet onto a wallet which supports Bitcoin cash and your Bitcoin Cash coins should be in there and your real Bitcoin will be safely back on your origional wallet. 

6. Altcoins are getting hit HARD. Many are down 50% or more  in the last 30 days. Could be a good place to throw some money, may get a nice bounce in the first half of August. Some I'm liking and putting a little money into is Ardor, Komodo, Waves, Maid, Burst, Vert, Antshares, Bitshares, Siacoin, Golem, Dash, Steem, Ark, Lisk, NEM, Monero, Ripple.

7. Bitcoin cash isn't free money, it's already factored into the Bitcoin price. People are rushing to buy bitcoin to cash in on their free money. If this wasn't happening IMHO Bitcoin would be trading at like $2300 or $2400 and not $2600 to $2800 so your essentially currently overpaying for Bitcoin just to get the cash which IMHO will be worth very little after August 1. I want to stress this is my opinion some may not agree. 

8. This whole leadup to the fork for the past weeks and months seems really stupid to me now. I thought it was all about hash power whether this could or coudln't happen. The Bitcoin cash side didn't meet support levels but forked anyway so what was the point of all the talk about hash power and if its going to split if they can just split with no support anyhow? 

9. All this Bitcoin drama of now and the past seems stupid. I think for 90% of Bitcoin owners we should just stock our coins away for hte next year or two and not pay attention to any of this politics and nonsense as it all works out in the end and your just going to drive yourself crazy and maybe make impulsive or emotional decisions which aren't good.

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