Bitcoin Cryptocurrency How To News

ONLINE SAFE OPTION FOR STORING BITCOIN DURING UPCOMING HARD FOLK2 min read

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It is no more news in the world of cryptocurrency that the world’s most popular cryptocurrency will soon experience a big separation in its “system” and operation. This “big fork” is set to occur as Bitcoin will either turn every of its investors’ coins to BTC (Bitcoin core) only or they become BTU (Bitcoin Unlimited) only or make them get an equal amount of BTC and BTU if they have doubled their coins. In the case of the hard fork, what will happen to an investor’s coins can’t be categorically stated because results would vary as a result of a varied wallet used by different investors.

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During a hard fork, it is possible for a case of “replay attack” to occur, where the split coins fall into both BTC and BTU and one of them falls into the risk of getting hacked by a hacker using the information derived from the other coins.

Fortunately, this case of replay attack could be avoided if due attention is paid to the below information:

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  • An investor must ensure that the wallet being used has a number of implemented replay attack repellants
  • If investors are patient enough of not spending any bitcoins until they have verified that the wallet is capable of repelling a replay attack.

The most important thing during a hard folk is to secure one’s coins in a reliable self-hosted wallet like Exodus and Ethereum where you can control your private keys to, either one supports BTU or BTC. If it is the case that the amount of coins involved is a substantial one, then it is advisable to use either Ledger or TREZOR for a stronger security. With this done, even if a fork eventually happens, an investor will eventually own both separated currencies without worries of any exchange or wallet issues.

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