Bitcoin on Exchange? Unverified with limited Withdrawal? Forks, Segwit2x, software upgrade panic; Here's a Safeguarding Solution.

in #bitcoin7 years ago


CryptoSpace: the final frontier. These are the voyages of the Bitcoin Enterprise. Its eight-year mission (so far): to explore strange new worlds, to seek out new code and new cryptocurrencies, to boldly go where no coin has gone before. (well maybe Ethereum and Litecoin)

OK, so it seems we've survived the Bitcoin fork - the first stage at least. But how many times did you see or hear the advice to remove all your Bitcoins from any exchanges in case the new birth of the Bitcoincash fork was going to disrupt the status quo so much that 1; you may not be rewarded the new altcoin, and/or 2; your current Bitcoin COULD EVEN BE LOST!?

Well, what's the problem you may ask - just drop them down to your personal wallet offline. This is the obvious course of action if it's available to you, but what if it's not? What if you have coins stored on an exchange and you have limited capacity to withdraw in time, more often than not due to being an unverified account user?

With still more of this voyage ahead of us it seems we still need phasers set to 'stun' at least!

Beam us outta here Scotty!

One solution I offer is to get off the Bitcoin blockchain whilst remaining on the exchange(s).
Put the 'exchange' facility to use and convert to another, hopefully stable crypto such as Litecoin. This of course wouldn't have given you the BCH/BCC tokens but at least would have put your store of value into a place of safety.

There you have it. Simple operation and instant.

I really hope this helps you to boldly go on your continuing voyages.

Mum was a bit of a Trekky so this one's for her...

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My analysis nailed the recent Bitcoin bottom and start of current rally. Check it out: https://steemit.com/@haejin

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