After the Fork…What Now?
Bitcoin Cash launched Tuesday, August 1 at 8:20 am Eastern Daylight Time. So, what now?
If you have your coins in a wallet, you’ll need to
wait a few days until the wallet posts instructions for how to safely separate your Bitcoins and Bitcoin Cash. Do NOT spend either until they are split or your wallet announces you are safe to trade them.
If you kept your Bitcoins on Kraken, Bittrex, Bitfinex or one of the other exchanges that accepted Bitcoin Cash for your account, You are free to trade it now.
My advice is to hold on to both. There is a lot of uncertainty and uncertainty in any economic market tends to hold down prices. When Ethereum had a hard fork, both coins temporarily lost value, but after a few months both rose to several times their pre-fork price. Bitcoin has demonstrated its ability to hold its price at the $2700 – $2800 level and I do not see it declining significantly from here–except perhaps temporarily. So, my advice is to hold both for now.
If you have spare cash you want to invest in cryptocurrency at this point, I advise you to buy a small position (only what you can afford to lose) in NEM (on some exchanges, XEM) and/or NXT (both available on Bittrex.com) and/or BitConnect Coin (available on Bitconnect.co). I'll post why these in another post.
I sold all Bitcoin Cash less than 24h after the fork when price was around 700.... To be honest I really don't see why anybody should hold something like that.... they just give free money to everybody... say thank you and back to good strategies.
@Cryptomarketer You've mentioned good strategies. Can you share a few with me? I'm always interested in learning how to better my rewards.
Around here you can find people with strategies much better than mine but happy to help out as I can...
The most simple one is a classic accumulation strategy. You basically analyse the daily chart and try to find a coin that has lost 40-50% of its value. You buy, and keep it till it double (just set an alert and forget about it) when it doubles sell half of the coins (get back your original amount) and from there set few new alert for new selling points i.e. when it doubles again, sell 30% and so on...
It is super simple but it works really well and it helps you to avoid all the FOMO :)
Don't bother with BCC.
It is a fallacy and by the time you get it to your wallet it won't be worth 1 satoshi.
Read about what the Chinese miners did to show you it is a just all a BIG JOKE on all the people who use bitcoin!
https://steemit.com/bitcoin/@medevlo/bcc-is-a-farce-viabtc-bitconcash-chinese-miners-proof-they-want-to-just-destroy-bitcoin
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