As many of you know I went into mostly cash from my Bitcoin position leading up to tomorrow’s fork. There were and in many ways are still to many unknowns. However I took advantage of one of the many dips between my exit and today and bought about half of it back.
My ordinal intention was to once again exit before the fork, but now there are a lot more knowns.
I think we are going to get a better bitcoin and we are also going to get something called bitcoin cash. However Coinbase has made a decision to not support bitcoin cash, and personally I have my doubts about their motives. It could be they plan to claim all bitcoin cash for themselves.
Well what I am doing now is holding the bitcoin I bought back in a way where I can end up with equal amounts of bitcoin AND bitcoin cash after this mess is over and done with!
How can you do this, well one way is to right now move your bitcoin into an off chain wallet. Others include….
- Kraken is going to support both options, while I don’t think you should keep a lot of bitcoin on an exchange this is one option.
- I have been told bittrex is also supporting both options, same concerns as Kraken but again if you are holding it there it looks to me like you will get to have both when this is all over.
- Jaxx has announced coming support for Bitcoin Cash. Jaxx users can do nothing and just wait for full integration and then you will apparently just have both once it is done. Software wallets are not the most secure way to hold bitcoin but I personally think Jaxx is safer than an exchange.
Further with Jaxx you always hold your own private key so you can always choose to follow any chain you want with your Bitcoin. So Jaxx may be the safest and easiest way to end up with both Bitcoin and Bitcoin Cash for newbies who are not sure how to take their Bitcoin off chain yet. Jaxx recently announced full support for Bitcoin Cash. You can read all about that here.
As always this is not investment advice but I feel obligated to let this audience know what I am doing personally with bitcoin and all cryptocurrencies since I have discussed it so much on the air and many of you are holding crypto due to that.
Also there is a likely reality that bitcoin cash may be a total flop and not worth a damn, so don’t put money at risk to capture it, however, to me it just seems if you are holding any bitcoin now, before the fork move it so you can at least have the option to claim it. Not to seems foolish to me.