Update: The Segwit2x hard fork has been suspended for the time being. I’ll make sure to update this post if this changes. The good news is the the price of Bitcoin soared on the news.
Bitcoin is about to undergo a hard fork. This hard fork could possibly bring about some money making opportunities. So I thought I would put together this post so you can take advantage of this event. I don’t know how profitable this will be, but you will end up with double your Crypto after the fork – so it’s worth looking into:
The B2X Fork
Bitcoin is going to fork soon. What this means is that at a certain point in time, the Bitcoin blockchain will split into two. Bitcoin (BTC) will still exist, but a new coin, which is being called B2X will also exist. When the blockchain forks, if you owned BTC, you will also own the same amount of B2X.
Why the Fork?
Bitcoin has some serious scaling issues. In order to address these issues a new version of Bitcoin was proposed and it is going to be implemented in the future. I’m not going to go into whether or not this was a good idea in this post. There has been a lot of debate on this, and it will continue. But the fork is going to happen.
How to take advantage of the Fork
When the fork happens, if you hold Bitcoin, and you store it in the right place, you will get an equal amount of B2X after the fork event.
Now obviously I have no idea what the value of B2X or BTC will be after the event, however based on past fork events in various cryptos, it has turned out to be profitable.
Now it’s important to note that not all exchanges, wallets etc, will support the fork – so if you want to take advantage of this event you must have your BTC stored somewhere that supports B2X or where you control the keys.
My advice – hold bitcoin when the fork happens! If the Bitcoin Cash fork is anything to go by, you have an opportunity to end up with a bunch of ‘free coins’ which you can sell immediately for a profit, no matter what happens.
Coinbase is one of the largest, if not the largest trader of Bitcoin. Coinbase has stated that they will support the fork. So if you currently have Bitcoin on Coinbase, then you’ll also have B2X when the fork happens. The price of Bitcoin has been rising before the fork, but it’s still not too late to buy into Bitcoin.
eToro, my forex broker of choice surprisingly is also supporting B2X. This means if you have an open position when the fork happens, you’ll also get B2X. This is great news – I didn’t think a mainstream trading platform would be so fast to support this. The advantage of buying into Bitcoin on eToro is that you’ll be able to take advantage of their more mature trading platform – I can foresee Coinbase and other exchanges having problems during this event. With eToro I have the confidence of being able to close a position at any time and take a profit.