Social Media Sidebar

Announcement

Please sign up, comment on articles and bring your friends!

Current poll

PlanetTech is asking:

What do you think about our new web site?

Love it, indeed
Really good solution
Same as old one
The old one was better
This is a new option

Quote of the day

People say we're running out of energy. That's only true if we stick with these old 19th century technologies. We are awash in energy from sunlight.

 

Ray Kurzweil

 

Bitcoin holders face sticky decision before August 1

RATE THIS! +28
Posted in Business on 30th Jul, 2017 03:21 PM by Alex Muller

On August 1, if you hold any bitcoin, then you’ll receive the equivalent in a new cryptocurrency called “Bitcoin Cash.” The reason why is messy, but you can think of it as a kind of dividend. There’s a catch. If your Bitcoin is held on certain platforms, including the largest one, Coinbase, then you won’t receive your due.

 

That’s because for reasons political or technological, those platforms are automatically rejecting the new currency. (Although Coinbase noted in a tweet yesterday that there’s a possibility it will change its mind.)

 
The rational thing to do then if you own Bitcoin on one of those platforms is to move your funds elsewhere, claim your free Bitcoin cash on August 1, and then move back when things have settled down. That’s the common refrain you’ll find online, but because this is the cryptosphere we’re talking about, that refrain needs to come with a fat warning sticker.
 
Consider Coinbase. For many years it’s been the de facto platform for less techy folks to buy and store bitcoin. Coinbase’s easy-to-use design and PayPal-like features stand in contrast to the tech horror that is the rest of the industry. That’s a problem.
 
If Coinbase is all you know, then you’re not equipped to beam your money to another platform or to a private wallet; it’s too different and too much can go wrong.
 
Use a malicious website to generate your private key? Your funds vanish. Hash a bad password? Your funds vanish. Copy and paste the wrong hash? Your funds vanish. Choose the wrong exchange? Your funds vanish. Save your key on a malware-infected computer? Your funds vanish. Store your key on a sheet of paper that your roommate throws away? Your funds vanish.
 
The list is endless and many items apply even to sophisticated investors. The point is that moving large sums of cryptocurrency from one place to another has non-zero risk attached and may lead to catastrophic loss.
 
Yet, ignoring the free Bitcoin cash distribution is also a bad option. Bitcoin cash will have value, maybe small, but also maybe very large. You never know in this space and if the creation of Bitcoin cash leads to a devaluation in regular Bitcoin, then staying put means taking an automatic loss.
 
There’s no good move here and this situation is representative of the whole space, one where tech gimmicks continue to trump basic safety and accessibility.

Tags: bitcoinsoftwareblockchainonlineethereum

Read original article » Back to category

Comments



 

Recent headlines

  • Posted in Science on 2017-10-16 17:11:06
    Nasa carbon space observatory 'watches Earth breathe'..read more
    Posted in Business on 2017-10-16 17:03:35
    Alphabet is training law enforcement on how to handle.....read more
    Posted in Medicine on 2017-10-16 16:56:26
    Tumor Cells Get Hooked on Cancer Drugs..read more
    Posted in Business on 2017-10-15 20:45:48
    Steve Wozniak launches his own online tech education.....read more
    Posted in Business on 2017-10-15 15:08:39
    SunPower Signs $140 Million Agreement To Fund US.....read more
Posted in Business on 2013-10-10 01:33
China is working towards a manned lunar mission in about.....read more
Posted in Business on 2013-10-20 07:17
Spacex says China is their main competitor for commercial.....read more
Posted in Software on 2013-10-20 06:43
Pirate Bay Browser Clocks 1,000,000 Downloads..read more
Posted in Medicine on 2013-10-10 02:10
Google reportedly investing hundreds of millions into new.....read more
Posted in Medicine on 2013-10-14 03:13
Endothelial Cells Can Repair and Regenerate Organs,.....read more
Posted in Science on 01.01.2010
Spacex says China is their main competitor for commercial.....read more
Posted in Science on 01.01.2010
Staring at Your Phone Could Be Making You Short Sighted..read more
Posted in Science on 01.01.2010
Oculus Rift virtual reality headset coming to mobile, but.....read more
Posted in Science on 01.01.2010
China is working towards a manned lunar mission in about.....read more
Posted in Science on 01.01.2010
Delivering drugs via nanoparticles to target mitochondria..read more

Recent Blog Posts

  • Posted by AlexMuller
    Scientists probe Neptune's depths to reveal secrets of icy.....read more
    Posted by AlexMuller
    New terahertz imaging approach could speed up skin cancer.....read more
    Posted by AlexMuller
    Rebutting the claim that antidepressants do not work..read more
    Posted by AlexMuller
    Artificial neural networks decode brain activity during.....read more
    Posted by AlexMuller
    Four Earth-sized planets detected orbiting the nearest.....read more

Login to your Account

Login to your PlanetTech Account here

Username:
Password:
Remember me
or

Create a New Account

You just need username and password

The following errors occured:
Username:
Email:
Password:
Verify password:
Remember me