Social Media Sidebar


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

When seen through the lens of technology, few resources are truly scarce; they’re mainly inaccessible. 


Peter Diamandis

Bitcoin holders face sticky decision before August 1

Posted in Software 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



Recent headlines

  • Posted in Medicine on 2018-03-18 20:36:22
    Study suggests our biological ageing is slowing more
    Posted in Science on 2018-03-18 20:25:57
    NASA's plan to bat away Earth-bound more
    Posted in Science on 2018-03-18 20:21:05
    Nearly 7,000 New Craters Discovered On Moon By AI more
    Posted in Medicine on 2018-03-17 19:49:27
    A simple artificial heart could permanently replace more
    Posted in Software on 2018-03-16 11:03:28
    60.3% of harmful Android apps in 2017 detected more
Posted in Business on 2013-10-10 01:33
China is working towards a manned lunar mission in more
Posted in Business on 2013-10-20 07:17
Spacex says China is their main competitor for more
Posted in Software on 2013-10-20 06:43
Pirate Bay Browser Clocks 1,000,000 more
Posted in Medicine on 2013-10-10 02:10
Google reportedly investing hundreds of millions into more
Posted in Medicine on 2013-10-14 03:13
Endothelial Cells Can Repair and Regenerate Organs, more
Posted in Science on 01.01.2010
Spacex says China is their main competitor for more
Posted in Science on 01.01.2010
Staring at Your Phone Could Be Making You Short more
Posted in Science on 01.01.2010
Oculus Rift virtual reality headset coming to mobile, more
Posted in Science on 01.01.2010
China is working towards a manned lunar mission in more
Posted in Science on 01.01.2010
Delivering drugs via nanoparticles to target more

Recent Blog Posts

  • Posted by AlexMuller
    Martian landscapes formed from sand 'levitating' on a more
    Posted by AlexMuller
    Scientists detect comets outside our solar more
    Posted by AlexMuller
    Advanced artificial limbs mapped in the more
    Posted by AlexMuller
    Bacteria have a sense of more
    Posted by AlexMuller
    Recurrent brain cancer: New hope with phase 1 clinical more

Login to your Account

Login to your PlanetTech Account here

Remember me

Create a New Account

You just need username and password

The following errors occured:
Verify password:
Remember me