Ledger Wallet Offers ‘Free’ Money in Bitcoin Cash Update
Popular hardware bitcoin wallet provider Ledger has offered its customers ‘free’ money in the form of a tool that will help users take advantage of a potential hard fork on August 1.
Ledger Wants You to Profit From the Bitcoin Cash Fork
In a blog post, Ledger explained that with the possibility of Bitcoin Cash (BCC) supporters forcing a hard fork on August 1, crypto traders have an opportunity to profit by using the fork to double their coin holdings.
If done correctly, Ledger said, a hard fork would result with users having an equal amount of coins on each blockchain, creating massive profit opportunities.
This scenario is similar to the Ethereum hard fork, when users doubled their money by having coins on both blockchains when the split to Ethereum Classic occured.
After going over the process of a chain split, how coins get doubled, and the best strategy for doubling coins, Ledger announced that it will soon roll out a tool to help Nano S and Blue wallet owners split their coins between Bitcoin and BCC.
Older generation wallet owners — such as the Nano and HW.1 — Ledger noted, will be able to split their coins using the ‘OP_RETURN strategy’ described in the blog post.
What Is Bitcoin Cash?
Bitcoin Cash is name ViaBTC gave to tokens created by Bitcoin ABC, originally known as the User Activated Hard Fork (UAHF).
Bitmain founder Jihan Wu devised revealed the UAHF plan as a contingency against BIP 148, a proposal created by Core supporters that would force a soft fork as a measure to block SegWit2X activation on August 1.
Now, although SegWit2X has reached lock-in status, a handful of hard fork supporters have called for the implementation of BCC anyway.
As implied in its original name, BCC would hard fork the Bitcoin blockchain and create two competing coins. The supporters behind the respective coins would battle it out for market supremacy — decided by the dollar value of each coin.
Although Wu originated the BCC concept, mining pools owned by Bitmain have signaled their support for SegWit2X, which helped lock in the proposal for activation last week.
Will you try to profit from Bitcoin Cash? Share your thoughts in the comments below.
Images via Kiplinger, Ledger