What is a Bitcoin “Hard Fork”?
When it comes to blockchain technology, there is an inevitable event that takes place known as a hard fork (or sometimes called a hardfork). We have seen this particular event repeated, not only in Bitcoin, but also in other cryptocurrencies as well. For a variety of reasons most view these events with anxiety as no one really knows what will happen. Hard Forks are a radical change to the protocols that makes previously invalid blocks/transactions valid (or vice-versa), and as such requires all nodes or users to upgrade to the latest version of the protocol software. Putting it a little differently, a hard fork is a permanent divergence from the previous (some would say obsolete) version of the blockchain, and nodes running previous versions will no longer be accepted by the newest version. This essentially creates a fork in the blockchain, one path which follows the new, upgraded blockchain, and one path which continues along the old path. Generally speaking, after a short period of time, those on the old chain will realize that their version of the blockchain is outdated or irrelevant and quickly upgrade to the latest version. That is, if they wish to stay in business.
Many people take one of two viewpoints to this event. They see it in the same light as the stock market crash or view it as a new opportunity. There are many that will a take a more cautious approach and withdraw their funds and wait to see what happens.
Grab your free Bitcoin Cash from Top Wallets
There is a surprise for every Bitcoiner, during the hard fork, the Bitcoin holder can claim for free BCH by using private keys. The Bitcoiner must use the same BTC private key. The new electronic cash technology has developed with time and is still in the improvement phase. Here I discuss top Bitcoin Wallets that supporting BCH for trading or claiming free Bitcoin Cash coins.
• BU Bitcoin Cash Client:
This is accessible for Linux, Windows, Mac operating system and supports BCH.
This hardware wallet will secure and store your Bitcoins and it is available on your computer. And it works with Bitcoin software and generates private keys.
The Coinomi lightweight wallet controls your private keys and helps you to have a maximum number of crypto currencies in the market.
• Ledger Nano S:
If you are the Ledger Nano S holder, so just get latest updates on a few things and get quick access to BCH.
This paper wallet best for those users who feel comfortable to use paper , but I think hardware wallets are better.
• Electron Cash:
The Electron Cash is a proper HD wallet that supports your wallet through a mnemonic seed phrase. The light wallet doesn’t need any downloading the full node of BCH and this version will support your Android mobile too.
The hardware wallet TREZOR is a highly secure wallet, which makes safe Bitcoin Transactions and it could be connected to Windows, Linux and OSX openly.
This beta wallet will also support or control your private keys and users can get a quick access to BCH after the software updating completes.
The popular Mobile & Web Bitcoin Wallet which will never compromise with your private keys. After the successful fork, it will automatically update and you have the equal amount of Bitcoin.
• Bitcoin Classic UAHF Client:
The desktop wallet, supports the BCH and you can easily follow the Bitcoin cash by installing it.
For claiming your BCH is depending on the type of your wallet and you can easily claim or trade your Bitcoin cash. You must carefully pick your wallet, which helps you in playing with your private keys.