August 1, 2017: What happens to our bitcoins during a hard fork? [Explained]

I've seen a lot of questions and a lot of "GET YOUR COINS OUT OF EXCHANGES" comments. I've been looking around for some answers and stumbled upon this video (5 Min) from Andreas Antonopoulos, whom does a very good job of explaining what's going to happen and what choices you have. Hope it helps! 🙂

https://www.youtube.com/watch?v=sNR76fWd7-0

TL;DW: what to do

1) If you directly control the private keys to your bitcoins, you're fine: your coins aren't being invalidated or going anywhere. When the hard fork happens, you can just decide which chain you want to continue with. just HODL until things clarify.

2) If you don't control the private keys to your bitcoins (ex. on an exchange), move them to address that you control. If you don't, whoever controls your bitcoins will be deciding for you, and not all exchanges/ wallets will be supporting both sides of the fork.

submitted by /u/ChanDroid_
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