Dear Inlockers!
Although I’m sure a lot of you know about the upcoming BCH hard fork, we thought we’d add our own thoughts. In case some of our readers haven’t heard, the Bitcoin Cash blockchain will have a hard fork on the 15th of November, meaning for every BCH held in offline wallets (or in wallets on supported exchanges), the owner will get the equal amount in the new coin after the hard fork. Click to see their official GitHub page for details.
Although the Inlock platform isn’t up and running yet, we felt the urge to let you know how to use it to your advantage at the next fork. If you know about the fork well in advance, and you have your money in a crypto accepted by us (initially BTC, ETH, LTC), you can lock it as collateral to get a loan, and use that loan to stack up on the coin to be forked. Seems simple enough, but why not just sell your crypto and buy BCH? In most cases when there’s an upcoming fork, the price of that coin surges, so it’s better to buy early and hold your position. Some speculators buy well in advance and sell before the fork actually happens. Inlock would act as a shield against missing out on potential gains in case the crypto you lock as collateral goes up much more in value.
Ananda Parrott
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