Here is a very simple explanation on what can happen on August 1 when Bitcoin Cash can officially be having its birth to the world of cryptocurrency. It is said that if you are holding the real Bitcoin then you will also have a corresponding Bitcoin Cash for as long as your wallet or exchange site is supporting Bitcoin Cash.
What is Bitcoin Cash? On August 1st, a hard fork will occur in the Bitcoin network, leaving us with 2 existing chains afterwards: Bitcoin and Bitcoin Cash.
Get your Free Bitcoin Cash. Some exchanges are offering 100% free Bitcoin Cash on Aug 1st. For every single Bitcoin you hold in certain exchanges, you will automatically credited with a single Bitcoin Cash coin (worth $407 at time of writing) for free i.e. if you hold 1 Bitcoin, you'll get 1 Bitcoin Cash coin free. Sounds great, right?
Simply hold Bitcoin in one of these compatible exchanges and you'll get an extra free coin.
Should I Switch My Exchange/Wallet? It's up to you! But to me at least, it makes sense that IF YOU ALREADY BITCOIN, you might as well send it to one of the exchanges/wallets that are compatible with Bitcoin Cash... after all, you'll receive free Bitcoin Cash coins just by holding your Bitcoin in one of these places. It's a no brainer if you have Bitcoin already!
You can read it all here. For the list of the exchanges and wallet providers that are supporting Bitcoin Cash, please just go to that link below the quoted post. I hope that this will really be this simple come August 1 as Bitcoin and this whole blockchain technology is built on simplicity and less drama.
