Are you going to keep your BTC on exchange during the upcoming forks? - page 4.

KingdomHearts

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Quote from: susila_bai on October 14, 2017, 10:02:13 AM

During last hardfork August 1st i kept small portion of bitcoin in yobit and other wallet and main bitcoin balance was in desktop wallet, as soon as the hardfork happened i immediately received BCC/BCH coins in exchange like yobit and was able to sell them on high rate but i was not able to claim my hardfork coins for bitcoins kept in desktop wallet due to risk of getting the wallet hacked and have to create new wallet and i dont want to take risk. So this time i am thinking of transferring all my bitcoins to yobit wallet and as soon as hardfork happen i will withdraw it and just sell the hardfork coins at high rate.

That would be a pretty big mistake though but the choice is yours and I hope you will be able to own up to it if anything goes wrong. I am not saying these exchanges are not trying to stay on top of their game, but you have no control of your funds and what if something goes wrong ? Are you really willing to give it up for not being able to exchange at a better price ?

I will advise if you want to capitalize on that, you can move some small part to yobit and then leave some in your wallet, in that way you divide the risk. However, the choice is yours, so I cannot make decisions for you, just a suggestion to a folk.

hisuka

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Quote from: lady Royal on October 17, 2017, 04:52:57 AM

I really don't care that much, I will keep my coins. Yes, I will withdraw all my coins if I see that price is going down because I don't want any loss. However, I guess the price will go up more after the fork what are you guys predicting?
Also, I am going to hold my Bitcoin in my wallet not in an exchange or anywhere, Maybe I will upload all the coins in offline wallet.

I do not save bitoin in the exchange as this has the high risks of getting loss all your funds in the exchange. I still prefer holding or I keep btc in other wallet wereas I can save all my hard earn btc in a wallet.

n691309

legendary

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Quote from: hatshepsut93 on October 14, 2017, 06:03:27 AM

The common advice for a fork is to move your money away from any online wallet and store it safely in your own wallet. And this is in fact a really good advice, because it's always safer to store your coins by yourself. But after August 1st some people who followed this advice started making angry posts about how they regret listening to it because they missed on an opportunity to sell their BCH coins while the markets were closed for deposits for that coin. This showed that holding your money on exchange is a risk that also has a potential reward - immediate access to a closed market for a forked coin.

So, I'm curious to ask traders two things:

1. Did you hold your BTC on exchange on August 1st?
2. Are you going to hold on exchange during Bitcoin Gold fork and during SegWit2x fork?

I am not making a mistake like that. Although some exchanges like bittrex did a pretty good job and quickly gave their users the other side of the chain to decide what to do with it while some waited for so long until the price has finally bounced almost to the grave before doing so.

It is best I put my funds in any wallet where I have my private keys and after the fork, once the coast is settled, I do the needful and move my things. However, just a little will be in bittrex for exchange purposes but nothing more than I can afford to lose in case something goes wrong.

yrreg ger

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Quote from: Sewarlock on October 17, 2017, 04:46:30 AM

I'd recommend not to keep your BTC on an exchange during the fork. There have been many modifications and as suggested by a lot, it's better to make sure that your wallet provider supports the new enhancements and changes to the fork. Check with them if they will issue BTC gold and have your stacks stored based on that. You can send your BTC after to any exchange and start trading again, but remember what happened with the previous fork.. it was mayhem during the first days and weeks but suprisingly Bitcoin Cash is still alive, who knows for how long though.

Yes it is not recommended to keep your bitcoins or any of your tokens in the exchanges when there is a fork happening. The chance that your coins will be affected and will be lost is high if that exchanges made any changes or modifications. It is highly recommended to take out your coins in exchanges and then keep it into safer wallets if you don't want your hard work to go to waste. For me, I will hold my bitcoins in my wallet even if there will be a hard fork coming. I know that bitcoin will surpass this again and I believe that its price will skyrocket again.

lady Royal

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I really don't care that much, I will keep my coins. Yes, I will withdraw all my coins if I see that price is going down because I don't want any loss. However, I guess the price will go up more after the fork what are you guys predicting?
Also, I am going to hold my Bitcoin in my wallet not in an exchange or anywhere, Maybe I will upload all the coins in offline wallet.

Bluebutterfly

newbie

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you can keep your BTC on your wallet and ask for BCG when the fork is done.

Sewarlock

member

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I'd recommend not to keep your BTC on an exchange during the fork. There have been many modifications and as suggested by a lot, it's better to make sure that your wallet provider supports the new enhancements and changes to the fork. Check with them if they will issue BTC gold and have your stacks stored based on that. You can send your BTC after to any exchange and start trading again, but remember what happened with the previous fork.. it was mayhem during the first days and weeks but suprisingly Bitcoin Cash is still alive, who knows for how long though.

kevoh

full member

Activity: 448

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Quote from: hatshepsut93 on October 14, 2017, 06:03:27 AM

So, I'm curious to ask traders two things:

1. Did you hold your BTC on exchange on August 1st?
2. Are you going to hold on exchange during Bitcoin Gold fork and during SegWit2x fork?

1. I moved my BTC to a cold storage wallet and I do not regret the choice and moved on immediately.

2. Right now I am in an exchange and will be hodling till after the said dates. if there's a negative outcome of my choice, I doubt if I would whine about it.

In conclusion, people should ensure their BTC are in a trusted exchange.

Zadicar

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Quote from: dothebeats on October 14, 2017, 08:07:42 AM

The previous fork, I only received a portion of what I'm supposed to get, and that's because I kept my coins on an exchange that doesn't fully support the split during that time. A month later, they decided to give their users their share of the split during that day's conversion rate. It was unfair, but at least they have given something to their customers. I'm not making the same mistake again and I'll keep my own coins in my own wallet to take advantage of the upcoming split.

We do have the same experience which i do only get the partition which is based on the current rate which isnt being based on those fork event rates and yet they do give 3 months later which i do say its already long.That was really a lesson learned for us which i didnt tend to make the same mistake again specially on this upcoming fork.I would rather store up my coins on Electrum which i can somehow guarantee to recieve exact numbers of BTG.

Mpamaegbu

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Quote from: Gozie51 on October 14, 2017, 10:47:44 AM

More like once "beaten twice shy ". Your response have taught me something. I have to follow in the holding too because I do desire to get some of that benefit but don't know how the advantage will be, is it going to be like percentage or something....

No, it is not done in percentage. It is on ratio according to the last fork. It was on 1:1. It meant that 10 btc gave you 10bitcoincash. And 3btc was equal to 3bch. So, we also expect such sharing formula with this fork.

buwaytress

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The advice should stay the same, as the point is really the same, control your funds or risk them by trusting a service. In my case, most of my risked Bitcoins were already held at a site which committed to provide an equal amount of BCC/H. I was unlikely to have withdrawn them anyway had they not made their commitment. These were coins I'd already risked by trusting that service, since the benefits I gained required that trust.

A very small portion was left at an exchange that actually distributed BCC/H on the day of the fork. I liquidated all of it immediately and was able to take advantage of a price close to ATH. The same principle here. I'd already risked my BTC there for trades.

Now the coins I consider my savings/holdings, these are always in my own wallet.

I guess what I'm trying to say is, fork or no fork, the principle is always, trust no one but yourself with your coins. If you have to use a service, that's always going to involve you trusting them.

btcdevil

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Last hardfork i was not able to claim due to i am in signature campaign and i dont want to change my receiving wallet address. I have withdrawn all my btc to my desktop wallet but due to wallet conversion problem i did not claimed BCC till now. But this time i am thinking of keeping some bitcoins in exchange which is supporting Bitcoin gold hardfork so that i can get some free coins and enjoy the free bitcoins.

haroldtee

sr. member

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Quote from: SMSabuj on October 16, 2017, 03:56:42 AM

Yes, I want to keep my Bitcoin on the exchange during the upcoming hardfork. At the previous hardfork I kept my Bitcoin in Bittrex. Bittrex support harfork. And it gave me BCC into my Bittrex wallet.

It is funny seeing the number of people who are willing to leave their funds on exchanges. Sure, things really went pretty well the last time and I am not surprised people can really change their mind or try to gamble the safety of their asset based on that. However, it is always better to play safe and at least not to put everything you have in an exchange hoping for the same thing. It is hope and a high risk that would pay but at thesame time be a crazy loss if things should go wrong.

Pamadar

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Quote from: hubballi on October 16, 2017, 10:13:17 AM

Quote from: hatshepsut93 on October 14, 2017, 06:03:27 AM

The common advice for a fork is to move your money away from any online wallet and store it safely in your own wallet. And this is in fact a really good advice, because it's always safer to store your coins by yourself. But after August 1st some people who followed this advice started making angry posts about how they regret listening to it because they missed on an opportunity to sell their BCH coins while the markets were closed for deposits for that coin. This showed that holding your money on exchange is a risk that also has a potential reward - immediate access to a closed market for a forked coin.

So, I'm curious to ask traders two things:

1. Did you hold your BTC on exchange on August 1st?
2. Are you going to hold on exchange during Bitcoin Gold fork and during SegWit2x fork?

Ya i had hold my BTC on exchange on August 1st, that is why i was able to sell my BCC coins on high rate before everyone got it. And i am going to do it this hardfork time also as my exchange yobit is supporting it,

wow there's a lots of exchange that will be able to take care of our coins and for all of the sudden you mention yobit to be your choice? I'm just surprise
after so many complain about that platform but its your own decision and you made it from the first one with bcc so good luck to you I will also try some btc inside trex if they will announce to fully supporting the fork.

Singwala

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This is possible because I have received my free BCC exchangers bitcoins during 1st fork and will do it again but with Coinomi's Coin apps because they are faster and fair they will be giving our free BCC on first Forking. But we still do not really 100% sure things happen so it's more bitter that you keep your bitcoins on a secure wallet that you are able to hold your private keys so that's not a problem when it's Hard fork are implemented

Vovanis

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No I don't think so...)

cruso

member

Activity: 109

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Nope, I will be holding my bitcoins. I don't trust exchanges anyways, look at bittrex now, polo with daily complaints, who next. With the upcoming 'airdrop" , it is best to hold me coins.

nidacoinlove

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Merit: 254

Quote from: dothebeats on October 14, 2017, 08:07:42 AM

The previous fork, I only received a portion of what I'm supposed to get, and that's because I kept my coins on an exchange that doesn't fully support the split during that time. A month later, they decided to give their users their share of the split during that day's conversion rate. It was unfair, but at least they have given something to their customers. I'm not making the same mistake again and I'll keep my own coins in my own wallet to take advantage of the upcoming split.

Almost everyone has received some share of the bitcoin cash as a result of the previous segwit2X. But it is still way risky to keep your coin on an online wallet. I suggest everyone to not to put your coins in any kind of risky situation. As even if you get some reward is it very much little as compared to the ratio of the risk which is quite high. I am not going to put my bitcoin in any online wallet.

Bluebutterfly

newbie

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It's not a good idea to hold all of your funds on an exchange, that's too risky. you should only keep what you want to trade with. and hold the rest in a safe wallet.

hubballi

sr. member

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Quote from: hatshepsut93 on October 14, 2017, 06:03:27 AM

The common advice for a fork is to move your money away from any online wallet and store it safely in your own wallet. And this is in fact a really good advice, because it's always safer to store your coins by yourself. But after August 1st some people who followed this advice started making angry posts about how they regret listening to it because they missed on an opportunity to sell their BCH coins while the markets were closed for deposits for that coin. This showed that holding your money on exchange is a risk that also has a potential reward - immediate access to a closed market for a forked coin.

So, I'm curious to ask traders two things:

1. Did you hold your BTC on exchange on August 1st?
2. Are you going to hold on exchange during Bitcoin Gold fork and during SegWit2x fork?

Ya i had hold my BTC on exchange on August 1st, that is why i was able to sell my BCC coins on high rate before everyone got it. And i am going to do it this hardfork time also as my exchange yobit is supporting it,

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