Best wallet for potential fork. - page 3.

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legendary

Activity: 1806

Merit: 1164

Quote from: jekjekman on June 28, 2017, 11:15:07 AM

Quote from: tspacepilot on June 25, 2017, 01:29:39 PM

Quote from: rhyso on June 25, 2017, 05:48:14 AM

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins. In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged. You have private key(s) which are from the shared part of the history. That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names). As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent. If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.

So what if LeftForkCoin and in RightForkCoin really happens after that SegWit2 will be enabled, Should I really make a hardware wallet early as now and get my bitcoin balances from Coinbase? or this Online wallets have a plan also with this event if it will really happen? I am not a geek to know about this sorry.

You have to go by what the wallet providers publish. Trezor is on top of this and is in stock, recommend you buy one before they run out. They seem to be selling fast:) Ledger is already out of stock.

jekjekman

sr. member

Activity: 378

Merit: 250

Quote from: tspacepilot on June 25, 2017, 01:29:39 PM

Quote from: rhyso on June 25, 2017, 05:48:14 AM

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins. In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged. You have private key(s) which are from the shared part of the history. That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names). As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent. If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.

So what if LeftForkCoin and in RightForkCoin really happens after that SegWit2 will be enabled, Should I really make a hardware wallet early as now and get my bitcoin balances from Coinbase? or this Online wallets have a plan also with this event if it will really happen? I am not a geek to know about this sorry.

satoshforever

member

Activity: 84

Merit: 10

Basically the only question here is if "do you have access to your private key"? Even in case of a fork your key will work for your btc address

blockoptions

member

Activity: 132

Merit: 10

Trezor +1, used it to store some ETH and happy with it for now. Cheesy

joseafonso123az

sr. member

Activity: 476

Merit: 250

Quote from: tspacepilot on June 25, 2017, 01:29:39 PM

Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins. In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged. You have private key(s) which are from the shared part of the history. That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names). As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent. If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.

Looking it in this way, and I am a newbie around, This makes me think, with some wallets, people will lose money(bitcoin) ?

BitcoinNewsMagazine

legendary

Activity: 1806

Merit: 1164

Trezor and Ledger have been through this before with previous fork scares, and have always promised firmware updates that would allow one to spend on the fork of your choice. Using a hardware wallet with Electrum might be a very good choice.

BitcoinSupremo

copper member

Activity: 1442

Merit: 529

Electrum and some hardware wallets have promised versions that will support both chains when the time comes so it is better to stick to one of them if you want to be ready for a potential fork. Electrum is a free wallet and the hardware ones you need to buy them but since you are an investor as you say I don't think 0.05 bitcoin will be a problem as that's the cost for one of them.

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: rhyso on June 25, 2017, 05:48:14 AM

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins. In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged. You have private key(s) which are from the shared part of the history. That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names). As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent. If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.

Quote

But I do have keys and my wallet seems pretty pro

So, this part is good.

rhyso

full member

Activity: 129

Merit: 100

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

But I do have keys and my wallet seems pretty pro and has lots of support. It all just seems a bit vague for us crypto investors that are not tech savvy.

Cheers

Rhyso

HCP

legendary

Activity: 2086

Merit: 4361

Simple test to see if your wallet is suitable for holding coins:

1. Does your wallet provide you with the private keys for all addresses contained in it?

Yes? Wallet is OK.
No? Wallet is not Ok.

If you have access to the private keys, you are good to go regardless of what happens. You can put your private key(s) into "LeftForkWallet"™ and have access to "LeftForkCoins"™... and/or you can put your private key(s) into "RightForkWallet"™ and have access to "RightForkCoins"™

What you DO NOT want to do is put your coins in any online service like an exchange/gambling site/web wallet etc where you do not have direct control over the private keys and are at the mercy of that service as to which way they want to send to your coins.

rhyso

full member

Activity: 129

Merit: 100

Hi There,

Trying to get my head around the coming fork or whatever might happen.

It is all a bit over my head. So i'll leave it to the experts.

Just wondering what is the best wallet to use to protect my investments.

I have both BTC and ETH so I am using Exodus at present as it is nice clean, and holds my coins in one place.

Should I be using a wallet that downloads the entire blockchain instead, to keep my BTC for the coming month or two?

I am sure some of you BTC geeks will know.

Advice appreciated, explanations would be awesome.

cheers,

Rhyso

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