Topic: Do I heed to do something with my coins before and if there is a fork? (Read 1196 times)

You only need to do something if you think you may need your money sometimes soon.. If there's a hard fork (that's a big IF, actually), I'm afraid quite many people would be in a state of panic, sending BTC's price up and down, so you'll have to stay quiet (HOLD) for quite a while.

Problem in what QA said is that, what if the price goes up after he sold his coin.  Then he have to rebuy it at higher price?  I would listen to what Amph said, Ill just keep it in a wallet where I have access on its private key and if ever a HF happen and chainsplit occur then I have my coins at both chain and that is a bonus for me .

To all the people who responded to this post thank you very much for your great advice.

It will depend on how you see bitcoin, if you think bitcoin will survive the fork then just keep your bitcoin, but if you think bitcoin will failed after the fork then go sell your coin to fiat or exchange it with alt coin, and if you are confused just sell half of your bitcoin, so no matter what is the result you not going to lose all of your wealth

There are three different types of answer to this question.  The first and foremost is:

1) economically.  Should you hedge against the market appreciating/depreciating bitcoin_and_its_twin ?   Meaning, should you get out and convert to fiat ?  Should you get out and convert to alt coins ?  Should you keep bitcoin ?

That's a question I cannot answer in your place.

2) technically.  By far the safest way to do something is to withdraw all your bitcoin from exchanges, online wallets and other things *where you don't really own the coins*, and get them in a paper wallet at your place, and keep some safe copies, "until all this is over" (however, see 3) ).  You are never certain about what will happen to online entities to which you have trusted the ownership of your coins in these circumstances, you should hold them yourself.

3) when will it happen ?  My opinion is: never.  There won't be a hard fork, I've explained many times why I'm convinced that no hard fork will happen any time soon in bitcoin.  There are really good reasons to think so.  Read my arguments, read other people's arguments, and judge for yourself.   TL;DR: those that CAN hard fork, have nothing to win in doing so, and much to lose, as long as the name "bitcoin" is what gives it value.  They only do so because they don't want change, and if they do nothing, Core will impose change (by a soft fork), so they have to do something that counters Core ; the only way to do so is to prepare a hard fork that will not be executed but makes the soft fork impossible.

Now, 3 is annoying, because it means that if you prepare for a hard fork that will never come, you are stuck with your paper wallet waiting for ever.

it doesn't make sense to sell, in no case you will lose your coins, at best they get more value because out of both chain, BU itself is not going to destroy bitcoin, only moron panic dump will

therefore there is nothing to do for the average joe that want to be safe with his bitcoin, and the exchange were clear about listing BU as an altcoin, this is another point in favor of doing nothing

Yeah, there is not really anything you can do…

I mean you can’t choose to get all your bitcoins in the form of bitcoin core or all your bitcoins in the form of bitcoin unlimited, so all you can do is to sit and wait until the hard fork happens, and you’ll have two types of bitcoin in your wallet.

You could take advantage of this situation by doing some trading, however it is unclear right now where the markets are heading at currently.

If you store your bitcoins in an online wallet, make sure they agree to give you coins in both BTU and BTC form.

nah, you just wait there and see what happens lol

Nope, you don’t need to do anything in a case of a hard fork.

Let’s say that you have 10 BTC in an address that you hold, when the fork happens, you’ll have 10 BTC on the Bitcoin Core chain and another 10 BTU on the bitcoin unlimited chain.

Pretty sure that if you hold your coins on an exchange most of the exchanges will reimburse your coins to you in the form of both BTC and BTU, except if your coins are on loan for margin trading on Poloniex, I believe.

If you only want one version of bitcoin, then you can sell your BTC for BTU or BTU for BTC after the fork.

There is nothing you need to do in case of a hard fork. Just make sure that you control the address that you are holding the bitcoins in instead of having on a shitty exchange like Yobit who is generally very unclear on their policies on altcoin hard forks.

Once a fork happens you’ll have both BTU and BTC coins 1:1, the process is automatic.

If you think that bitcoin is doomed because of this fork, sell your coins now, and buy them back later when it is probably going to be cheaper.

Be careful, if they are on poloniex lending then you won't have new coins after the hard fork!
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/

So it would be better to get your BTC on some wallet you control!

I thought there will be no hard forks to think of? I thought this issue is now dropped? And even if they split my coins, I only care as long as I dont lost it. No hard forks will be happening right? We just need to wait and be patient, and if the fork was implemented, then we panic.

No need to panic but of course many are worried  what will happen after a hard fork.There are still uncertainty and most are cautious what to do. Me too I have some bitcoin stuck on exchanges and praying that all will be fine. No one wants to lose their bitcoins. Let us just keep updated and be informed always.

First and foremost it is your choice on what to do with your coins,but if there is a split in the network and if you are holding your private keys then you will be having double the coins and only time will tell whether the split coin will have any valuation ,other than that there is no need for any panic.

Sorry but I was away for a little while ...
When this hard fork will come???
Please provide links for statements!

I see your point. Why not have a few coins in each chain. I sold what I had left above $1,200 (230 btc). I got a little under $300k for them. If the btc/usd exchange rate drops back below $1k per coin I will buy back in for $50k just to hold for the chain split. Then even if I lose everything, which is highly unlikely, I will only have lost my profit.

Interesting, I wasn't aware that this occurred. I'd like to read more about it, can you share a site or reference details on when this happened and with which ethereum "Bank".


Remember that all of these Bitcoin bank companies have a lot to lose if they f*ck with customer accounts. They're all making decent money providing the services they offer, and all of it is built on trust. If they violate that trust, they go out of business...that's a pretty severe consequence.

That would all depend on how you hodl.  Are you using a webwallet, an exchange or some other type of third party service to hold your bitcoins for you?  Do you run a client?  If so, is it a full node or a lightweight SPV client?  HostFat has a work-in-progress guide here to be absolutely sure you're ready for any outcome and also have the ability to choose your desired chain if you happen to disagree with the longest one.

If uo keep them on your wallet, and the chain splits, x coins would result in x coins in one chain and x coins in the other.
If you keep them at a "bitcoin bank", the bank may refuse to give you the coins on one of the chains, something like this happened when ethereum split (some "wallets" refused to give users their ETC).
Keep them on a paper wallet, and then, if you think it is wise, trade them after the dust settles.