Topic: HardFork What to do (Read 5569 times)
To be safe it is wise to leave bitcoins in your wallet.
I agree with one of the defendants - just keep the bitcoins in your wallet.
I've gone for the 'devil may care' approach of putting my coins into Kraken, who have promised to credit all accounts with Bitcoin Cash at 1:1 rate.
The value is always determined by the market, Also remember that not all BCC are claimed or will never be claimed for many reasons, It can be said that the price is backed by buying walls in the exchanges, So the price is determined based on the law of supply and demand, An imbalance moves the price in some direction.
Thank you for confirming my theory about it.
Just a few questions please..
If there are more than 16.3 Million BTCs right now, and BTC holders will gain free BCC due to the Aug 1 fork at a 1:1 ratio, does this mean they are giving away 16.3Million+ x $400 worth of BCCs? Is BCC already backed by Fiat, or BCC initially has no value but will gain value once the holders of the free BCCs start selling and people start buying this new coin idea?
I am quite curious because at some point I thought this is somewhat like a cryptocurrency inflation.. but I'm a newbie so I most certainly might be wrong.
If there are more than 16.3 Million BTCs right now, and BTC holders will gain free BCC due to the Aug 1 fork at a 1:1 ratio, does this mean they are giving away 16.3Million+ x $400 worth of BCCs? Is BCC already backed by Fiat, or BCC initially has no value but will gain value once the holders of the free BCCs start selling and people start buying this new coin idea?
I am quite curious because at some point I thought this is somewhat like a cryptocurrency inflation.. but I'm a newbie so I most certainly might be wrong.
The value is always determined by the market, Also remember that not all BCC are claimed or will never be claimed for many reasons, It can be said that the price is backed by buying walls in the exchanges, So the price is determined based on the law of supply and demand, An imbalance moves the price in some direction.
Just a few questions please..
If there are more than 16.3 Million BTCs right now, and BTC holders will gain free BCC due to the Aug 1 fork at a 1:1 ratio, does this mean they are giving away 16.3Million+ x $400 worth of BCCs? Is BCC already backed by Fiat, or BCC initially has no value but will gain value once the holders of the free BCCs start selling and people start buying this new coin idea?
I am quite curious because at some point I thought this is somewhat like a cryptocurrency inflation.. but I'm a newbie so I most certainly might be wrong.
If there are more than 16.3 Million BTCs right now, and BTC holders will gain free BCC due to the Aug 1 fork at a 1:1 ratio, does this mean they are giving away 16.3Million+ x $400 worth of BCCs? Is BCC already backed by Fiat, or BCC initially has no value but will gain value once the holders of the free BCCs start selling and people start buying this new coin idea?
I am quite curious because at some point I thought this is somewhat like a cryptocurrency inflation.. but I'm a newbie so I most certainly might be wrong.
Buying a Trezor would help the most, but if not then I guess you should definitely import your private keys and keep them with yourself and delete them from any other third party sites and/or you should not keep your coins on any exchanges... It seems that the situations are worsening and BCC is about to be released for sure as miners are interested in running a different chain with a different coin, but let's see how it all goes...
Can transactions be reused on both chains? If I send bitcoin from one address that has a private key with both types of bitcoin on it, can that transaction be cloned and broadcast to another chain?
Make sure you have access to your BTC's private key before the fork. Hold tight as the price volatility of BTC and BCC will be high after the fork.
Please never keep BTC on an exchange.
This goes against crypto. You are submitting yourself to a centralized authority.
If you do not own the private keys, you do not own the coins. Simple as that.
This goes against crypto. You are submitting yourself to a centralized authority.
If you do not own the private keys, you do not own the coins. Simple as that.
Why not 3 or even 4 Chains? Even more Profit?
Economic basics aren't very strong on this forum.
They are saying to not do anything except for taking out your bitcoins on known exchanges as they will have problems after the day it happens.
They will not know and recognize what you had before the chain split happens.
They will not know and recognize what you had before the chain split happens.
yes.. this is the most important thing.
Do not store bitcoin an Exchange.
There, you cannot access to your private Keys...
and if so, you cannot import it in other forked wallet
They are saying to not do anything except for taking out your bitcoins on known exchanges as they will have problems after the day it happens.
They will not know and recognize what you had before the chain split happens.
They will not know and recognize what you had before the chain split happens.
If you have your bitcoin on a Trezor you will also have access to BCC https://blog.trezor.io/bitcoin-cash-hard-fork-chain-split-safe-guide-abbe3e9c553f
When chain split and everybody get BTU what about Exchange address . ? Will your BTC lying there get BTU to, or will exchange get it and we rely to get it from them. Seems there is allot of wriggle room for loosing BTC while both chains so similar "For the Anonymous Hacker that always slip away with funds"
Is it better to have BTC off site and not send while and after for a time to be safe,while two branches similar allot can go wrong in transactions i guess.
Its sad that BTC market can be so taken over. Not that the confused market will regain trust soon and in what coin the confusion and distrust will set us back years if not open another coin as KING.Just a coin monopolized by the rich . I understand the view of miners and the mining EQ supply buissines is huge so Hard Fork will have more support i suppose but the faith in it i dont know .
Sorry i just saw this https://bitcointalksearch.org/topic/august-1-bip148-preparedness-2017191
Is it better to have BTC off site and not send while and after for a time to be safe,while two branches similar allot can go wrong in transactions i guess.
Its sad that BTC market can be so taken over. Not that the confused market will regain trust soon and in what coin the confusion and distrust will set us back years if not open another coin as KING.Just a coin monopolized by the rich . I understand the view of miners and the mining EQ supply buissines is huge so Hard Fork will have more support i suppose but the faith in it i dont know .
Sorry i just saw this https://bitcointalksearch.org/topic/august-1-bip148-preparedness-2017191
i can suggest you to put your bitcoin in a wallet when you can access to private Keys..
if fork will occurs, do not use your bitcoins for some days, until all will work fine...
then you shall download the new wallet for the forked chain and you will import the PK into...
Then you will have the same amount of btc on the old chain and in the new one.
Because Bitcoin ABC built two way replay protection into the client the easiest way to claim your BCC is to have your bitcoin in Bitcoin Core before the hard fork. After the hard fork copy your pre-fork wallet.dat over to the Bitcoin ABC 0.14.5 client, or import your private keys. If you are using a hardware wallet the manufacturer should do the BTC/BCC split for you, or provide a tool to do so.
I recently sold my bitcoin at 2,500usd just to be safe until August one because I don't trust bitcoin wallets. I will buy bitcoin after the hardfork updates.
What to do if you run a node?
If you run Bitcoin Core 0.14.0 is it good to update to the 0.14.2 before August 1st? Or better do nothing?
If you run Bitcoin Core 0.14.0 is it good to update to the 0.14.2 before August 1st? Or better do nothing?
I am not a tech guy and I don't understand this article - http://docs.electrum.org/en/latest/hardfork.html
Well I would like to know are they update their Windows Wallet application with both type of Bitcoin so the noob users don't have to do anything.
Probably not... Electrum doesn't need to change anything to continue working as designed... it will happily connect to Electrum Servers and retrieve the information as required. If a fork happens and you want to follow both sides of the split, you'll need to do it on your end.Well I would like to know are they update their Windows Wallet application with both type of Bitcoin so the noob users don't have to do anything.
If that is too much trouble for you, then just sit tight... Electrum allows you to have easy access to your private keys... so you can just export them and import them into "OtherSideOfTheSplit" wallet as required to access coins on the other chain if required.
there are two potential hard-forks that I can
think of Some miners most likely will not comply to BIP148. To ensure their chain is not reorged, a
hard-fork is necessary, unless their hashrate is
overwhelmingly higher. Since the hard-fork will
create another chain split, they may hesitate to
do it.
think of Some miners most likely will not comply to BIP148. To ensure their chain is not reorged, a
hard-fork is necessary, unless their hashrate is
overwhelmingly higher. Since the hard-fork will
create another chain split, they may hesitate to
do it.
I am not a tech guy and I don't understand this article - http://docs.electrum.org/en/latest/hardfork.html
Well I would like to know are they update their Windows Wallet application with both type of Bitcoin so the noob users don't have to do anything.
Thanks.
Well I would like to know are they update their Windows Wallet application with both type of Bitcoin so the noob users don't have to do anything.
Thanks.
ELECTRUM or MULTIBIT wallets are not safe in this case?
I would also like to know . Thx
Electrum is fine... it provides easy access to private keys if required, and is regularly updated and supported. The dev has even created instructions for how to "split" your coins if required in the increasingly unlikely event that a hard fork happens... ref: http://docs.electrum.org/en/latest/hardfork.html
MultiBit (both Classic and HD) on the other hand... while they both provide access to private keys... should NOT be used for other non-fork related reasons... Classic is no longer maintainted and is VERY outdated... especially when it comes to fees. HD has some fairly major bugs that were reported as early as March/April and are STILL unresolved.... no updates visible on the code since March... and even the devs are saying to use Breadwallet and/or Simple Bitcoin Wallet to "rescue" your coins when their wallet craps out and you get the dreaded "Password did not unlock the wallet" issue. Additionally, HD does not provide "easy" access to your private keys... (Although it is "Seed" based and you can use the BIP39 mnemonic code converter to get access to keys: https://iancoleman.github.io/bip39/)
All you need to do is to store your BTC in a hard wallet that u can acces the private keys. don't use Coinsbase,Xapo, or any Bitcoin wallet that you cannot access your private keys. This is may result of losing your btc. Or Simply sell your Bitcoins now (2800$) price
into fiat and buy back again after segwit. I think this is like Ether price drop 40% quickly recover.
into fiat and buy back again after segwit. I think this is like Ether price drop 40% quickly recover.
Rule of thumb is - make sure you're using a wallet that gives you access to your private keys.
I'd recommend either a Trezor or Ledger for a hardware wallet, or even a desktop wallet like Exodus. You'll be very safe that way. After the fork you can then decide what to do from there.
I'd recommend either a Trezor or Ledger for a hardware wallet, or even a desktop wallet like Exodus. You'll be very safe that way. After the fork you can then decide what to do from there.
ELECTRUM or MULTIBIT wallets are not safe in this case?
I would also like to know . Thx
All you need to do is to store your BTC in a hard wallet that u can acces the private keys. don't use Coinsbase,Xapo, or any Bitcoin wallet that you cannot access your private keys. This is may result of losing your btc. Or Simply sell your Bitcoins now (2800$) price
into fiat and buy back again after segwit. I think this is like Ether price drop 40% quickly recover.
into fiat and buy back again after segwit. I think this is like Ether price drop 40% quickly recover.
Rule of thumb is - make sure you're using a wallet that gives you access to your private keys.
I'd recommend either a Trezor or Ledger for a hardware wallet, or even a desktop wallet like Exodus. You'll be very safe that way. After the fork you can then decide what to do from there.
I'd recommend either a Trezor or Ledger for a hardware wallet, or even a desktop wallet like Exodus. You'll be very safe that way. After the fork you can then decide what to do from there.
ELECTRUM or MULTIBIT wallets are not safe in this case?
All you need to do is to store your BTC in a hard wallet that u can acces the private keys. don't use Coinsbase,Xapo, or any Bitcoin wallet that you cannot access your private keys. This is may result of losing your btc. Or Simply sell your Bitcoins now (2800$) price
into fiat and buy back again after segwit. I think this is like Ether price drop 40% quickly recover.
into fiat and buy back again after segwit. I think this is like Ether price drop 40% quickly recover.
Yap and i think this is just a common style for the upcoming hardfork. We may never know whats gonna happen as it may be just be another beta for the real thing thats gonna happen. A lot may say that he price might become unpredictable and that can be true this will just be another milestone for a new change in the btc.
All you need to do is to store your BTC in a hard wallet that u can acces the private keys. don't use Coinsbase,Xapo, or any Bitcoin wallet that you cannot access your private keys. This is may result of losing your btc. Or Simply sell your Bitcoins now (2800$) price
into fiat and buy back again after segwit. I think this is like Ether price drop 40% quickly recover.
into fiat and buy back again after segwit. I think this is like Ether price drop 40% quickly recover.
LOL what we can do? We only can wait & watch...nothing is in our hands.Dont worry
For security and fear of change you can change your BTC to USDT or fiat money memontarily for security or safety purposes . You can always return if changes are finished.
I would try to store all my bitcoins in a hardware wallet with the private key being next to you. Or alternately, you could, as mentioned before, invest in any top 5 altcoin as their prices go up due to demand and then later rebuy when the all-clear has been given in the following hours after August 1. Or you could even go the distance to sell all your coins at the last possible time and then re-buy at the earliest time you can. This ensures that you get the best possible price when you get back aftermath Segwit2x
Keep the suckers offline my friend.
You don't own your crypto if you don't detain the private keys.
You don't own your crypto if you don't detain the private keys.
The whole Bitcoin community is now full of so many news, ideas, opinions and anything in between related to the possible soft or hard fork. I am glad that am not anymore storing a significant amount of Bitcoin as I used them in the past few weeks for some nice ICOs.
Well, for now, nobody can really assure whether there would be a fork and if there is whether it can be soft or hard. There is no single authority on Bitcoin which is always opening doors for speculations and FUD running amok.
After August 1 and when the dust already settled, it would be nice to revisit all the lessons we should learned on this necessary mess.
Well, for now, nobody can really assure whether there would be a fork and if there is whether it can be soft or hard. There is no single authority on Bitcoin which is always opening doors for speculations and FUD running amok.
After August 1 and when the dust already settled, it would be nice to revisit all the lessons we should learned on this necessary mess.
Too many different ideas. I decided to follow one of the developers ideas which is a great member of this forum too "achow1" which says transfer all your coins to bitcoin core wallet and wait what will happen. I have a really considerable amount of bitcoins which I am moving from my hardware wallet to bitcoin core as soon as it will be synchronized. I don't want to lose anything so I am following a bitcoin core developer idea. I hope I will be right.
I'm pretty sure you'll find that achow NEVER explicitly suggested that your move all your coins to bitcoin core wallet... and probably never suggested that you move coins OUT of a hardware wallet! 
The general consensus on the best course of action is to make sure that your coins are in a wallet that gives you access to your private keys. Control and Access to the private keys is the important thing. If your wallet lets you have access to the private keys, you can do whatever you need to do with your coins if/when a fork happens. Read here: https://bitcointalksearch.org/topic/august-1-bip148-preparedness-2017191 and here: https://bitcointalksearch.org/topic/guide-handling-splits-uasfs-bip148-etc-2012799
Not sure what hardware wallet you're using... but I'd be fairly confident it will allow you access to your private keys and is probably a more secure storage solution than an internet connected PC.
Rule of thumb is - make sure you're using a wallet that gives you access to your private keys.
I'd recommend either a Trezor or Ledger for a hardware wallet, or even a desktop wallet like Exodus. You'll be very safe that way. After the fork you can then decide what to do from there.
I'd recommend either a Trezor or Ledger for a hardware wallet, or even a desktop wallet like Exodus. You'll be very safe that way. After the fork you can then decide what to do from there.
Seems like good advice to me.
Too many different ideas. I decided to follow one of the developers ideas which is a great member of this forum too "achow1" which says transfer all your coins to bitcoin core wallet and wait what will happen. I have a really considerable amount of bitcoins which I am moving from my hardware wallet to bitcoin core as soon as it will be synchronized. I don't want to lose anything so I am following a bitcoin core developer idea. I hope I will be right.
Why not 3 or even 4 Chains? Even more Profit?
Hodl -> Hardfork -> 2 different Bitcoins -> Profit.
We can all only guess, but if you want to HODL you need to make sure to use a wallet which allows you to control your private key.
Another option is obviously to trade BTC for alt coins or to sell and rebuy later.
I would propose not to buy right now, as we still have a bit of time ahead of us with uncertainty and panic sales - guessing the prices will lower a bit. I will probably buy back somewhere late August as I am currently guessing that the hard fork will not be a big issue (with Segwit2x seemingly having around 90% of support and therefore we might only see a 10% split in value towards the alt bitcoin version). Once people realize that, everybody who pulled out will want to buy their BTC back.. and then we might see a massive and fast pump back to June regions.
Another option is obviously to trade BTC for alt coins or to sell and rebuy later.
I would propose not to buy right now, as we still have a bit of time ahead of us with uncertainty and panic sales - guessing the prices will lower a bit. I will probably buy back somewhere late August as I am currently guessing that the hard fork will not be a big issue (with Segwit2x seemingly having around 90% of support and therefore we might only see a 10% split in value towards the alt bitcoin version). Once people realize that, everybody who pulled out will want to buy their BTC back.. and then we might see a massive and fast pump back to June regions.
beware for big price jumps. could be down or... up. you don't want to miss the boat when btc starts skyrocketing
Splitting of chain is the worst case scenario. Nobody wants that and every possible thing is being done to avoid it. Segwit2x will certainly prevent it if gets activated before UASF. But preparing for worst case scenario is not bad. What I suggest you is don't convert all your bitcoin to fiat. Instead invest in any top 5 Altcoin as they are likely to appreciate as people will be shifting to them. If you aren't sure about trading then convert you BTC to USDT. Thus, your money will be available to you instantly(buying bitcoin or any Altcoin in future) and without any depreciation in price.
This is a good suggestion, that for the time being we can move btc to Alt coin.Although Splitting is a bad scenario, but this what we facing thru in next month.
Just store the Bitcoins in a wallet with access to private keys or cold storage. That way if a Hard Fork happens you have Bitcoin A and Bitcoin B at the same time. Further, nothing to worry.
It is true that holding the bitcoins in the desktop wallet whose private keys are with you and just dont use the wallet for any type of transaction before 24 to 48 hours of August 1st and even after that day get full details and then use the wallet. I am better going to sell my all bitcoins to fiat currency and wait for that day because i am seeing that the fate of bitcoin will be more likely of ETH faced where it went 10 times down after hard fork, ya it is true that after that it went more up also but it took time and so many of them bought back in low are enjoying this high price.
Rule of thumb is - make sure you're using a wallet that gives you access to your private keys.
I'd recommend either a Trezor or Ledger for a hardware wallet, or even a desktop wallet like Exodus. You'll be very safe that way. After the fork you can then decide what to do from there.
I'd recommend either a Trezor or Ledger for a hardware wallet, or even a desktop wallet like Exodus. You'll be very safe that way. After the fork you can then decide what to do from there.
Just store the Bitcoins in a wallet with access to private keys or cold storage. That way if a Hard Fork happens you have Bitcoin A and Bitcoin B at the same time. Further, nothing to worry.
It is true that holding the bitcoins in the desktop wallet whose private keys are with you and just dont use the wallet for any type of transaction before 24 to 48 hours of August 1st and even after that day get full details and then use the wallet. I am better going to sell my all bitcoins to fiat currency and wait for that day because i am seeing that the fate of bitcoin will be more likely of ETH faced where it went 10 times down after hard fork, ya it is true that after that it went more up also but it took time and so many of them bought back in low are enjoying this high price.
Just store the Bitcoins in a wallet with access to private keys or cold storage. That way if a Hard Fork happens you have Bitcoin A and Bitcoin B at the same time. Further, nothing to worry.
When chain split and everybody get BTU what about Exchange address . ? Will your BTC lying there get BTU to, or will exchange get it and we rely to get it from them. Seems there is allot of wriggle room for loosing BTC while both chains so similar "For the Anonymous Hacker that always slip away with funds"
Is it better to have BTC off site and not send while and after for a time to be safe,while two branches similar allot can go wrong in transactions i guess.
Its sad that BTC market can be so taken over. Not that the confused market will regain trust soon and in what coin the confusion and distrust will set us back years if not open another coin as KING.Just a coin monopolized by the rich . I understand the view of miners and the mining EQ supply buissines is huge so Hard Fork will have more support i suppose but the faith in it i dont know .
Sorry i just saw this https://bitcointalksearch.org/topic/august-1-bip148-preparedness-2017191
Is it better to have BTC off site and not send while and after for a time to be safe,while two branches similar allot can go wrong in transactions i guess.
Its sad that BTC market can be so taken over. Not that the confused market will regain trust soon and in what coin the confusion and distrust will set us back years if not open another coin as KING.Just a coin monopolized by the rich . I understand the view of miners and the mining EQ supply buissines is huge so Hard Fork will have more support i suppose but the faith in it i dont know .
Sorry i just saw this https://bitcointalksearch.org/topic/august-1-bip148-preparedness-2017191
Jump to: