Is it safe to keep bitcoins at Xapo wallet during the 1st August period?

bL4nkcode

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Quote from: Aveatrex on July 24, 2017, 06:24:53 AM

Hello guys,
I lately saw the news and I did read that it is not safe to keep bitcoins in a wallet that doesn't provide private keys during this period.Well Xapo doesn't give private keys I thought about moving to blockchain.info.
What do you think guys should I stay using Xapo or I should move to blockchain.info?

The answer is no, but since the answer is really obvious about this coming august first then I guess the fork will not an issue, but highly recommended that don't use this web wallet for this coming fork. Any wallet that has a backup feature I mean the recovery seed or the private keys are safe as long that you have them.

john2231

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For now segwit will activated soon 7 days from now that i think if you don't have fully control anytime everything can be possible that your bitcoin can be gone in the site because of segwit. this is what other people afraid for..

Quote from: LTU_btc on July 24, 2017, 06:47:14 PM

I had quite big amount of bitcoins in Xapo wallet and few days ago I decided to withdraw it. Not just because of possible fork, but in general, I wanted to have full control of my btc. Xapo didn't clarified what they would in case of fork. It's most likely that they will allow to use coins only on one side of chain.
Blockchain.info also isn't a perfect choice. It's recommend to use Bitcoin Core wallet, but for well known reasons, not many people using it. I advice to keep your coins on Electrum desktop wallet.

I was stop using xapo these days i was using their debit card but looks like right now its not safe because of too many warnings i heard from other people so i decided to stick in electrum wallet which is more safe to hold our bitcoin for a long time and until we see the normal run of segwit this coming august period we can use back the other wallet but for me staying in electrum wallet is much more wise to choose because you can backup your own private keys.. So if you save lots of bitcoin in xapo better to take them out and transfer to the good wallet that you can save your private keys..

LTU_btc

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I had quite big amount of bitcoins in Xapo wallet and few days ago I decided to withdraw it. Not just because of possible fork, but in general, I wanted to have full control of my btc. Xapo didn't clarified what they would in case of fork. It's most likely that they will allow to use coins only on one side of chain.
Blockchain.info also isn't a perfect choice. It's recommend to use Bitcoin Core wallet, but for well known reasons, not many people using it. I advice to keep your coins on Electrum desktop wallet.

TryNinja

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Quote from: kolloh on July 24, 2017, 10:38:48 AM

-snip-
[...] It all depends on how the exchanges chooses to handle it.

/thread

Do you want any more reasons to not keep your coins with Xapo?

Just please don't say that like it was ok for them to choose if you can or not get your coins on both sides of the chain.

ubitcoin

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Quote from: kolloh on July 24, 2017, 10:38:48 AM

Storing your coins in a Desktop wallet would be the safest option as you would have complete control of them and in the event of a split, you could ensure that the coins remain on the chain that you wish or spend them separately on both chains.

However, it is likely that you coins will be fine if left on Xapo. If there was a fork, you would likely on get the coins from one of the chains in this case though. It all depends on how the exchanges chooses to handle it.

I disagree that the coins will be fine with Xapo. Because it is they who will decide which chain to follow.
Also in case of spilt, If I have the private key, I can get coins from both parts of the split, while with Xapo they have not clarified the matter. It is most likely they will allow us one chain and cash out in the other chain without giving us anything.

kolloh

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Storing your coins in a Desktop wallet would be the safest option as you would have complete control of them and in the event of a split, you could ensure that the coins remain on the chain that you wish or spend them separately on both chains.

However, it is likely that you coins will be fine if left on Xapo. If there was a fork, you would likely on get the coins from one of the chains in this case though. It all depends on how the exchanges chooses to handle it.

NeuroticFish

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Quote from: Aveatrex on July 24, 2017, 08:37:41 AM

Quote from: ranochigo on July 24, 2017, 08:17:10 AM

Quote from: Aveatrex on July 24, 2017, 06:24:53 AM

Hello guys,
I lately saw the news and I did read that it is not safe to keep bitcoins in a wallet that doesn't provide private keys during this period.Well Xapo doesn't give private keys I thought about moving to blockchain.info.

With the support of BIP91 by miners, the fork shouldn't be an issue to anyone. BIP91 will reject any blocks no signaling for segwit and since it has the support of most miners, any fork that happens will not survive.

Quote from: Aveatrex on July 24, 2017, 06:24:53 AM

What do you think guys should I stay using Xapo or I should move to blockchain.info?

Neither. Please stop using online wallets. They are mostly quite insecure and exposes the user's privacy. If you want to have a wallet, use a desktop wallet like Electrum.

I'm planning to move to desktop wallets.But please do answer my question for now,It is safe to leave my bitcoins in Xapo for the moment or should I move them right now?

You've got your answers, however, I will try to explain them better, since you seem that you didn't understand.

As it was said, the chance for a fork in 1 August is very small now.
If there will be no fork, your money at Xapo is as safe as it was before. It's an online service, so you don't have access to your money. They give you access to some of the money they hold and tell you that's yours. It's not the same. If they get hacked (or bankrupt) and they lose their money, they lose your share too.
If there will be a fork, it's up to them what they want to share with you. I don't know Xapo's policy on this matter.

Moving to another service will not improve much. Blockchain.info may be an exception, since I think that you can get access to your private key when you use this service.
I've found this: https://github.com/OmniLayer/omniwallet/wiki/Exporting-Private-Key-from-Blockchain.info-and-Importing-to-Omniwallet.org
If you can get your private key(s) (you don't have to move to Omniwallet!) then Blockchain.info is okay. I find much less hassle however to get a copy of Electrum portable and use that.

So, the short answer is: if you think that there will be a fork them move to local wallet before July 31 (to give time the transaction get confirmed).

Aveatrex

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Quote from: ranochigo on July 24, 2017, 08:17:10 AM

Quote from: Aveatrex on July 24, 2017, 06:24:53 AM

Hello guys,
I lately saw the news and I did read that it is not safe to keep bitcoins in a wallet that doesn't provide private keys during this period.Well Xapo doesn't give private keys I thought about moving to blockchain.info.

With the support of BIP91 by miners, the fork shouldn't be an issue to anyone. BIP91 will reject any blocks no signaling for segwit and since it has the support of most miners, any fork that happens will not survive.

Quote from: Aveatrex on July 24, 2017, 06:24:53 AM

What do you think guys should I stay using Xapo or I should move to blockchain.info?

Neither. Please stop using online wallets. They are mostly quite insecure and exposes the user's privacy. If you want to have a wallet, use a desktop wallet like Electrum.

I'm planning to move to desktop wallets.But please do answer my question for now,It is safe to leave my bitcoins in Xapo for the moment or should I move them right now?

ranochigo

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Quote from: Aveatrex on July 24, 2017, 06:24:53 AM

Hello guys,
I lately saw the news and I did read that it is not safe to keep bitcoins in a wallet that doesn't provide private keys during this period.Well Xapo doesn't give private keys I thought about moving to blockchain.info.

With the support of BIP91 by miners, the fork shouldn't be an issue to anyone. BIP91 will reject any blocks no signaling for segwit and since it has the support of most miners, any fork that happens will not survive.

Quote from: Aveatrex on July 24, 2017, 06:24:53 AM

What do you think guys should I stay using Xapo or I should move to blockchain.info?

Neither. Please stop using online wallets. They are mostly quite insecure and exposes the user's privacy. If you want to have a wallet, use a desktop wallet like Electrum.

Aveatrex

sr. member

Activity: 840

Merit: 375

Hello guys,
I lately saw the news and I did read that it is not safe to keep bitcoins in a wallet that doesn't provide private keys during this period.Well Xapo doesn't give private keys I thought about moving to blockchain.info.
What do you think guys should I stay using Xapo or I should move to blockchain.info?

Topic: Is it safe to keep bitcoins at Xapo wallet during the 1st August period? (Read 776 times)