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Topic: Best place to store bitcoins during the forks - page 3. (Read 1284 times)

member
Activity: 98
Merit: 10
Just curious and not that geeky

If I created a paper wallet and transfers all my BTC to its public address, after the fork sometime I will need to import the paper wallet by scanning the private key.

So, what’s the difference between this procedure and simply keeping the BTC in a mobile wallet that has the private keys stored on the mobile?

Is there any difference?

The mobile is connected to the internet and therefore your private keys could be compromised by malware. Obviously, a piece of paper is not connected to the internet. You need to take care of the safe storage of the paper and have a copy in another location to be safe as possible.


Ok, apart from malware and hacking, my worry is mainly about the effect of fork, replay protection... etc.

Any difference between paper wallet then importing it after the fork and keeping BTC in the wallet?
newbie
Activity: 8
Merit: 0
I am a strong believer in the nano s ledger. Its a cold storage ledger that is known to be reliable and extremely secure. They used to cost like 50$ a year or 2 ago. Now they cost like 130-150 but they are still worth every penny. I have 3 of them!!!
hero member
Activity: 2576
Merit: 883
Freebitco.in Support https://bit.ly/2I9BVS2
Just curious and not that geeky

If I created a paper wallet and transfers all my BTC to its public address, after the fork sometime I will need to import the paper wallet by scanning the private key.

So, what’s the difference between this procedure and simply keeping the BTC in a mobile wallet that has the private keys stored on the mobile?

Is there any difference?

The mobile is connected to the internet and therefore your private keys could be compromised by malware. Obviously, a piece of paper is not connected to the internet. You need to take care of the safe storage of the paper and have a copy in another location to be safe as possible.
member
Activity: 98
Merit: 10
Just curious and not that geeky

If I created a paper wallet and transfers all my BTC to its public address, after the fork sometime I will need to import the paper wallet by scanning the private key.

So, what’s the difference between this procedure and simply keeping the BTC in a mobile wallet that has the private keys stored on the mobile?

Is there any difference?
hero member
Activity: 1078
Merit: 501
If you want to take risk, just let your bitcoin in your bitcoin wallets because it can increase and it can also decrease its amount and its up to you if you want to take that risk. Some of us are risk takers so they don't care even if bitcoin dump because they are all positive that it will still increase after the fork.
full member
Activity: 546
Merit: 100
I was watching and reading all about the upcoming forks and where to store your btc during them.
I was wondering if ( i know the asnwer of this question but i wanna duble check with the comunity) is it ok to store btc at freebitco.in during the forks to be safe about your coins. I have read their policy about that and i believe it is the safest bet.
What do you think guys?

there a risk if you do play (make some transaction) during hard fork, it has a bigger chance to lose your bitcoin during hard fork, so dont make transaction during that to avoid losing bitcoin, and where to store bitcoin? i think its safe on your bitcoin wallet that have private key or secret phrases and dont transfer your bitcoin on some third party like freebitcoin because like the other folks say, that has a bigger risk if you do that, so i suggest that store it on your bitcoin wallet and dont ever touch or make transaction during the hard fork.
hero member
Activity: 720
Merit: 500
The best place to store Bitcoins during fork i guess Is a offline wallet, You should Install your desktop wallet and transfer your Bitcoins in it, However, For me my online wallet is good for me I am not transferring my Bitcoins to any other place during fork.
newbie
Activity: 34
Merit: 0
The general consensus is to have a wallet you control
The private keys of. I use exodus desktop wallet and
They are not supporting the october fork.

I would imagine online exchanges like bittrex, poloniex
and coinbase would be safe for the fork also?

I use Exodus too. How to handle if they don't support?
legendary
Activity: 2464
Merit: 1387
The general consensus is to have a wallet you control
The private keys of. I use exodus desktop wallet and
They are not supporting the october fork.

I would imagine online exchanges like bittrex, poloniex
and coinbase would be safe for the fork also?
legendary
Activity: 1401
Merit: 1008
northern exposure
On any way where you are the only one who control your private key, obviously there is some ways more secure than others like cold storage etc etc... The worst way are online wallets and/or third party.

That's not what they say in their official statement or what happened with the last fork. They allowed a period of about a month for people to withdraw BCH from the site if they didn't want to convert it there.

Maybe, but again, you will depend on them and why you will want to do it when you can be safe by depends only of you?
legendary
Activity: 3038
Merit: 2162
Your choices can be broken into two options - store it online and get your forks sorted out for you - no need to install any software, import keys or seeds, etc., as long as your online service will support both chains after the fork, and if you are storing them on exchange, you might be able to trade your coins asap. Or you can store it offline and be sure that your coins won't get lost for whatever reason or stolen. So, the answer to your question would be to answer what are you valuing more - convenience or security?
hero member
Activity: 3080
Merit: 603
Hei, thanks for your responses guys.
After reading all your responses i have finally decided to move my btc on Electrum wallet to maximize the safety. The thing that convinced me was that i might not recieve btc gold. Thank you again to all of you....i might come back after the fork asking how to claim me new coins Tongue

Electrum is a safe wallet and when the fork of Bitcoin Cash happened I restored most of my web wallet funds and put it there. Because it's a wallet that supports the recent fork. And I haven't read if electrum will support bitcoin gold but for sure it will have a statement before the fork that we can export our private keys in able to claim our free bitcoin golds. Let's all together wait for that update for claiming our bitcoin gold.
hero member
Activity: 966
Merit: 513
Electrum is the number one choice here. You can use the bitcoin core, too but it is too heavy to the computer since it requires us to download the whole blockchain to the computer. Unless you are a developer or someone who wants to learn about the blockchain, it is not necessary to download the Core. The important thing you need to remember in this hard fork is that you have to hold your private key. If you do not have your private key, it means that you will not able to access your bitcoin and receive extra bitcoin gold after the fork. Therefore, I believe that holding bitcoin in electrum wallet is the best choice since it gives us all of the thing we want such as private keys

Early time to now bitcoincore is the one of the best wallet in desktop series. I have multibit and electrum wallet to save my bitcoins now. What ever the wallet you use it does not matter but you have keep your wallet's private key safely and wallet.dat file in your desktop or any hardware you have.
Bitcoin gold can be good amount after the hard fork but the price value will decrease like happen with the BCH.
hero member
Activity: 770
Merit: 500
Electrum is the number one choice here. You can use the bitcoin core, too but it is too heavy to the computer since it requires us to download the whole blockchain to the computer. Unless you are a developer or someone who wants to learn about the blockchain, it is not necessary to download the Core. The important thing you need to remember in this hard fork is that you have to hold your private key. If you do not have your private key, it means that you will not able to access your bitcoin and receive extra bitcoin gold after the fork. Therefore, I believe that holding bitcoin in electrum wallet is the best choice since it gives us all of the thing we want such as private keys
hero member
Activity: 2576
Merit: 883
Freebitco.in Support https://bit.ly/2I9BVS2
...is it ok to store btc at freebitco.in during the forks to be safe about your coins. ...

i have not used that site much, but i think they don't allow you to withdraw the fork coins. for example if bitcoin gold happens, they won't allow you to withdraw bitcoin gold, but you can convert it to bitcoin and withdraw bitcoin. and the price is what they set it to be so you may not get the best rate.

that may not be what some people want, they may want to have the freedom of choosing when to sell and at what price.

That's not what they say in their official statement or what happened with the last fork. They allowed a period of about a month for people to withdraw BCH from the site if they didn't want to convert it there.

Quote
HARD FORK POLICY
Bitcoin has 2 hard forks planned in the near future - "Bitcoin Gold" and "Bitcoin Segwit 2x". As we have done with the "Bitcoin Cash" hard fork in the past, we shall support withdrawals of all hard fork coins as long as they are viable - ie. have wallet support, a working blockchain and straightforward redemption policies. The "Bitcoin Gold" hard fork currently does not seem to be a viable fork - since they have not given any information about the fork on their website (btcgpu.org) and have no supported wallets yet. If there are no wallets that support it, we shall not be able to make "Bitcoin Gold" available for withdrawals. If however, there is wallet support for "Bitcoin Gold" before the hard fork date and the block number for the fork is announced in advance, we shall make it available for withdrawal.

We shall be supporting the "Bitcoin Segwit 2x" fork since it already has a working wallet and has announced the block number when the hard fork will happen. If a majority of miners switch to "Bitcoin Segwit 2x" and it has the chain with the most Proof-of-Work, we shall make it our primary coin and "Bitcoin Core" coins will be made available for withdrawal to your own wallets, otherwise "Bitcoin Core" shall remain our primary coin and "Bitcoin Segwit 2x" coins will be made available for withdrawal to your own wallets. In either case, users will receive coins in both the majority and minority chain equivalent to the balance that they had on the website prior to the hard fork.

We shall be pausing deposits and withdrawals temporarily before the "Bitcoin Segwit 2x" hard fork until a clear winner has emerged. Everything else on the website will function as usual. The fork is scheduled to happen at around the middle of November. We shall give advance notice of when deposits and withdrawals will be paused before the fork date.
hero member
Activity: 1442
Merit: 629
Vires in Numeris
Hei, thanks for your responses guys.
After reading all your responses i have finally decided to move my btc on Electrum wallet to maximize the safety. The thing that convinced me was that i might not recieve btc gold. Thank you again to all of you....i might come back after the fork asking how to claim me new coins Tongue
It's OK that you will store your coins in a safe wallet but don't forget that you should'n hurry claiming the new coins, because of lack of the replay protection. If you haven't read about it yet, you should do a quick google about it. The most important thing about that is that you should move your real bitcoins somewhere in a different and secure wallet, before you start to deal (claim) your new coins. This is how you can ensure that if you move the new coins to exchange or to somewhere else, possibly fraudulent users can't move your original bitcoins from your original wallet parallel.
full member
Activity: 269
Merit: 100
The best place to store your bitcoins would be in a cold storage wallet. But if you rather use online wallets then you have to read news regarding whether the online wallet which you gonna store your bitcoins on will support the upcoming fork or not. But you have to choose a wallet carefully , I once stored my bitcoins in a xapo wallet before the bitcoin cash fork and even though they said they will support bitcoin cash I haven't received my bcc upto this day . So be careful which wallet you will choose or go with cold storage.
jr. member
Activity: 59
Merit: 10
I was watching and reading all about the upcoming forks and where to store your btc during them.
I was wondering if ( i know the asnwer of this question but i wanna duble check with the comunity) is it ok to store btc at freebitco.in during the forks to be safe about your coins. I have read their policy about that and i believe it is the safest bet.
What do you think guys?
The rule is what man does and nothing is certain at the present time. Everything can happen and you always have to accept it. You can see btc-e as a good example.
newbie
Activity: 39
Merit: 0
Cold storage wallets are the safest. Among online wallets exchanges such as Bitrex and Birfinex have already announded they would safely support the hard fork.
full member
Activity: 812
Merit: 124
Hei, thanks for your responses guys.
After reading all your responses i have finally decided to move my btc on Electrum wallet to maximize the safety. The thing that convinced me was that i might not recieve btc gold. Thank you again to all of you....i might come back after the fork asking how to claim me new coins Tongue
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