Paper Wallet or not to store Bitcoins for August 1st?

Siren

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Quote from: jakelyson on July 06, 2017, 05:01:23 PM

In case there is a chain split, it is important that you have control over the private keys of your wallet. It does not matter if it is in a paper, desktop o hardware wallet as long as you have the private key, you will be fine. The chain split may or may not happen but it is wise to be prepared for the worse and hope for the best.

True as long as you have control of the private keys then you are good. So better be prepared than sorry.

Quote from: senin on July 26, 2017, 12:30:42 PM

Quote from: Taki on July 05, 2017, 04:31:06 PM

I have heard a theory that after the 1st August bitcoin is going to be shared on real bitcoin and something like a copy. And people say that real bitcoin will be on Blockchain.info wallet. I don't know is it truth or not. But I don't store my coins, so, I kinda don't care.

Yes, but after that there was a news that the creation of a duplicate or a copy of bitcoin would most likely not be. In any case, no one knows for certain how to solve this problem. It remains only to wait for the first of August.

That is what we all are hoping for. There should be no split. But other people have agendas. We all know that bitcoin and mining is a multi million industry that is why there are people who are willing to break the chain just enrich themselves. So we need to be prepared come Aug. 1.

senin

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Quote from: Taki on July 05, 2017, 04:31:06 PM

I have heard a theory that after the 1st August bitcoin is going to be shared on real bitcoin and something like a copy. And people say that real bitcoin will be on Blockchain.info wallet. I don't know is it truth or not. But I don't store my coins, so, I kinda don't care.

Yes, but after that there was a news that the creation of a duplicate or a copy of bitcoin would most likely not be. In any case, no one knows for certain how to solve this problem. It remains only to wait for the first of August.

pinkflower

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Quote from: tiggytomb on July 06, 2017, 03:51:47 AM

Quote from: pinkflower on July 06, 2017, 03:12:26 AM

As long as you control your private keys, then you are fine. I wont trust some exchanges in honoring the coins Im entitled from the split chain. Judging from what happened in the ETH and ETC split, BTCe didnt give their customers any ETC and who knows what they did with them.

Coinbase also didnt give their users any ETC but at least the CEO admitted that they had made a mistake.

I would expect some of the exchanges to issue some kind of statement to let users know where they stand in the case of separate chains, Bittrex were good the last time around with ETH and ETC but not all exchanges as you said were interested in doing the right thing.

Poloniex were good in handling the situation too. I think they were the first exchange to declare that they were going to list ETC right after the split. They made sure that all their users who had ETH must have ETC in their accounts too. Kraken came soon right after, then some of the rest.

jakelyson

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In case there is a chain split, it is important that you have control over the private keys of your wallet. It does not matter if it is in a paper, desktop o hardware wallet as long as you have the private key, you will be fine. The chain split may or may not happen but it is wise to be prepared for the worse and hope for the best.

jorneyflair

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Quote from: DaVerve on July 05, 2017, 02:40:07 PM

Hi everyone,

i got a question.
At the moment i store my Bitcoins on Paper Wallets. But now August 1st is coming, should i put the coins on a wallet on my pc?
I am asking because if the Blockchain splits i guess my coins (if on a wallet on pc) go to both chains.
But what will happen to my coins on the paper wallet?

Thanks in advance

1st August isn't the set date for a chain split to happen. What will happen on that day though is the UASF, which won't result in a chain split but may or may not indirectly contribute to activation of hard forks.

As long as you have the private key of the bitcoin wallet you store coins on then you're fine. If you have your coin on an exchange then i suggest you send these coins into either a hardware or paper wallet. Blockchain.info would work fine too although they may only support one chain after the potential chain split meaning atht you'd have to import your private key elsewhere to gain access to the other coins.

DoublerHunter

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It is best to store bitcoins to the wallets that supported BIP148 so you will not encounter any type of problem during the fork and after the fork in august 1. Storing bitcoin is same as making a decision in buying bitcoin because you need to be smart in choosing the right wallet to use and to store bitcoin so you will not get a huge loss in the future.

DOGE12321

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I would expect the same thing to happen. Your coins would probably split to both new chains.

But I would use either a hardware or offline wallet. For the hardware wallet, try companies like Trezor or the Ledger Nano S. Both corporations are setting up servers which would allow you to spend on more than one chain if there is a split.

For offline wallet, I’d suggest something like Electrum, or literally any wallet that does not have access to your private keys. As long as you have 100% access to your private keys, you should be fine. As the saying goes ‘if you don’t own your private keys then you don’t own the coins’.

One thing to abstain from doing is storing anything on an online wallet such as Coinbase or any exchange, like Poloniex. History has shown such a course of action to be an unfavourable one.

Adbitco

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I don't think why people are creating so much panic among other users by asking about August 1. It's the bitcoin because of which all the other altcoins came into existence so even if it's going to happen something like chain split there's no need to panic. Bitcoin has been there and bitcoin will always be there with it's originality. But yes as suggested and advised by other senior members already before you should store your bitcoin where you have full control over your private keys.

tiggytomb

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Quote from: pinkflower on July 06, 2017, 03:12:26 AM

As long as you control your private keys, then you are fine. I wont trust some exchanges in honoring the coins Im entitled from the split chain. Judging from what happened in the ETH and ETC split, BTCe didnt give their customers any ETC and who knows what they did with them.

Coinbase also didnt give their users any ETC but at least the CEO admitted that they had made a mistake.

I would expect some of the exchanges to issue some kind of statement to let users know where they stand in the case of separate chains, Bittrex were good the last time around with ETH and ETC but not all exchanges as you said were interested in doing the right thing.

1Referee

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Quote from: pinkflower on July 06, 2017, 03:12:26 AM

Judging from what happened in the ETH and ETC split, BTCe didnt give their customers any ETC and who knows what they did with them.

Point is that these things are to be expected as exchanges only care about their financial gains. If people really cared that much about missing out on the altcoin that is created after splitting, people should have kept their coins off-exchange. Exchanges earned millions of dollars out of nothing, not bad at all, right?

Quote from: pinkflower on July 06, 2017, 03:12:26 AM

Coinbase also didnt give their users any ETC but at least the CEO admitted that they had made a mistake.

I would do the same too -> first jumping a hole in the sky out of happiness, and then with a serious face admitting that it was a mistake to not hand over people 'their' alts. Cheesy

pinkflower

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As long as you control your private keys, then you are fine. I wont trust some exchanges in honoring the coins Im entitled from the split chain. Judging from what happened in the ETH and ETC split, BTCe didnt give their customers any ETC and who knows what they did with them.

Coinbase also didnt give their users any ETC but at least the CEO admitted that they had made a mistake.

JaRViZZ

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I do not believe in all the bad rumors that discredit bitcoin and want its disintegration. I will store my coins in my wallet and wait for the price to rise.

DaVerve

newbie

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Thank you all for your comments!

I will keep my Bitcoins as long as possible and do not spend them. I hope in 10 years they will be much more worth.
I will let them on the paper wallets and wait whta happens in the future

BillyBobZorton

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Not ideal, just stick to running a full node. If you don't have a full node, you don't have control on what end of the chain you are.

In the case there is an actual split, you will need to get the full node of the split in question in order to operate with these coins.

If you just want to hold thought it and do nothing then paper wallet is good enough, but do not transact.

xskl0

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Paper wallet is a good option in case of split, you will can use that keys on both blockchains

BitcoinBallerina

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Yes, use a paper wallet always no matter what!

Taki

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I have heard a theory that after the 1st August bitcoin is going to be shared on real bitcoin and something like a copy. And people say that real bitcoin will be on Blockchain.info wallet. I don't know is it truth or not. But I don't store my coins, so, I kinda don't care.

BitcoinNewsMagazine

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Quote from: DaVerve on July 05, 2017, 02:40:07 PM

Hi everyone,

i got a question.
At the moment i store my Bitcoins on Paper Wallets. But now August 1st is coming, should i put the coins on a wallet on my pc?
I am asking because if the Blockchain splits i guess my coins (if on a wallet on pc) go to both chains.
But what will happen to my coins on the paper wallet?

Thanks in advance

If you have enough bitcoin to matter you will have more options if you use a Trezor or Ledger Nano S. Both companies are setting up servers so you can spend on more than one chain if there is a split.

craZyLovE0916

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Paper wallet is ALWAYS recommended to store your Bitcoins, no matter when, why or who. lol

The bottom line is, a paper wallet is 100% anonymous and also just like cash. You must make sure not to lose it otherwise you are in for a really bad day... hahaha.

btc_angela

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Quote from: warrior333 on July 05, 2017, 02:46:52 PM

After August 1, nothing wrong with bitcoin will not. Too many people have bitcoins and they're not interested in losing their coins. It would be too stupid to destroy the thing that took so long to build by millions of people. I recommend a few days to refrain from carrying out transactions until things get better.

Correct. Some people are getting paranoid on this date. Yes, I agree that we don't know what will really happen, but I think this is not something that bitcoin cannot survived. And to the OP, I think you should stash your bitcoin in a wallet that you have total control of your seeds of private keys like Electrum, if you have to be on a safe side and not worried.

Topic: Paper Wallet or not to store Bitcoins for August 1st? (Read 1321 times)