Even if the exchanges have declared they will be giving both coins in case of a slit in the network, I would rather have it in my wallets.
That is what I've done. I've withdrawn all my bitcoins out of online wallets and exchanges. It is safer to have it in your control. Just in case.
Topic: What should owners with BTC on Exchange do before Aug 1st? (Read 1593 times)
Even the positions of the larger exchanges are not clear. If I am not wrong, only Coinbase has put up a communique regarding what will happen to the coins in the exchange wallet on August 1, if a split occurs. Other exchanges such as BTC-e and Kraken are silent on this.
Cex.io has recently made an announcement about SegWit activation. Seems there is nothing to worry about in case of split, they will provide coin-splitting services. And they are not likely to halt transactions before or after August 1.
Whatever is scheduled or intended to be happened at August 1st, I am going to keep my BTC at my hardware wallet and I recommend same to everyone. I see that BIP 91 has locked in at https://coin.dance/blocks but I'm still unsure about the schedule so I'm keeping my bitcoins away from exchanges.
nothing is going to happen don't worry.
but to be safe move your bitcoin to an offline wallet. dont think on selling your BTC but hold it.
but to be safe move your bitcoin to an offline wallet. dont think on selling your BTC but hold it.
First let me apologize for my ignorance (or rather confusion). I understand bitcoin may split on Aug 1st and that it may result in multiple chains. I have some BTC in gdax wallet and I am unsure if that will mean risk, or losing ownership should the coin split into two (or more?) chains that may end up like ETH/ETC both being valid (despite ETH being the clear winner).
Any advice at a practical level (e.g.. which wallet, what to pay attention to exactly, what not to, when to return funds) is really appreciated. Thank you!
Any advice at a practical level (e.g.. which wallet, what to pay attention to exactly, what not to, when to return funds) is really appreciated. Thank you!
Actually, there is no news whether the split will happen or not so practically, your bitcoins on an exchange is still safe, for now. However, counter measures should be applied, though the split is not yet confirmed, having just a possibility is enough to secure your coins. As proposed by theymos , himself, you should withdraw your coins to a wallet where you control your private key. Avoid online wallet and exchange.
Dude why are you even asking this . Of course buy as much Bitcoins as possible now or even try to earn. After 1st august Bitcoin prices are going to blast . And moreover it Will be a good day for miners . They will get lots of profit. So mining is Also a good thing to do when you already know that the prices are going high
Dude! Are you sure about that?
It does not look so inviting considering the price of bitcoin went to an expensive amount of money again.
The dude might think. Why buy now? What if after the fork bitcoin went down.
You might want to step back into inviting people to buy now or you might be the cause for them being broke afterwards. You dont want them to be blaming you afterwards.
I know it is a good thing for us holders to make them buy bitcoin for a better price rise. But it is better to be careful now. This is a large amount of money we are talking about.
Dude why are you even asking this . Of course buy as much Bitcoins as possible now or even try to earn. After 1st august Bitcoin prices are going to blast . And moreover it Will be a good day for miners . They will get lots of profit. So mining is Also a good thing to do when you already know that the prices are going high
The fact is there is a going to be an issue but the fear that's been created by the people on this forum and the Furious been created by the general Society out there about Bitcoin in August 1st maybe the perfect excuse for a site to steal from its clients. Just be calm as there will be no hardfork but still keep your money out of online wallets and exchanges.
Don't leave your bitcoins on exchanges. Not only because of the possible hard fork, but simply because its a bad idea. Exchanges get hacked all the time.
Anyway, You're good with whatever wallet to be safe from a hard for as long as the wallet you're using has access to your private keys. That's pretty much all you need.
Some updates had been posted on this forum and the same thing to do is to get ready for the possibilities. There is a big factor of changes on the upcoming hard fork on August 1st but we do not really now what actual changes may happened or will happened on bitcoin before and after August first so it is better to be ready and always look for updates for changes and development on that specific happenings. And you may also leave and have a better option for you bitcoin on your trusted wallet. It better to be safe and ready. Anyway, You're good with whatever wallet to be safe from a hard for as long as the wallet you're using has access to your private keys. That's pretty much all you need.
What any reasonable exchange site should do is what others are doing if it does not want to be faced with series of scam accusations thread pre or post August 1 and the best way to approach it is to release a statement to that effect in other to calm their clients then suspend activities hours preceding and succeeding the August 1 issue then come out with a position of how the want to handle to fall out that might happen in consonance with what others are doing as well.
If you cannot transfer your coin to a more safer wallet or if you do not have your own desktop,then you can exchange you bitcoin to a more profitable altcoin or altcoin which has the same value as Bitcoin and just trade it back to Bitcoin when everything is ok .
The sentence in bold is the most valuable advice I have read sinçe this August 1 Bitcoin split panic started. Again, I think it isn't a good idea to leave one's Bitcoin in the exchange at this time. It's not for fear of the split but because a rogue exchange may use this as an excuse to say it was hacked. For safe wallets, Electrum and Armory come up in several online articles as safe wallets. So, those who seek now know what to download.
Exchangers Position:
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/
https://www.okcoin.com/t-423.html
I wouldn't trust Polo. Its support system has turned unresponsive lately. They don't respond to complaints anymore. I have two unresolved complaints with them now over a week. Polo may claim not to be responsible if eventually anything bad happens to funds.
A blow by blow help guide is available here : https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/ and if you are a real beginner then you should look at this :
https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/ Both of these explain the impact that different options would have on miners and users and what they
should do to prepare themselves.
Recap :
1. Control your private keys well before August 1st.
2. To be on the safe side, avoid any transactions a day or two before, on, and shortly after August 1st. (How “shortly after” depends on what happens; it could take weeks.)
3. If there are still two (or more) chains when the dust settles, split your coins into different wallets.
https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/ Both of these explain the impact that different options would have on miners and users and what they
should do to prepare themselves.
Recap :
1. Control your private keys well before August 1st.
2. To be on the safe side, avoid any transactions a day or two before, on, and shortly after August 1st. (How “shortly after” depends on what happens; it could take weeks.)
3. If there are still two (or more) chains when the dust settles, split your coins into different wallets.
First you should know that when a hark fork occurs and a coin splits into two chains,the exchanges suspends withdrawal for 24 to 48 hours.Then only you would be able to withdraw your bitcoins.So i advice you to withdraw all your bitcoins and store them in a wallet in your pc.Don't do any transactions during august 1.If you follow these steps,then you need not have to worry about your bitcoins.
Would exodus be a safe wallet to store BTC?
If this wallet allows you to control the keys, yes. But if you are worried, move to good old Electrum or sell if you are worried about losing investment.Controlling keys? I have 12 phrase keys for this wallet, does this mean I control these keys?
Would exodus be a safe wallet to store BTC?
If this wallet allows you to control the keys, yes. But if you are worried, move to good old Electrum or sell if you are worried about losing investment.Controlling keys? I have 12 phrase keys for this wallet, does this mean I control these keys?
Would exodus be a safe wallet to store BTC?
If this wallet allows you to control the keys, yes. But if you are worried, move to good old Electrum or sell if you are worried about losing investment.
Would exodus be a safe wallet to store BTC?
Have control over this BTC (use public keys for storage that you can actually access it with private key). Use local wallet for this (not online). This is safest option. Just don't send your BTC by July 31st.
if i had substantial btc, i would have a certain % in alts, a % in fiat, and a % in btc that I would keep on a ledger nano or other hard ware wallet
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