What should owners with BTC on Exchange do before Aug 1st? - page 2.

Vishnu.Reang

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Quote from: virasog on July 19, 2017, 10:02:21 PM

The larger exchanges may do something as far as holding the accounts or not allowing withdrawals not allowing deposits but smaller exchanges unless well-known websites May simply wait until August 2nd take everyone's money and leave and claim that there was this issue with that.

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.

virasog

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The larger exchanges may do something as far as holding the accounts or not allowing withdrawals not allowing deposits but smaller exchanges unless well-known websites May simply wait until August 2nd take everyone's money and leave and claim that there was this issue with that.
I also fear if the onwers of the exchange may block deposits / withdraw of BTC just before the August 1 .

Qunenin

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Again August 1st is nothing but a soft fork and is not going to be any issue to any person. However exchanges that have less Integrity than others may use this opportunity and the fear that's been created by this opportunity to steal money from its clients. The fact is it's not stealing they put their money there and being Bitcoin there's not a whole lot than anyone can do.

pdpanzer

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Quote from: btcprospecter on July 19, 2017, 02:02:47 AM

So if it does split what will happen. Will there be two types of bitcoin. One pre August and another post August 1? Will there be different prices for each? Or will everything crumble? What wallets are safe?

Follow the link, it explains all you questions. Electrum or bread wallet are fine. 1 day before Aug 1st is fine. Don't transact ANYTHING before reading after Aug. 3-4, check if here's a split of any meaningful sort. Await instructions / utilities on how to get to any sides that may have been created. If you transact and there is a split you may end with that coin that your wallet uses.

Read the linked post. It's miraculously very focused on what to do and options.

peter0425

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Quote from: btcprospecter on July 19, 2017, 02:02:47 AM

So if it does split what will happen. Will there be two types of bitcoin. One pre August and another post August 1? Will there be different prices for each? Or will everything crumble? What wallets are safe?

There is a chance of split but I'm hoping that it will not happen because we are going to see 2 coins. Of course since there are 2 coins then each will have a different price. It will not crumble but will become a little messy. It is better to hold your coins which you have the control of your private keys like Bitcoin core or Electrum.

Here, read the link below by Theymos:

https://bitcointalksearch.org/topic/august-1-bip148-preparedness-2017191
https://bitcointalksearch.org/topic/guide-handling-splits-uasfs-bip148-etc-2012799

btcprospecter

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So if it does split what will happen. Will there be two types of bitcoin. One pre August and another post August 1? Will there be different prices for each? Or will everything crumble? What wallets are safe?

Netnox

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Quote from: xFiber on July 18, 2017, 08:27:20 AM

The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.

So according to you, the chances of a split are quite low. A lot relieved to hear that. So if a split happens, will we have enough time to move our funds? Right now I am keeping my coins in a Blockchain.info wallet. I want to know whether I have enough time to move these coins to a desktop wallet, in case a split happens on August 1.

pdpanzer

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Quote from: HabBear on July 19, 2017, 12:09:13 AM

Really good answers exist in this forum, you just have to be willing to look around to find them...here

If you plan to keep your coin on an exchange you should look to see if they have issued a policy and guarantee on how they will handle a fork (hard or soft). There are one or two exchanges I know of that are making such claims to ease the worries of their customers. More should do the same.

Wow, that guy's ability to explain and be brief and cover in the order of importance. Thanks for the link. Bitcointalk is so massive I had missed it. I really does answer every question I had (plus some I didn't know I needed).

LouVandetta

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From what I got untill now is keeping your btc on an exchange is not the best choice.
You should secure your btc on pc wallet or cold storage.
Where you could maintain and keep your private keys safe.

HabBear

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Really good answers exist in this forum, you just have to be willing to look around to find them...here

If you plan to keep your coin on an exchange you should look to see if they have issued a policy and guarantee on how they will handle a fork (hard or soft). There are one or two exchanges I know of that are making such claims to ease the worries of their customers. More should do the same.

jorneyflair

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Quote from: pdpanzer on July 18, 2017, 01:54:53 AM

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!

Don't use exchange wallets such as coin base if you have other options. If you have a desktop or laptop I would totally recommend using electrum since it is super safe and also easy to use. You can also set custom fees on electrum which is better than most wallets. I would also recommend you not sending any transactions until after August the first since hard fork may do bad things. Also getting your private keys would be a good idea since then you won't be affected by August the first since you will be able to import your bitcoin to another wallet.

pdpanzer

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Quote from: Zionatin on July 18, 2017, 11:51:54 PM

Quote from: pdpanzer on July 18, 2017, 11:22:48 PM

Quote from: xFiber on July 18, 2017, 08:27:20 AM

The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.

Is Electrum a good choice? Otherwise I only have exchange wallets like Coinbase or the like. Also, what is the "no later than" safe date to move to a private Wallet like Electrum?

>And it is advisable not to do any transaction 12 hours before and after August 1st.

Oh my, it was already answered. Thanks. Then Electrum should be fine I guess.

I shiver a bit every time I copy/paste an address as I am very easily distracted. It's scary. I have no clue how people with real money (no my pocket change playing to learn) might feel when pressing send for $50,000 or $500k or $230m. Do they break up payments just in case?

Yes electrum is brilliant. You get your private key so you own the Bitcoin. The on line part is simply to access the blockchain so you don't have to download 100gb+ I recently started using it and put the bulk of my Bitcoin there after using blockchain.info

Thanks. Yes at first I downloaded blockchain.info on iOS, but then didn't see any mention of everything happening, no keys, nothing. It seemed worst than an exchange. And Electrum, well, it reminded me of my linux days back in 1999. lol. It looks arcane. The only part I didn't like or understood you just explained. I really like how the seed can recreate the wallet anywhere else, along with all keys. Still, as safe as the computer it resides on.

Zionatin

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Quote from: pdpanzer on July 18, 2017, 11:22:48 PM

Quote from: xFiber on July 18, 2017, 08:27:20 AM

The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.

Is Electrum a good choice? Otherwise I only have exchange wallets like Coinbase or the like. Also, what is the "no later than" safe date to move to a private Wallet like Electrum?

>And it is advisable not to do any transaction 12 hours before and after August 1st.

Oh my, it was already answered. Thanks. Then Electrum should be fine I guess.

I shiver a bit every time I copy/paste an address as I am very easily distracted. It's scary. I have no clue how people with real money (no my pocket change playing to learn) might feel when pressing send for $50,000 or $500k or $230m. Do they break up payments just in case?

Yes electrum is brilliant. You get your private key so you own the Bitcoin. The on line part is simply to access the blockchain so you don't have to download 100gb+ I recently started using it and put the bulk of my Bitcoin there after using blockchain.info

pdpanzer

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Quote from: xFiber on July 18, 2017, 08:27:20 AM

The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.

Is Electrum a good choice? Otherwise I only have exchange wallets like Coinbase or the like. Also, what is the "no later than" safe date to move to a private Wallet like Electrum?

>And it is advisable not to do any transaction 12 hours before and after August 1st.

Oh my, it was already answered. Thanks. Then Electrum should be fine I guess.

I shiver a bit every time I copy/paste an address as I am very easily distracted. It's scary. I have no clue how people with real money (no my pocket change playing to learn) might feel when pressing send for $50,000 or $500k or $230m. Do they break up payments just in case?

xFiber

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The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.

novemberwoah

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As long as you can control the privat keys, you're safe. Not all wallets (especially online wallets) give you privat keys, so you just do not have full control. I do not know and just found out which wallet you use, look for the privat keys in the wallet you use and if it is not there, it is suggested you move to wallet which you can hold private key to be more secure. And it is advisable not to do any transaction 12 hours before and after August 1st. Maybe this thread will help you https://bitcointalksearch.org/topic/guide-handling-splits-uasfs-bip148-etc-2012799

pdpanzer

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Quote from: robelneo on July 18, 2017, 03:39:46 AM

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 .

I made the choice to bring it to Electrum, and see what happens next. Hope to not lose the seeds! Thanks for all the replies.

robelneo

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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 .

Prem.Soorajpaul

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I am storing my coins in a Blockchain.info wallet. Have they made any statements regarding the possible split?

mk4

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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.

Topic: What should owners with BTC on Exchange do before Aug 1st? - page 2. (Read 1647 times)