Will it be safe to store coins on the Omni wallet if BTC forks?

cellard

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Quote from: Yakamoto on July 14, 2017, 12:33:51 AM

Quote from: elektra on July 12, 2017, 01:02:00 PM

I am not completely sure how the Omniwallet works, but I know you can store some other coins besides BTC on it, like MaidSafe and Tether etc. But what would happen if storing these coins on a bticoin Omniwallet address and Bitcoin would fork? Would that somehow "mess up" things and could you lose these other coins? I don't really know the techinals on how all this works so it has made me a bit confused and worried.

Look to see if they make any comments on something that is changing with their service with the fork, if there is one at all. If there isn't chances are they will publish one closer to the date or they will be making sure that nothing is lost and everything is transferred when the fork rolls around. Most businesses are interested in making sure their services go uninterrupted, or at least as close as they can get to something like that, so that the money keeps flowing. By the sounds of it everyone is capitulating and they're getting ready for the fork to go through. Everything should be fine.

I still you should get a native Bitcoin Core wallet. The Omniwallet supports too many coins, I would be paranoid of the code being solid enough for this situation. You can't gamble, so stick to the real deal and that's Bitcoin Core, everything else has a certain % of risk.

So I would leave the MaidSafe coins on the Omniwallet safely, then isolate the BTC in a Bitcoin Core wallet.

Yakamoto

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Quote from: elektra on July 12, 2017, 01:02:00 PM

I am not completely sure how the Omniwallet works, but I know you can store some other coins besides BTC on it, like MaidSafe and Tether etc. But what would happen if storing these coins on a bticoin Omniwallet address and Bitcoin would fork? Would that somehow "mess up" things and could you lose these other coins? I don't really know the techinals on how all this works so it has made me a bit confused and worried.

Look to see if they make any comments on something that is changing with their service with the fork, if there is one at all. If there isn't chances are they will publish one closer to the date or they will be making sure that nothing is lost and everything is transferred when the fork rolls around. Most businesses are interested in making sure their services go uninterrupted, or at least as close as they can get to something like that, so that the money keeps flowing. By the sounds of it everyone is capitulating and they're getting ready for the fork to go through. Everything should be fine.

aoihs00

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I don’t either know how it works exactly but looking at the replies from fellow members it seems to be safe to me. With little logic applied it is even thinkable that OmniWallet won’t go unsafe due to forks situation as they must’ve taken some precautions when the news was being spread about the segwit2. Lets hope that we get our coins stores successfully on OmniWallet as well as the wallets which we intend to use. :-)

Lorilikes

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I haven't had experience with the Omni wallet but if they allow you to control your funds by use of your own private key it is safe, as long as you keep the private key safe.

Usually you can find out whether or not you have the private key somewhere in your wallet settings.

jekjekman

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Most of use here will gonna tell that storing your bitcoin in a paper wallet is best if there is a fork on august 1 because you will have your own private key in case of this event. But what you think will gonna do by the exchanges that hold your bitcoin? if there is a fork I think they would take responsible for this and will not dissatisfy their customers and will surely do some remedy, just saying.

Try to store a little bit of your bitcoin with some legit exchange so that if bitcoin happens maybe they will compensate Grin

Liberation-cool

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I suggest it is best to store in local wallet.

cellard

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Quote from: piloder on July 13, 2017, 01:07:45 PM

The only safe place to store your bitcoin at the time of possible fork is in paper wallet or any other wallets that gives you private key of your bitcoin addresses.

I am not a huge fan of omni wallet and currently using jaxx as bitcoin wallet because it shows my private keys.

But when newbies ask this, nobody seems to be explaining that you must run a BIP148 full node if you want to move your BIP148 coins.

And to access your Segwit2x coins, you would also need to run the node, unless you rely on exchanges.

Let's just hope we don't have to resort to this, a hardfork is the biggest mess possible on bitcoin.

If Segwit2x creates a new coin, sell it immediately for the original BTC.

MadGamer

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Quote from: elektra on July 13, 2017, 06:11:31 AM

Just to make sure, I am not asking about Bitcoin. I am asking about storing things like MaidSafe or Tether on the omniwallet, and if those would be affected by the fork.

I store my BTC on my trezor

Your bitcoins are safe in your trezor and they would be safe in Omniwallet as well. MaidSafeCoin and Tether.to are not affected by any forks, It's only bitcoin so you shouldn't be worried. If your PC is infected however, nothing will make your omniwallet safe.

piloder

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The only safe place to store your bitcoin at the time of possible fork is in paper wallet or any other wallets that gives you private key of your bitcoin addresses.

I am not a huge fan of omni wallet and currently using jaxx as bitcoin wallet because it shows my private keys.

cellard

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Quote from: italianMiner72 on July 13, 2017, 06:46:30 AM

i read a tutorial where i found who this wallets are safe in caase of fork

- Electrum
- Copay/Bitpay - (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39)
- Mycelium (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Mycelium" )
- Multibit HD (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Hive Wallet" )
- Breadwallet (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Hive Wallet" )
- Ledger (http://support.ledgerwallet.com/knowledge_base/topics/how-to-restore-my-backup-without-a-ledger-wallet - https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 )
- Exodus - (http://support.exodus.io/knowledge_base/topics/how-can-i-view-my-private-keys-1)
- Bitcoin Unlimited - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin Classic - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin XT - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin Core - (fino a v0.14.1, per ora) - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin Wallet - (https://raw.githubusercontent.com/bitcoin-wallet/bitcoin-wallet/master/wallet/README.recover)

personalli i have Bitcoin Core.

Why would you include Bitcoin Unlimited, Bitcoin Classic and Bitcoin XT? these are as bad as segwit2x, avoid at all costs.

Stick to Bitcoin Core, it's what everyone steals from for a reason. So get a full node running for maximun control.

If you are too lazy, get Electrum, or get a paper wallet or a Trezor. I have never used hardware wallets so im not sure how they reallly work.

I think Bitcoin Core is number 1, just run it on a safe machine and you are good to go.

italianMiner72

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i read a tutorial where i found who this wallets are safe in caase of fork

- Electrum
- Copay/Bitpay - (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39)
- Mycelium (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Mycelium" )
- Multibit HD (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Hive Wallet" )
- Breadwallet (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Hive Wallet" )
- Ledger (http://support.ledgerwallet.com/knowledge_base/topics/how-to-restore-my-backup-without-a-ledger-wallet - https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 )
- Exodus - (http://support.exodus.io/knowledge_base/topics/how-can-i-view-my-private-keys-1)
- Bitcoin Unlimited - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin Classic - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin XT - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin Core - (fino a v0.14.1, per ora) - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin Wallet - (https://raw.githubusercontent.com/bitcoin-wallet/bitcoin-wallet/master/wallet/README.recover)

personalli i have Bitcoin Core.

elektra

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Just to make sure, I am not asking about Bitcoin. I am asking about storing things like MaidSafe or Tether on the omniwallet, and if those would be affected by the fork.

I store my BTC on my trezor

joshua05

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if you store bitcoins in that wallet , for me i wont trust that , theymos already posted a thread , do not trust in any other btc wallets , for me its better if you convert itto other crypto currency like ether or ripple etc..

Siren

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Quote from: elektra on July 12, 2017, 01:02:00 PM

I am not completely sure how the Omniwallet works, but I know you can store some other coins besides BTC on it, like MaidSafe and Tether etc. But what would happen if storing these coins on a bticoin Omniwallet address and Bitcoin would fork? Would that somehow "mess up" things and could you lose these other coins? I don't really know the techinals on how all this works so it has made me a bit confused and worried.

I'm not familiar with Omniwallet, but I think the safest way is to used bitcoin core. Although you have to fully download everything and will take time, but for me its fine as long as I know that my coins is safe even if their is a hard fork coming. So I suggest you do the same so that you will not worried come Aug 1.

Emoclaw

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OP you're better off using an offline wallet of which you have exclusive control of your keys.
A fork doesn't necessarily mean two chains, but in case it does, you'll have coins on both of them.

Quote from: cellard on July 12, 2017, 02:09:52 PM

Quote from: elektra on July 12, 2017, 01:02:00 PM

I am not completely sure how the Omniwallet works, but I know you can store some other coins besides BTC on it, like MaidSafe and Tether etc. But what would happen if storing these coins on a bticoin Omniwallet address and Bitcoin would fork? Would that somehow "mess up" things and could you lose these other coins? I don't really know the techinals on how all this works so it has made me a bit confused and worried.

It's ok as long as you hold your private keys, but honestly, if you want maximum 100% certainty, just get bitcoin core and run a full node. And if you want to access the BIP148 chain coins, you will need to download an BIP148 full node, so you are going to be running 2 nodes for each chain in order to access both chains.

Do not expect to leave your coins in some exchange praying they list both coins, just get full nodes. It's annoying to run 2 nodes but that's life.

BIP148's goal is to force-activate SegWit, which won't happen because we'll get SegWit2x before then.

cellard

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Quote from: elektra on July 12, 2017, 01:02:00 PM

I am not completely sure how the Omniwallet works, but I know you can store some other coins besides BTC on it, like MaidSafe and Tether etc. But what would happen if storing these coins on a bticoin Omniwallet address and Bitcoin would fork? Would that somehow "mess up" things and could you lose these other coins? I don't really know the techinals on how all this works so it has made me a bit confused and worried.

It's ok as long as you hold your private keys, but honestly, if you want maximum 100% certainty, just get bitcoin core and run a full node. And if you want to access the BIP148 chain coins, you will need to download an BIP148 full node, so you are going to be running 2 nodes for each chain in order to access both chains.

Do not expect to leave your coins in some exchange praying they list both coins, just get full nodes. It's annoying to run 2 nodes but that's life.

Dude.Lebowski

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Quote from: elektra on July 12, 2017, 01:02:00 PM

I am not completely sure how the Omniwallet works, but I know you can store some other coins besides BTC on it, like MaidSafe and Tether etc. But what would happen if storing these coins on a bticoin Omniwallet address and Bitcoin would fork? Would that somehow "mess up" things and could you lose these other coins? I don't really know the techinals on how all this works so it has made me a bit confused and worried.

It's fine. Just make sure you update your Omni Wallet Core if they release one due to a fork.

It will function as normal with the fork of their choice

elektra

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I am not completely sure how the Omniwallet works, but I know you can store some other coins besides BTC on it, like MaidSafe and Tether etc. But what would happen if storing MaidSafe or Tether on a bitcoin Omniwallet address and there will be a fork on Bitcoin? Would that somehow "mess up" things and could you lose these other coins? (I am not asking about Bitcoin, as I have that on my hardware wallet) I don't really know the techinals on how all this works so it has made me a bit confused and worried.

Topic: Will it be safe to store coins on the Omni wallet if BTC forks? (Read 942 times)