Bitcoin Forum

Hi experts,

i am storing 10 BTC IN MY ZEBPAY bitcoin wallet. two days back i received one message like please store ur coins into paper wallet  or offline wallet.
so is it means the company is going to shutdown or what happening..iam in confusion ..
can anyone have idea about Zebpay..please share with me..

That suggestion is a good one. I have checked zebpay since I didn't hear it on the past and I saw its an exchange and most people suggest here that we should not store up our Bitcoin on an exchange wallet because we wont know on when would they stop operating and also you don't have the access of your private keys compared on paper wallet and offline wallet which you do have the possession of your private keys.

As the days of splitting is nearing its suggested to hold bitcoin in a secure manner avoiding third party services. Maybe to gain the reputation once after the issue gets solved, the concern service provider might have suggested to keep hold of the bitcoin using the paper wallet and in a secure manner.

Zebpay is most likely not closing down.

They're warning you of upcoming chain splits on August 1st - BIP 148 and "Bitcoin Cash".  

While I personally think that neither of them will amount to anything and that SegWit will be activated via BIP 91, it's definitely good practice to bring your coins to a wallet where you control the private keys, for at least a couple of weeks after that date.

It's hard for an online wallet to manage those multiple chains and provide you with a good user interface.  The purpose of the warning is to keep you safe so that you own all the chains and can use them if necessary.

You should read theymos' post about this here (https://bitcointalk.org/index.php?topic=2012799.0).

I think most of them will not accept deposits/withdrawals on July 31 in preparation of the Aug. 1 date. They are not going to shutdown, they just wanna be on the safe side because we don't know what's gonna happen after Aug 1. And merely advising you to secure your coins, meaning you need to have the private keys of your bitcoin. Wallets like Electrum or Bitcoin core would be the best option for you to hold and secure your coins.

If I am the one, I wont even wait for the message to come before saving the money in a paper wallet not to talk about being informed about it yet you are asking whether you should do it or not, with all the discussions around the forum for a couple of days now if not weeks, everyone knows the right thing to do even if you have 0.01 btc, you just have to keep it where you have control with the August 1 knocking on our doors not to talk of 10btc which is a whole lot of money.

Still there are richest bitcoin address which you can find it in google search itself. Are they loosing their bitcoin from their wallet. Please use reputed wallet which is good to hold your bitcoin like blockchain.info online wallet or mulitibit and electrum desktop wallet. If you depend to pure wallet provider sometime you get scammed due to their lose and bad owner. So be safe on your own concerns first.

I have never heard of this online wallet Zebpay before, but since they have sent a message to you to inform you on moving your bitcoins to an offline wallet for storage purpose, it means the company are warning users that uses their online wallet to take note of 1st august, there might be a chance for the bitcoin chain to split into two, but chances are relatively low for that to happen, users should still take safety measures to store all their bitcoins in cold wallet.

That's a good bit to keep on an exchange, they would be advising you in case there is a split on August 1st which now doesn't seem to be something that will be happening. 

Anyway it is best practice to hold your own private keys, I am not familiar with Zebpay and if they hold your keys or not but if they don't it would definitely be something worth doing then if they ever shutdown you will not lose anything.

ZEBPAY is a trusted exchange based in India, and there is no news about them shutting down in the coming future. The fact that they are advising their customers to transfer their bitcoins to a paper wallet or offline wallet is to be treated a positive gesture on their part to advise the right thing as their is some uncertainty about the outcome of the August First probable hard fork.

Zebpay looks very reputed wallet in India. It is the second most popular exchange cum wallet which doesn't seem to be a problem for anybody. The message might be just for caution purpose on,y and need not to worry about it. As you can see so many stuffs are going on around and it is best to keep everybody informed about it.

May be they can't provide coins in two chains if bitcoin network will split on august during segwit activation so they want their users to hold bitcoin in wallets that will give them private keys. If you don't know how paper wallet works than just use electrum.

Yeah this is i think because of segwit activation this coming august that actually you can read that news here in forum from top left you can see the news about BIP148 this coming august 1 for safety of our bitcoin we should put our bitcoin in safety places like in electrum or in paper wallet before end of this month to me i just choose electrum and backup the private keys just to be safe once the app will crash i can be still recover my bitcoin..

Still keeping 10 bitcoins on exchange is a bad practice, only move coins to exchange if you want to sell it, otherwise keep it on desktop/mobile/hardware wallet(electrum/mycelium/trezor). chain split is a big if. but being cautious won't hurt.

10 BTC is a big money. I think they give you nice suggestion to move your founds on a paper wallet, because of it's the most safe place to store your coins. You see, nobody 100% sure what the 1st of August will bring to us, what the effect is going to be, so, I think you need to follow their suggestion about paper wallet. That way you can be sure that nothing will happen with your money.

Whether it is zebpay or any other wallet they are not going to shut down at all. They have their own strategies to earn back the profits for their companies. They will never get them into trouble and must be having all the blue prints ready to go in the month if august. So be relax about that message as it might be a precaution nothing much.

Since you are talking with an exchange then that suggestion from them is better. But if this exchange/wrb wallet are operating from your country, that it was registered from your country as a business then its safe, because if they want to stop without prior notice of transferring your coins to any client hen jail is waiting on them. But for this coming august then its recommended that you store your coins to a safe wallet that you can access your private keys ;)

Being reminded by that company to secure your btc balance is good thing since they do that new maybe in preparation for august 1 event, But for now since theirs no further split issue will be happen for next month I think its better follow the beat/pulse of the people who's using that wallet or maybe OP should try to used another wallet who have private keys so that he can be secured as been told by zebpay.

To be safe and as what the wallet admin said its better to transfer it in offline wallet, maybe the best option. But in our country we have a local bitcoin wallet provider with high trust and very transparent costumer relation. There might be some in your country. Look for it. It would be better.

If they wan't to hold for more months then maybe offline wallets might be there best choice but if they will gonna use their balance every day I think it's so hassle to used that one and its time consuming so I wouldn't use that but instead I will stick to my local web wallet since im sure that I'm safe with them and they will not gonna shut of their services since they've got millions of costumers using their service.

Yes, now most of the exchanges are sending these messages to store your coins in an offline wallet for next few weeks. These exchanges want to play a safe in case of bitcoins gets split after 1st of August. So they are not going to close the site, but for your safety, they are suggesting you store in an offline wallet. Better follow their instructions for next few weeks.

First zebpay.com is not a wallet based company still I guess there will be no restrictions for using them as a wallet services but I am sure the email notification for moving out bitcoins must be having enough explanation why it is required and mandatory as per the probable risk of chain split. Instead of coming here and crying about the credibility of a services, I believe it must be good practice to real full mail to know the reason why they are asking to move bitcoins.

i think this is good that if the company message you directly and they suggest to store your bitcoin into offline wallet before things that are not desirable  happened and which mean they're responsibilities to their users so 10 btc is huge amount and keep it into offline wallet is more secure rather than company wallet such as you mentioned above because hackers and scammers always be aiming the people who have huge amount of bitcoin

So you ask a question and never come back to share with us what happened in the next 5 days since you got the message.
A bit of feedback would have been more than helpful for others also.

There is nothing on their twitter, nothing on their blog can you at least share the content of the message with us?

ps.
holding your coins on any website/online wallet/ etc etc is not a good idea, not now not in the future.

Probably they sent that message to you for security purposes when the SegWit activates, there are tendencies bitcoin will divide into two so there is also a possibility that some exchanges and sites will be temporarily unavailable too. So it's safer if you would put it in an offline wallet if you have that amount in your online wallet.

they can not never close until bitcoin alive so if Bitcoin dead then it will effect or might go close

I don't think zebpay will go down by any chance. It is big company with all the things taken care of already. The mails are just precautionary stuff that everyone needs to know about. It is just that company don't want to gain negative trust in any bad situation of splitting. Hopefully they will manage everything smoothly.

Nope, buy it's for your safety. You know every exchange or web wallets sending that kind of notice to their customers because of the activation of SegWit. You just need to cooperate with them to avoid losses. If they are going to close. Atleast they are clean and no intension to scam you because they are informing you to pull out your BTC or keep your private keys before they close. I believe they are just disabling their bitcoin services since it's very risky while the fork is taking place...

Goodluck. Be safe.