Bitcoin Forum

Hey guys,

Hearing so many things about the August 1 fork that i really don't know if i should keep or remove my BTC from Coinbase.

What you guys think? Its safe to keep them there?

Thanks.

No, no, no, HELL no. Move all your coins from an exchange into an offline wallet. Hardware wallets, desktop wallets and paper wallets are far more safer than an exchange. Your coins could disappear or you could miss out on the opportunity of getting extra coins from the forked chain. Exchanges are exchanges, they are never safe to keep your money in there anyway. Unless you are a trader, there is never a good reason to keep your coins in an exchange.

You better transfer your Bitcoin from Coinbase to cold storage or any desktop or mobile wallet where you can have access to your private keys. This would be best. Don't trust any exchange for now with your Bitcoin. Most importantly after hardfork you will have access to BCC as well if you hold your private keys.

Absolutely not, you need to ensure that your bitcoin's are in a wallet that you are the sole owner of the private keys.
Use a paper wallet or bitcoin core client.

1. Coinbase doesn't support UAHF or its associated coin (Bitcoin Cash). If you want to access your coins on the UAHF chain you should withdraw your funds before July 31.

2. Four hours before the UAHF event until the network stabilizes Coinbase would suspend all deposits, withdrawals, buy/sell options. All exchanges would be following this same procedure.

Any transactions on August 1 until there is network stability is not recommended and don't keep your funds on any exchanges. Move it where you have access to private keys.

https://support.coinbase.com/customer/portal/articles/2844217-uahf-uasf-faq

Keep your coins in a wallet such as Exodus, Jaxx etcetera to receive BCC. If you keep your coins in an exchange, you'll not receive your BCC equivalent.

think simple bro, im already move my bitcoin from exchange site to my wallet i have privatekey for access this address
i think thats safe.
and remember dont make any transaction on 31 july

A helpful explanation, it is better to convert it now into fiat money or exchange it to altcoins even if it is stored in a wallet that can be accessed with a private key is very safe and reliable, these are just a few options.

I'm not going to do transactions with 29.07. If the transaction is for any reason delayed I could lose her. Better to be safe and to terminate the transaction in advance until the information appears that there were no problems with completing transactions there.

Desktop Electrum wallet ok?

No don't keep in exchanges if you really want then convert into alt coins in exchange otherwise move into wallet where your holding private key of your wallet like Electrum , Blockchain.info.

You should keep your coins in your own addresses, not just in case of a split, but also as a general rule, don't use exchanges as wallets, leave coins only the required time for you to make whatever trades you need to do.

Probably nothing is going to happen on august 1st, but better safe than sorry.

No. If it is negligible amount or it will not bother you when you lost it, so be it in exchanges. But for big amount, its better to be in your paper wallet or offline storage. We dont know what will happen after Aug 1, its better safe than sorry.

Personally i won't keep my BTC in an exchange, i rather keep it safe in a wallet which i have full control over (where i control the secret key)

Any exchange but coinbase or gdax would do

exchange may not be a good choice for long term holders, we never know which will be the next btc-e, i suggest you to use cold or paper wallet

you should not keep it there bro, try to keep it at offline wallet like electrum, it would be safer if you put your bitcoin there, you have the full authority in your wallet.

I think should not keep Bitcoin at coinbase because coinbase is not responsible for the splitting going on, my advice should be to have your Bitcoin in Blockchain as it supports the splitting if it happens

Move all of your bitcoins to cold storage or any destop wallet.
That you have full control over the private key.

That also good.
Remember to save/keep the seeds, private key and all in safe place.
Write it down on paper then hide it under your bed.

Thanks guys, I'm going to move it ASAP!

I'm using Kraken
How about i move all BTC to fiat currency instead?
And then buy back BTC whenever i feel like it might be going the right direction?

And also, i have a few other coins like ETH, LTC.
Should i convert them all to fiat or only BTC?

What would be your advice

Thank you

I would rather choose to use  Bittrex wallet than coinbase knowing that they dont want to support bcc which means if theres a split then you wont still able to get those bcc because coinbase doesnt support split unlike on bittrex or any exchanges which do implement or update when theres a split btc: bcc 1:1 ratio which means you can possibly get those 2 coins.If you can risk your bitcoin to have bcc then it would be fine but for me i wouldnt do such thing i would rather choose up electrum to store my bitcoins.

Don't use coinbase i think you can use electrum that is much better than coinbase. Or you can cash it out your bitcoin for temporary only then after August one buy again bitcoin.

You should really move it since Coinbase is a third-party wallet,
I heard that you shouldn't keep your coins in such wallets before the segwit or hardfork .
If you want you could try to search for some offline wallet or invest it in alt-coin for trading.

A confused contradiction, should I convert my BTC to Fiat or should I convert my alts to BTC, fiat or BTC? Personally I do believe that Bitcoin price will hit $3K once Segwit gets activated, by the last week of August, not an investment advice, just an intuition.

Bitcoin was and is going in the right direction, if temporary hiccups and price fluctuations means wrong direction then you aren't yet ready for Bitcoin. Funds are yours so choice is yours, you can convert BTC to Fiat or alts to Fiat/BTC, and buy back whenever you feel it is going in the right direction.

Do not keep Bitcoin in coinbase because it is very dangerous, coinbase does not support when splitting occurs. I think you should choose Bittrex because it supports decomposition if it happens.

Do not store coins on Coinbase.

They sent out an email today warning against it.

https://i.imgur.com/gFCAGiv.jpg

You will lose all your coins incase a fork happens. I wish they supported it incase it happens. Not a wise move on their end.

Wow, this is totally inflammatory. Do you work for CNN?

Coinbase didn't warn against the fork, the said they'd only be supporting BTC and if a customer wanted the option of having BCC they should withdraw their funds from Coinbase. It's a pretty sensible thing to do for their customers, being honest.

And the statement "you will lose all yoru coins incase fork happens" is lacking of fact at best and a straight out lie at worst. You won't lose ANY coins. With Coinbase you'll keep the Bitcoin you have...it just may not be worth as much if the rest of the world abandons BTC.

Stop spreading the FUD!

Thank you for your reply

The reason for me to wanting to move to fiat is that i 'think' that it will swing up and down with all these uncertainties.
So might as well try and sell at a high price and buy in again at a low price.

There are many stories about coinbase and others moving their btc's to offline wallets, but i do think that the split opens up some interesting day trades too.

Since Coinbase does not support BTCC, would Kraken support both? i could not find much about this

You should keep your bitcoins in the wallets that supported the possible BIP for the august 1 because if they don't support the BIP for august 1 then there is a possibility that you will lose your bitcoin and you will lose all the possible money that you have. If i were you, i will just keep my bitcoins in electrum because it supports the possible BIP and it is a safe wallet.

Yeah, Kraken supports both.


http://blog.kraken.com/post/163504189522/bitcoin-cash-and-a-critical-alert-for-bitcoin

Converting to Fiat is a far fetched option, just move your funds from exchanges or online wallets to where you have access to private keys. If not paper or hardware wallets then use desktop wallet like Electrum or Android wallet like Mycelium or breadwallet.

If you have access to private keys then you can have these free coins, Bitcoin Cash by importing your private keys to BCC supported wallet, but by doing so you will be exposing all you Bitcoins associated with that key to the BCC wallet you decide to use.

I would probably keep the bitcoin in my own wallet, it's always safe this way. You never know what will happen to the online wallet.

Did you  even bother to read the various threads on this forum regarding this in the last couple of days? Even this morning I got a mail from coinbase stating specifically the outcome of the August 1 fork and how they will only be supporting just one coin and the other thrown away. And they have given the time frame to withdraw which I feel any serious person should utilise and not come and shout scam days after when BCC is now increasing in value.

what about yobit, is it safe too? but they sent message to their clients thus:

In coinbase now big fee yes

For assurance and security of your btc if I were you I will not hesitate to withdraw all my btc on exchanges and put it in my own private wallet you can do it in just 15 minutes and you're totally safe from the incoming segwit if you have no personal computer smartphone will definitely do the job just install mycelium on google playstore.