Bitcoin Forum

Hi,

I would need advice on the best way to profit from Segwit2x (if there is a way). At the moment, I have some bitcoin at 3 different exchanges, but I have read that not all of them will list a possible new chain and that I should keep funds cold stored for the occassion.

Is it possible to get coins in both chains? Does that mean that you get "free" BC2 or whatever the name they choose? If so, how can I make sure I am in?

Thanks!

The safest way to go is hold and wait to see how this plays out. If you like to gamble sell the chain you believe in least.

I'm wondering about this. Does anyone have information?

Yes. You can get coins from both chains if you do the right thing. To make sure you get it, there are two options:

1. Store your Bitcoin in your own address (you have control to the address private key). This method means you (and only you) are gaining full control of your Bitcoin. But to gain access to the forked coin process might be a little problem if you lack of technical knowledge. You have to install new wallet, import the address private key to the new wallet, and could only spend if the chain is stable. That means you couldn't sell your fork coin (B2X) immediately.

You can search on Google the detailed guide for claiming the fork coin. theymos, admin of Bitcointalk, also says (https://bitcointalk.org/index.php?topic=2317453.0) he will make such guide later.

2. Store your Bitcoin on exchanges that support the fork. Exchanges that supports and will credit B2X to its user are: Bitfinex, HitBTC, Coinbase, GDAX. Full list here (https://blog.coinigy.com/2017/10/comprehensive-list-of-exchange-segwit2x-stances/)
If you're storing your Bitcoin on an exchange you didn't need to do anything to claim the fork coin and you can sell them immediately on that exchange. The downside is storing on an exchange isn't a good idea. You let them have control over your Bitcoin. They might not fulfill their promises or ran away with your money although that's highly unlikely.

I personally will store my Bitcoin on an exchange a moment before the fork because I want to sell the B2X immediately. I believe the original chain will maintain the status quo, i.e. having the most hash power, and keep its name (BTC).

I would assume most intelligent people will avoid this fork, just like the btc cash fork.

Who with a brain would trust an open exchange with their btc? Not me, fork that shit!

This fork will fail, just like the bitcoin cash fork was a failure. Fork that!

No offense Pointhope but wth are you talking about, clearly uneducated on Bitcoin Cash and the current state of things.

It is not a completely invalid what he states, although the tone could have been better ;) But there are risks in having them on exchange sites given the history of some larger exchange sites that closed suddenly and froze/stole people's balances. Once the market matures a bit more and becomes better regulated, this risk will lower.

Back to the point, there is an excellent post here above that actually describes it thoroughly and well.

As Bitcoin Soars, Strategists are Bearish, Sees Pull Back Ahead

looks, the party may be ending shortly, and as a top Wall Street strategist is predicting that the rally is in its last days. Obviously , profit booking will take a toll on price now ,

Hold your Bitcoins in a paper wallet. Why you would ever consider anything else is beyond me.

Whatever you do, don't come bitching here if an exchange doesn't give you some coins. They have no obligation to. Just stay away from them for forks.

it is free money, and they are giving it away! why would anyone wants to ignore such an opportunity? not to mention BCH was a new altcoin market which you could trade as a trader and benefit from the pump and dumps.

well if you want to trade then you have no choice to trust exchanges with your bitcoin at some point which is most of the times that you are trading, placing orders, waiting for them to be filled,...

If you own bitcoin, you already own coin in the original blockchain. Whatever is airdropped from the segwit2x hardfork will deliver you coins in the second chain. Both can exist in parallel (e.g., bitcoin cash exists along side bitcoin).

What you need to do make sure you acquire the new coin is:

1. Have your bitcoin in a wallet where you control your private keys, or
2. Have your bitcoin in an exchange wallet that will support the new coin

Some time after the fork you'll be able to claim your version of the new coin and do with it what you will - sell or hodl.

Don't you have a hardware wallet? you should have researched on which exchange you should put your bitcoins so it will mint new blockchains for your dividends. Anyway, I have received an email from coins.ph that they will support the blockchain split, you may try to use them. But you know, i strongly suggest that you buy a hardware wallet so your bitcoins are always safe. expect more forks.

And if ever your personal wallet would not be supporting the upcoming fork, make sure you have access to your private keys so you can just import those keys in another wallet that supports the fork.

This way, you'll be able to get the same amount of B2x of your current Bitcoin holdings.

I know that we should keep our bitcoins in our cold wallets, But I don't wanna spend the forked coins first, I wanna make sure that my bitcoins are safe, So I would want to send them to new addresses after the fork, What to do to make sure that no one will spend the forked coins as soon as I send out the transactions?

That doesn't make sense. I kept my BTC in a wallet but still got BCC. Sold it for 0.8 BTC. Not a bad hour's work!

This is exactly what I was looking for! Thank you! I used electrum to generate a wallet and I will move my bitcoins there. I think I will be technically able to generate a BC2 wallet and import the keys

The best thing to do in my opinion is to hold and wait. You may also invest or buy bitcoin now since it is expected that after the hardfoek, the market value of Bitcoin will be more expwnsive than now. You will have an opportunity to earn huge profit when its value increase after the segwit2x. But if you don't want to, holding is enough.

Fair enough, but Bitcoin Cash isn't worthless. It's a top 5 coin and moving upwards. In terms of price action/technical analysis, the BCH/BTC chart actually looks pretty bullish. It looks like a base with a possible cup and handle forming. Holding your BCH now equates to an 8.5% dividend. It could be worth considerably more in the future too, considering the uncertain fundamental situation with B2X and the general frustration with high fees in spite of Segwit.

I don't think that Bitcoin Cash has strong long term fundamentals. And neither will B2X. But there may be considerable opportunity to profit from this chaos. I'm not saying anyone needs to keep money on an exchange, either. Since there is no replay protection for B2X, just wait until a guide is published about how to safely split the coins.

Do not forget to prepare your Bitcoin. Usually there will be some great exchangers that inform B2X distribution for free If you have Bitcoin balance on the Exchanger. So, we just wait for information about this. Because it's free is legit.

The only advice I would give you is to hold out until the fork is completed.  Then you would have two currencies, the old bitcoin and bitcoin 2x segwit.  You get free coins, to which you can sell those coins for more bitcoins or any other altcoin you desire.

I gotta say I also need some advise on what to do so I'll watch this one.

So far it seems that segwit2x and original bitcoin both don't have replay protection, that means that if you spend coins on either chain someone could attack and mimic a transaction on the other chain.

You are suggested to not spend any coins after the fork until either chain integrates replay protection. I'm sure one of the chains is going to cave in and enable it.

better you hold your bitcoin to private wallet, with private key, if you want new coin after fork, try trusted exchanger.

You should store your bitcoin and wait for segwit2x or you exchange bitcoin to cash

This is the most controversial fork to date. Not at all on the same level at bitcoin cash.

thanks for this advice. :)

If you want to receive BC2 from this hard fork event you can store your bitcoin at coinbase here is a wallet support event this time and you can get BC for free.

many of people buy bitcoin before the hardfork to get coin from the hardfork
its better to hold your btc and you will received coin too.

I think that's unlikely. As much as the NYA signers want B2X to succeed, they don't seem interested in supporting it as a minority chain. Replay protection would only be introduced if they wanted the fork to survive (as an altcoin) despite having minority hash rate. Why would they do that? With majority hash rate, they can at least argue that B2X is the stronger chain. That doesn't make it "Bitcoin" to us, but according to most of the NYA signers' policies, it does.

At the end of the day, companies like Coinbase, BitGo and Blockchain want to see regular capacity increases to Bitcoin that simply aren't realistic. I can see why they are pivoting to altcoins. I just wish they'd do it a bit more peacefully...

some of the investors of bitcoin are getting crazy to buy bitcoin as much as they can just to get free coin from the upcoming fork. so they adding their on hold bitcoin just to collect more free coins, so i suggest you that during the fork dont make any transactions on the blockchain to prevent of loosing it. like me i decided to store all my bitcoin on my cold storage and dont use/spend or make any transaction during the fork to prevent for any looses.

Yes, saving coins in a personal wallet is the best thing which you can do if your primary concern is safety. Correct me if I'm wrong on this, but to get the alternative chain coins, your wallet should support this new chain, right? And if it doesn't do that right from the start while you want to sell the forked coins immediately, this may be a suboptimal option.

that's right the NYA signers want segwit2x to succeed and became a majority chain but due it lack of replay protection which is needed for hard fork and without it the loss of funds is unvoidable due to replay spending and because of this issue, the communities and notable bitcoin start ups condemned this and some NYA signers dropped their support. and if they successfully forked the coin, the market will choose legacy over B2X. so, in the end B2X will fail

To claim your coins you should store your funds before the fork on the wallets or exchanges which are offering B2X coins such as coins.ph or exchanges Bitfinex and coinbase which are currently on the top of the list. Don't worry you will be credited with free B2X coins, hence you will have coins on both chains.

You will be in profit if you hold Bitcoin during Segwit2x fork. You will get Segwit2x equal of your Bitcoin specially in coinbase wallet. But there is another risk. Bitcoin price might be down. But if your plan to stock Bitcoin for long term, there is no need worry. Once Bitcoin will up. So my personal advice to you better hold Bitcoin in coinbase wallet.

I've tried to google for the list of exchanges supporting Segwit2X forked coin, and found this list (as of 5th Nov.):
https://cryptocoinmastery.com/what-exchanges-are-supporting-segwit2x/ (https://cryptocoinmastery.com/what-exchanges-are-supporting-segwit2x/)
Does anyone have a more up to date list, or we should wait a bit because fork is about 10 days ahead and exchanges still have time to prepare?