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Bitcoin => Bitcoin Discussion => Topic started by: ankurguta87 on April 03, 2017, 03:44:31 PM



Title: Best option to store BTC in hardfork event.
Post by: ankurguta87 on April 03, 2017, 03:44:31 PM
Hi Guys,
I am very new to bitcoin. I just bought 5BTC. As I am following many blogs so can me know that there are some possibility of hardfork.
Some blogposts suggest to store coin in wallets like coinbase or blockchain.
In my further research I studied coinbase vs blockchain (http://coinfunda.com/coinbase-vs-blockchain/ (http://coinfunda.com/coinbase-vs-blockchain/))which says that I should have control on some thing called private key. Which is possible in
block chain. Now I am worried about where to store my bitcoins safely. I want to store them for 1-2 years.
Please help.
 


Title: Re: Best option to store BTC in hardfork event.
Post by: manselr on April 03, 2017, 04:21:25 PM
Hi Guys,
I am very new to bitcoin. I just bought 5BTC. As I am following many blogs so can me know that there are some possibility of hardfork.
Some blogposts suggest to store coin in wallets like coinbase or blockchain.
In my further research I studied coinbase vs blockchain (http://coinfunda.com/coinbase-vs-blockchain/ (http://coinfunda.com/coinbase-vs-blockchain/))which says that I should have control on some thing called private key. Which is possible in
block chain. Now I am worried about where to store my bitcoins safely. I want to store them for 1-2 years.
Please help.
 

My advice is that you download Bitcoin Core latest version at www.bitcoin.org and get a full node going. By doing this you support the network and get the most secure wallet (given that your computer is secure).

Encrypt the wallet and save the wallet.dat file in several places that you control.

In the case of a HF, the price will dump, you will get 5 BTU in the other chain, so what you do is you dump your BTU and make free money. Of course the damage of th BUfork will put bitcoin in a very bad situation that will last at least 2 years to recover.

You can look at putting a % in other alts such as LTC or ETH for the time being, good luck.


Title: Re: Best option to store BTC in hardfork event.
Post by: ankurguta87 on April 03, 2017, 06:39:57 PM
Hi Guys,
I am very new to bitcoin. I just bought 5BTC. As I am following many blogs so can me know that there are some possibility of hardfork.
Some blogposts suggest to store coin in wallets like coinbase or blockchain.
In my further research I studied coinbase vs blockchain (http://coinfunda.com/coinbase-vs-blockchain/ (http://coinfunda.com/coinbase-vs-blockchain/))which says that I should have control on some thing called private key. Which is possible in
block chain. Now I am worried about where to store my bitcoins safely. I want to store them for 1-2 years.
Please help.
 

My advice is that you download Bitcoin Core latest version at www.bitcoin.org and get a full node going. By doing this you support the network and get the most secure wallet (given that your computer is secure).

Encrypt the wallet and save the wallet.dat file in several places that you control.

In the case of a HF, the price will dump, you will get 5 BTU in the other chain, so what you do is you dump your BTU and make free money. Of course the damage of th BUfork will put bitcoin in a very bad situation that will last at least 2 years to recover.

You can look at putting a % in other alts such as LTC or ETH for the time being, good luck.

Thanks a lot :)


Title: Re: Best option to store BTC in hardfork event.
Post by: Slark on April 03, 2017, 06:45:34 PM
The only thing that really matters in case of Hard Fork is that you have access to your private keys.
You don't have to run a node (albeit it helps the network) or download 118 GB of blockchain to do that.
It is unwise to advice people to dump BU tokens when we have no idea how situation will unfold.
BU might be the chain which will take the cake in the end and win in the long run, so dumping BU coins right away might be unreasonable.


Title: Re: Best option to store BTC in hardfork event.
Post by: BitFinnese on April 03, 2017, 07:01:04 PM
The only thing that really matters in case of Hard Fork is that you have access to your private keys.
You don't have to run a node (albeit it helps the network) or download 118 GB of blockchain to do that.
It is unwise to advice people to dump BU tokens when we have no idea how situation will unfold.
BU might be the chain which will take the cake in the end and win in the long run, so dumping BU coins right away might be unreasonable.

More likely this is the best option we have, having the access to the private keys.  In any scenario where there is a split in chain. those who have access in their private key can retrieve/move their coin on any of the chain.  This means you will have coins on both the BU chain and the core chain.
Though I am still uncertain on which chain will be successful, it is better to watch how things unfold and decide wisely about your coins on both chain.


Title: Re: Best option to store BTC in hardfork event.
Post by: HabBear on April 03, 2017, 07:11:18 PM

My advice is that you download Bitcoin Core latest version at www.bitcoin.org and get a full node going. By doing this you support the network and get the most secure wallet (given that your computer is secure).

Encrypt the wallet and save the wallet.dat file in several places that you control.

In the case of a HF, the price will dump, you will get 5 BTU in the other chain, so what you do is you dump your BTU and make free money. Of course the damage of th BUfork will put bitcoin in a very bad situation that will last at least 2 years to recover.

You can look at putting a % in other alts such as LTC or ETH for the time being, good luck.

What does the security of the wallet have to do with the treatment of our coins on the BTC blockchain? (Nothing, i believe). Major online wallets have announced how they would treat accounts in the event of a fork too.

To the OP, if you're genuinely worried you should cash out, wait for the fork event (whether it will happen or not) pass, and then get back in to the winning bitcoin blockchain "version". There are alternative coins that are stable that you can keep your funds in (beyond just going back to fiat). Consider Litecoin or Ethereum as an option. The latter isn't a currency per se, but shares of an idea on how to bring the blockchain to businesses.


Title: Re: Best option to store BTC in hardfork event.
Post by: coolcoinz on April 03, 2017, 07:54:42 PM
To the OP, if you're genuinely worried you should cash out, wait for the fork event (whether it will happen or not) pass, and then get back in to the winning bitcoin blockchain "version". There are alternative coins that are stable that you can keep your funds in (beyond just going back to fiat). Consider Litecoin or Ethereum as an option. The latter isn't a currency per se, but shares of an idea on how to bring the blockchain to businesses.
If he decides to wait he could be waiting indefinitely, because there's not much chance a fork will happen anytime soon. I wouldn't advise going for LTC because it's a similar coin to BTC and its price relies on its predecessor. LTC doesn't bring anything new to the table and will die soon after BTC.


Title: Re: Best option to store BTC in hardfork event.
Post by: BitcoinNewsMagazine on April 03, 2017, 07:59:05 PM
Someone who does not want the hassle of running both BTC and BTU full nodes can always just buy a Trezor. The developers have already stated in case of a hard fork users at the Trezor web wallet will be able to user select BTC or BTU.


Title: Re: Best option to store BTC in hardfork event.
Post by: andrew24p on April 03, 2017, 08:14:27 PM
I would store them in a cold wallet prior to the fork. Personally I am going to hold both coins just in case, but pulling either coin out of one of those private keys should be easy enough.


Title: Re: Best option to store BTC in hardfork event.
Post by: Pettuh4 on April 03, 2017, 08:41:58 PM
I would store them in a cold wallet prior to the fork. Personally I am going to hold both coins just in case, but pulling either coin out of one of those private keys should be easy enough.

Sure cold wallet is good but I doubt if there will be another coin because nobody is forking anything. There will be nothing we both coins just in case. The skeptics are always proven wrong but they keep doubting Bitcoin. Come on look at the prices and tell me if Bitcoin is going to need a fork?


Title: Re: Best option to store BTC in hardfork event.
Post by: mindrust on April 03, 2017, 08:50:39 PM
The safest option is FIAT.

Since you bought your coins already, the best thing you can do is to make sure of that you are on the Bitcoin Core side. If  you are running the core wallet and you got your funds there, no need to worry. If you are on a wallet like electrum, things get a bit messy. You need to choose your servers manually. There are topics about that in the electrum subforum.

If you are a holder like me and don't wanna run the core wallet, you can extract your private key and leave it as is. After the fork you can import your private keys into whatever wallet you like and can choose your chain. That's the least painful method.

I wouldn't store my coins in online wallets like coinbase or blockchain. Not wise.


Title: Re: Best option to store BTC in hardfork event.
Post by: HabBear on April 03, 2017, 08:57:38 PM
To the OP, if you're genuinely worried you should cash out, wait for the fork event (whether it will happen or not) pass, and then get back in to the winning bitcoin blockchain "version". There are alternative coins that are stable that you can keep your funds in (beyond just going back to fiat). Consider Litecoin or Ethereum as an option. The latter isn't a currency per se, but shares of an idea on how to bring the blockchain to businesses.
If he decides to wait he could be waiting indefinitely, because there's not much chance a fork will happen anytime soon. I wouldn't advise going for LTC because it's a similar coin to BTC and its price relies on its predecessor. LTC doesn't bring anything new to the table and will die soon after BTC.

As long as LTC doesn't die before BTC it serves as a fair temporary holding if one deems BTC too risk right now. The fact that LTC is a boring, more stable alternative to BTC is exactly why it makes sense holding it with previously held BTC with the intent of transacting back into BTC once the clouds clear.

BUT, if you really think there's not much chance of a fork happening that this OP has very little to worry about. Based on the chatter on this site, I think you might be in the minority. It seems like a lot of people still believe a hard fork is a possibility. Do you have information we do not?

Why do you believe the hard fork hype, potential has disappeared?

I hope you're right, by the way.

And...yes...this is the best answer >>>
The safest option is FIAT.


Title: Re: Best option to store BTC in hardfork event.
Post by: ImHash on April 03, 2017, 11:50:26 PM
First go to bitaddress.org and then disconnect your internet, generate an address and save both address and private key then go to your wallet which holds the funds and send them to the newly generated address and do not touch them under any circumstances and do not spend anything after fork.
Everyone should do this to avoid double spends until BU dies, but I doubt if people can stand not spending their coins twice :D not that they can sell with the double of the current price anyways.

Btw, there will be no hostile takeover hard fork, miners aren't ret*rded to hurt their revenue stream.


Title: Re: Best option to store BTC in hardfork event.
Post by: zimmah on April 03, 2017, 11:51:54 PM
As long as you control the private keys it doesn't matter how you store them

In the case of a hardfork you'll have the same amount of bitcoin on both chains.   
So 5 BTC would become 5 Bitcoin Unlimited and 5 Bitcoin Core.     
   


Title: Re: Best option to store BTC in hardfork event.
Post by: bitart on April 05, 2017, 09:02:19 PM
If you've just bought 5BTC, it seems you take it as a long time investment...
In this case I won't keep all the eggs in one basket, so you should use many kind of wallets to store the coins.
For the coins you won't need for long period of time, you can use a paper wallet.
There will be a part of them you want to use for daily purposes, you can buy a trezor (safe and you handle your private key unlike if you use a web wallet), and trezor is OK for longer time storage too.
Web wallets are now not the best options for storing bitcoin. If you can, store only a very little amount in web wallets these days. We'll see if the fork will happen or not, but to be on the safe side, try to avoid web wallets.


Title: Re: Best option to store BTC in hardfork event.
Post by: Karpeles on April 05, 2017, 10:30:09 PM
Any wallet that let you have possession of your private keys will be enough to hold the keys.

But for such big amount better use a wallet that you are the single owner of the keys and that can't be easily accessed remotely, like online wallets. Also make a backup of the private keys, not only secret seed or something, would be a good idea


Title: Re: Best option to store BTC in hardfork event.
Post by: Yakamoto on April 05, 2017, 10:37:17 PM
Assuming I understand all the mechanics of a hard fork correctly, as long as you have your private key, they should remain the same on both forks unless there was a change to your private key, and all your Bitcoin will exist on both chains in the same place.

Now, that all comes down to having the private key. Make sure that you have it available as you'll probably need to import your wallet from the blockchain in the event of a hardfork.


Title: Re: Best option to store BTC in hardfork event.
Post by: BitcoinNewsMagazine on April 05, 2017, 10:37:27 PM
Hi Guys,
I am very new to bitcoin. I just bought 5BTC. As I am following many blogs so can me know that there are some possibility of hardfork.
Some blogposts suggest to store coin in wallets like coinbase or blockchain.
In my further research I studied coinbase vs blockchain (http://coinfunda.com/coinbase-vs-blockchain/ (http://coinfunda.com/coinbase-vs-blockchain/))which says that I should have control on some thing called private key. Which is possible in
block chain. Now I am worried about where to store my bitcoins safely. I want to store them for 1-2 years.
Please help.

With over $5K at risk you really should be using a hardware wallet to store your bitcoin. Both Trezor and Ledger have talked about contingency plans that will let you access both BTC and BTU in case of a hard fork.


Title: Re: Best option to store BTC in hardfork event.
Post by: Velkro on April 05, 2017, 10:39:35 PM
store coin in wallets like coinbase or blockchain.
 
Never store ur coins in online wallets. Online wallet turn off website/service, u lost bitcoins.
Use software wallets or paper wallets etc.

About topic question, in case of hardfork, safest is to not move ur coins at all. Wait to things to settle itself.


Title: Re: Best option to store BTC in hardfork event.
Post by: staggerpines on April 05, 2017, 10:40:27 PM
I would say get yourself a hardware wallet such as a Ledger Nano S and wait it out. Welcome to the Bitcoin World.


Title: Re: Best option to store BTC in hardfork event.
Post by: Qartada on April 05, 2017, 10:54:44 PM
store coin in wallets like coinbase or blockchain.
 
Never store ur coins in online wallets. Online wallet turn off website/service, u lost bitcoins.
Use software wallets or paper wallets etc.

About topic question, in case of hardfork, safest is to not move ur coins at all. Wait to things to settle itself.
If they're in an online wallet now, the best option is still to move them.  Online wallets are likely to take one part of the forked coin, just like how Coinbase took its users' ETC.

Downloading Bitcoin Core will be pretty demanding, so as long as you're not an idiot (or very unlucky person) that gets loads of malware you'll be best off holding it in a software wallet.  Download Electrum or maybe Multibit and you'll have control of your coins.

You shouldn't worry until a hard fork is imminent though, and right now it's not.