Bitcoin Forum

what the title says  ;D

so offline wallet/exchange/services?

On the blockchain... ::)

ah.. so thats sort of an "offline" wallet?

I keep my coins on localbitcoins.com wallet.
I`m going to sell all my coins before 1 August.This might be a stupid decision,but i don`t care.
I`m not a long time btc holder.
I`m curious what will happen with all the bitcoins storaged in offline wallets,when some hard fork happens and bitcoin splits into two different coins.

I'm keeping most of my coins in blockchain online wallet and some are in electrum wallet. I don't think any issue in keeping our bitcoins any of the online or offline wallets. I don't want to sell any of my coins so I didn't put in any of the exchanges. If I get a chance then I will buy some more if prices go down some more.

The safest place to keep your bitcoin of course, hardwallet like trezor and ledger. But I also am putting some in my exchanger and a trading site but with 2fa. I know everyone says it is not safe to leave it there because there is a tendency it might get lost but there's no harm in trying too. But most of them are kept in my hardwallet though.

I am keeping them where they belong!

about 2 years ago I did some distribution of funds between stuff that I want to do. here is the general idea:
1. 60% is for hodling long term and it will always be kept in an offline storage. aka paper wallet.
2. 30% is for trading. which I usually end up trading altcoins with not that much of bitcoin/fiat trading!
3. 10% is for spending. I usually buy stuff from the internet, pay for subscriptions, buy cheap gift cards, buy things that are with discount,...

and nothing has changed about any of this so far.

always offline on a cold storage of any kind, it doesn't really matter as long as they are offline they are safe from everything, wallet.dat format is the best

backup only the private key is not the best idea if you have hidden address, but i also want to take a risk and i'll leave a small amount on kraken, to see what will happen

I'm keeping it on my ledger nano s... it's segwit compatible already

Keeping your coin ? Offline and online wallets?
Why bothering yourself for such a thing,just do a simple thing.convert all of your bitcoin into altcoin(potential altcoin of course not a shitty one) and then hold it.
You will lose it ? Nah no,because iam holding an altcoin not a bitcoin.

What happen if segwit fail? So what? Worst case bitcoin price will only drop how about altcoin ? And in the near future we can see another 'segwit' or whatever they called it.

So what happen if it's successfull ? Considering yourself investing in longrun.

Nothing to lose right ? So simple

Most of them I keep in the exchanges. I know that is not very popular around here, but I feel they are almost equally self there than me having a wallet that could be broken or stolen too. Probably sounds nuts.

Yes, nothing to lose except free Bitcoin on the split chain, which you can sell again for real bitcoin. Unless you want fiat of course.

I dont have an offline wallet but I got Electrum which makes me feel safe from before until now.
All my funds from Coinbase and other online wallets are now safer.
This can be a big blast so better be ready to anything that could happen.

in an offline (cold) storage. it really doesn't matter what FUD is floating around regarding August 1, i know what i know and with the small risks that August 1 has i keep holding coins and will continue buying more of your cheap coins below $2000 if it goes there ever again.

As long as it wasn't an online wallet it should be fine.

Im using Electrum as it can be considered as one of the best choice wallet if ever those so called chain split will happen. But still today, Im using an online wallet (or should I say exchange) just to use their service as they're the only one who can have cashout feature or using bitcoin for other services.

But in that case if there is a split, you will not have coins on both chains right? You can sell your alt coin for any one BTC coin , not both chains

I transferred all my funds from an exchange because of the experts suggestion that it is better to transfer your funds into an offline wallet. And that's what I did, it is now found on an offline wallet.

I am holding what we value the most and i don't care such a thing.it would be better if i just lose another side of bitcoin instead of losing both of them.honestly speaking in current market,and a lot of cancerous trader shilling and fudding Bitcoin,i am afraid my emotion will take control and make a wrong decision for the rest of my life.but everybody have their own choice so just take it easy  :-*

Note : i always heard people saying about another bitcoin,if iam not wrong they called it Bitcoin Cash/$BCC.how much it will be ? (Your thought guys?),are you guys believe it would be like ETH ? which is created ETC from chain split

This is important, choose what you want to do and then do it, if you decide you want to be out of bitcoin when all of this happens then that is your call.

Trezor. Just don't keep your coins on an exchange. Hold your own private keys. Ive definitely learned my lesson. bitcoinica, GLBSE, mt.gox, crypsy. Yeah... I've lost coins on them all and thankfully not all of them. 

You only need find wallet can give you permission keep private key as desktop wallet Electrum, Bitcoin Core ... If you have much Bitcoin and scared can loss in that time, use cold storage as Trazor, Ledger are best choice

Some in my bra and some in my purse :D if you have your private keys then why not let your coins stay on web wallet? are they going to spend our sh*tcash the new coin? cold or hot bitcoins couldn't leave the private key.

I keep all of my coins (except a small fraction of a coin in a hot "spending" wallet) safely offline. No exchanges, no wallet services, no other hot wallets.

Almost all are in a multitude of self-generated ice-cold "paper" wallets. These are created on a computer which is incapable of internet connection (no wifi, no ethernet cable) and stored as jpg files on encrypted micro-SD cards in multiple offsite locations. If I ever need to print them on actual physical paper, I have a printer that's never been connected to an internet-capable computer. Printer spooling buffers can be hacked.

I also have a Trezor hardware wallet that I use as "cool" storage, mainly as an intermediate layer between my cold storage and the internet. I use it to receive coins I buy from ATMs or directly OTC from individuals. I use it for smaller amounts of coins only, never more than a dozen coins at once. It's a convenient way to reallocate coins after scanning a paper wallet into an insecure hot wallet such as on an Android device.

My paper wallets I consider completely secure. I'm the only one who knows the private keys and I have multiple copies. The Trezor involves trusting the manufacturer and/or internal firmware.

If the Trezor is burned in a fire, I can restore another from the seed, but doesn't that also mean the manufacturer could as well? They obviously have access to the private keys. Otherwise they'd have been lost in the fire along with the coins in the associated addresses.

I trust no one.

I'm keeping some on bread wallet and copay on my iPhone. Going to get a trezor. Anyone have experience with these wallets?  My exchange is Coinbase but everyone is saying don't leave it there. Question- when you remove your coin from the exchange into say bread wallet, does your private keys come too?  Still learning about this. So I copy an address in "receive " in my wallet and paste it in Coinbase 'send'. Then I receive bitc. Is that my private key or if not, how do I get it?  Thanks.

Before buying any Bitcoin everyone should learn the basics of dual-key cryptography and try to get a basic understanding of how Bitcoin works.

Each key, both the public and the private is a string of upper and lower case alphanumeric characters. When a new address is created, both keys are created together.

If you use an online wallet or keep your coins at an exchange, you're basically lending them to the exchange or wallet operators, the same as you're lending your money to a bank by depositing it into an account or putting gold bullion in a safe-deposit box. You have no control.

The exchange or wallet operators retain the private keys. If you withdraw coins from an exchange to an online wallet, it's the same as transferring money from one bank to another. You still don't possess the keys (or cash).

Hardware wallets like the Trezor are convenient but you still don't get to see your private keys. They are hidden within the device itself and you still have to trust the device's manufacturer.

The only way to truly own your coins is to generate your own addresses, either with a paper wallet generator or by running the Bitcoin program. Unfortunately operating Bitcoin a node entails accessing the internet and therefore makes you susceptible to hackers or malware.

This is why I choose to use paper wallets as described in my post above.

On paper wallets. I generated a few public/private key pairs and that's where I'll move/keep the Bitcoin until this wave passes.
This way, in case of fork, I will have something on both chains.

Right now I have some amounts on exchanges (for some speculation), but I expect to move out everything before August 1st.

sorry for disrupting your topic but why to keep it and pray for smooth activation all the way down instead of buying back at whatever bottom it reaches?

I have also put my BTC into paper wallets.

I have to be safe and put it into an offline wallet writing it's private key and seeds so that it will be secure on my hands. And I don't wish my laptop to crash or have some failure but it's always better to have some back up because this isn't just about a file but its all about investment and money so I did wrote on a piece of sheet.

I currently keep them on several online walets and markets, but I'll swtih to Ledger nanos s asap

Wrong!

With a TREZOR, you (and only you) have access to your private keys! The 24-word seed is your road map to them. It is a one-to-one mapping. Only you know the seed, so no one else has access to your private keys, not even TREZOR's manufacturer! The algorithm that maps the seed to your private keys is open-source and is explained in the official BIP39 proposal [1]. If your TREZOR is burned in a fire, you can easily use your seed to get to your private keys, not only by using another TREZOR, but also several other hardware and software wallets which follow BIP39. It is an open standard. The manufacturer (or anyone) has no way of getting to your keys, other than by knowing the 24-word seed (which he obviously doesn't).

Your private keys are not stored somewhere in a server and you simply gain access to them using the seed. Your private keys are generated by the seed! There is a one-to-one cryptographic mapping between the seed and the keys. In other words, the seed is your keys, in the sense that the keys can be generated by the seed completely offline, using a known and standardized computer algorithm.

Currently, TREZOR (and similar hardware wallets) are among the coldest, safest, and easiest to use wallets you can have. Much easier to store and backup a single 24-word seed than an ever-increasing stack of paper wallets...

[1] https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki (https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki)

I stand corrected. I obviously need to read up on BIP39.

Thanks for the link.

Deep cold storage. ;)

I'm keeping my coins on trezor,electrum and mycelium, they're always been there and will be there for another 5-10 years. chain split will probably won't happen.

I am totally not scared about August 1 and therefore I won't even move my coins from my blockchain.info wallet
Of course, it is risky, but I have faith that there won't be any complications connected to scaling upgrade. Yolo!

Its always a big risk to keep huge amount of bitcoins on trading sites as no one knows when it can disappear so I have kept very few coins on polo and rest I have kept safe in electrum wallet and whenever I need cash I transfer that amount to my localbitcoins wallet and sell them and transfer to my bank account.

Better to keep them away from exchanges till 1 aug on ledger nano or trezor

The safest way to keep your bitcoins is cold storage like hard wallet or paper wallets, 2nd choice is electrum wallet , personally i keep small amount of bitcoin on exchange for trading.

Keeping them in a local wallet just in case, only ever really keep a small amount on exchanges.  I think it's the best thing you can do normally and especially over this uncertain period.

When have HardFork can split network blockchain Bitcoin, I think exchange site will turn down and offline all market. Because when try trading in this time, they will get error and loss Bitcoin of user. You can find in Poloniex blog they had said about this happens and the ways they will do

Im already sold my coins and now im earning again from trading and gambling 😂 Because im afraid to lose profit and im in need right now to pay some expenses its really hard to manage money that is why but for sure before that coming i already had bitcoin and waiting for the segwit to happen

I don't usually hold any bitcoins at all but I'll be saving a few bucks on my blockchain.info wallet just to see what's going to happen with them in the case of a split. :D

I already withdrawed my bitcoins from online wallets and converted to fiat  ;) ;) ;)

For now my Bitcoin is still in coinbase, but before August first, I will sell them off or I use it to purchase altcoins.
This might not be impressive, but its what on my mind.

A very smart and sharp decision you made there, that's impressive.

The same with me mate,  I already sold my assets from trading and hopefully next days I am exchanging my bitcoins to fiat cash to make it much more safer. So in the future price to rise significantly I can buy back and hold bitcoins for another long term investments. That will be the best ways to keep your coins and another altcoins, you must exchange it first and make it digital again after August 1.

Bitcoin on Exodus, shitcoins on exchanges with profitable sell orders, i dont think that anything will happen but maybe some of them get pumped.

I use an Electrum wallet with keys and seed stored in an encrypted document on pen drives in a few locations in case of disaster.
Feels safe enough.

During the periods of crisis, cash is king.

In the wallet that provides the private key because if keeping in the wallet without holding the private key the bad risk is we may lose the bitcoins we keep, I think keeping in blockchain.info is also pretty good.

Ledger Wallet

I'm looking to use electrum when august 1 comes but I'm also thinking to convert my btc balance for ETH for a while since I think ETH will be the next choice and maybe the price of it will pump since I think the conversion demand will rise since many traders nor people where unsure for btc in august time happening, But for now I will just watch on which are better choices since I'm making sure that my money is at safe wallet or coins when the split happens.

Right now I am holding my coins in a Blockchain.info wallet. I have the private key with me, but even then I will be moving my coins to a desktop wallet. I don't trust Blockchain.info. Recently, they are having a lot of issues, and some of the users were robbed of their hard-earned coins.

since there's a lot of warning came from theymos. so i think I'm just gonna put all my bitcoin in my trezor bitcoin wallet since there will be a huge events that will come up on bitcoin so i need to secure my bitcoin so im just gonna put it there 1st week before august 1. it's only above $100 but it's definitely worth it that's why i bought it. :)

I mainly use cold storage anyways but I have a few coins spread across different hot wallets that I am going to have to consolidate before August 1st. The main one I need to move off of is coinbase. I don't have that much there (nor do I ever), but from what I have read so far, that said they were only going to support one form of the upgrade correct?

Well, in preparation for the hard fork that will most likely be happening on August the first, I have done some distribution of funds into 3 different wallets. I have listed them below.

1. This is my offline storage or cold storage and I use a Ledgerwallet Nano S to store the majority of my bitcoin. I store approximately 60 percent of all my funds there and I would recommend doing the same. It is super safe and I have had no issues for my entire lifetime of using it.

2. For approximately 20-30 percent of my funds, I use Electrum since it is paper weight and you can also set custom fees. I use this account for shopping and buying stuff at a discount, say steam gift cards for 70 percent of it's value.

3. For my 3rd wallet, I use Electrum for mobile and there is around 10 percent of funds loacted there. I use this for when I am on the go, and making a couple of trades.

 

For me, with the several threads I have read on the forum, I go the way of keeping it where I have the private key to the wallet which is why I am going the way of Electrum because it provides me with such opportunities which I am comfortable with as no one knows what will happen eventually post August 1.

I do agree that cash is king but after you sell you may not be able to get at the price after all these things settle down. So instead of keeping cash, I bought some good altcoins at the very low price last week and some bitcoins are stored in an offline wallet. I strongly believe that Bitcoin prices will go high by end of next month.

Partly. In no way, shape, or form is it recommended to liquidate your entire holdings to fiat. I personally won't ever liquidate any of my holdings just to lower my overall risk exposure in case of a looming threat, but I definitely understand that it might be helpful for others. I like to keep my complete stash in tact. In order to benefit from a potentially badly tanked price, I just make sure I have always enough fiat on hand. My main goal is to accumulate, and not risk buying back my coins at higher levels.

if all of us have a perceptions like this about bitcoin, i think we won't see anymore dumped to happen even if fork or split will happen as we all knew that time will come and the value will rise back with or without the split, long term goal, treat it as an investment for our future and see what will the future will
bring us after everything was settled.

Hi guys. I have a question about exchanges supporting both coins in case of a split...

Douring the BU fiasco, a bunch of big exchanges pledged that they would support both coins... (www.cryptocoinsnews.com/18-bitcoin-exchanges-say-theyre-ready-for-a-bitcoin-split (http://www.cryptocoinsnews.com/18-bitcoin-exchanges-say-theyre-ready-for-a-bitcoin-split))

So my question is, does this agreement still stand and does it mean that customers will receive both coins or does it just mean that they will allow trading of the second coin?

On blockchain.info, the authoritative blockchain!

</justKidding>

On any personally controlled wallet that allows me to export the private key.

I have already withdrawn my bitcoins from my poloniex exchange and have stored it safely in my electrum wallet in my laptop.Its because i read that most of exchanges might suspend deposits and withdrawals for 24 to 48 hours.Also,i read that transactions should be avoided during august 1.Thats why i have taken this decision.

Anybody simply leaving their coins on Bitcoin Core (encrypted)?

I actually withdrew my bitcoin from our local exchange because it posted a message on the site stating they will not be able to do any transaction going in or out using bitcoin a week before August 1 until further notice so I had to withdraw them but for my altcoins, I just left it at the trading site but secured it with a 2fa. It's not that much though because I just started trading altcoins so Im not that worried and I trust Poloniex too.

I think it is ok to let your coin rest in Bitcoin core wallet. And besides we all know that you can have total control of it because you can have the private keys.


Yes. This is also high recommend to withdraw all your funds in a exchange and keep it somewhere safe like electrum because you have control of the seeds and private key.

As always before. In my paper wallet address which is generated by walletgenerator.net

Not connected to the internet, not imported in electrum.

Printed my keys down and hid them away. No copies. 8)

my bitcoin is still in local exchange, i am just trying to find time and then create a desktop wallet and convert my bitcoinn there but currently my all bitcoins are in local exchange and i think that they are sill in risk.

I'm keeping most of my coins in offline wallets so I can control the private keys. I continue to hold a small amount on an exchange for trading but I will stop all of my trading before August 1 as well. I just want to be safe in case there are issues with the fork. Within a few days after the fork, we should have a good idea how to move forward.

I did the same, as a matter of fact I sold a lot of my altcoins because i expect the market will remain turbulent for the next couple of weeks.
After 1/8 I wait for the ByteBall drop and then I will start buying altcoins again.

my coin is still in poloniex, bittrex, yobit, and my android phone. i think i will keep my coin into that exchanges because its not a big amount in that wallet. i hope that all exchanges i am use is not makes any changes in 1st august so i don't need to worried about segwit or anything. but i will not sell after 1st august no matter what is happen, i only want to save bitcoin more and more.

The fact is that I am already afraid to keep my coins on exchangers or exchanges. I better keep everything in my purse and I will not broadcast any of them during the period of August 1. Even maybe I'll do an excerpt in one week.

Anyone have any ideas on what would happen if the company supplying a hardware wallet such as Ledger or Trezor shut down. Would you still be able to use the wallets for a while and if so, for how long?

Yes. I didn't try it yet, but they have a support page on the website that explains how to recover your hardware wallet to a software version that supports the same standard.

As long as you have your recovery seed, you are absolutely fine. You can use any s/w wallet that supports the relevant BIP standards (Mycelium is one of them) to retrieve your private keys from the seed.

That's the beauty of TREZOR/Ledger. The companies that make them can go to hell and you still have full security and full access to your private keys. Much better than a paper wallet!

Thanks for the detailed reply, that's good to know. The hardware wallet option also sounds a lot more convenient than paper wallets.

Blockchain is additionally better I will propose you "coinbase" in light of the fact that it is free, considerably less demanding than different wallets of bitcoins. While blockchain is additionally best one to keep your bitcoins. So as I would like to think if there is any wallet on the web which is putting away bitcoins are better. There is no alternative to store in pockets.