Do I heed to do something with my coins before and if there is a fork?

[xypos]

First and foremost it is your choice on what to do with your coins,but if there is a split in the network and if you are holding your private keys then you will be having double the coins and only time will tell whether the split coin will have any valuation ,other than that there is no need for any panic.

No need to panic but of course many are worried  what will happen after a hard fork.There are still uncertainty and most are cautious what to do. Me too I have some bitcoin stuck on exchanges and praying that all will be fine. No one wants to lose their bitcoins. Let us just keep updated and be informed always.

Be careful, if they are on poloniex lending then you won't have new coins after the hard fork!
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/

So it would be better to get your BTC on some wallet you control!

Yeah, there is not really anything you can do…

I mean you can’t choose to get all your bitcoins in the form of bitcoin core or all your bitcoins in the form of bitcoin unlimited, so all you can do is to sit and wait until the hard fork happens, and you’ll have two types of bitcoin in your wallet.

You could take advantage of this situation by doing some trading, however it is unclear right now where the markets are heading at currently.

If you store your bitcoins in an online wallet, make sure they agree to give you coins in both BTU and BTC form.

[Amph]

You could do what I did. Sell every coin you have and wait until the community gets their heads out of their asses then buy them back later, maybe.

it doesn't make sense to sell, in no case you will lose your coins, at best they get more value because out of both chain, BU itself is not going to destroy bitcoin, only moron panic dump will

therefore there is nothing to do for the average joe that want to be safe with his bitcoin, and the exchange were clear about listing BU as an altcoin, this is another point in favor of doing nothing

[dinofelis]

Hi All
Simple question.
Do I heed to do something with my coins before and if there is a fork or any other change?

Thanks

 

There are three different types of answer to this question.  The first and foremost is:

1) economically.  Should you hedge against the market appreciating/depreciating bitcoin_and_its_twin ?   Meaning, should you get out and convert to fiat ?  Should you get out and convert to alt coins ?  Should you keep bitcoin ?

That's a question I cannot answer in your place.

2) technically.  By far the safest way to do something is to withdraw all your bitcoin from exchanges, online wallets and other things *where you don't really own the coins*, and get them in a paper wallet at your place, and keep some safe copies, "until all this is over" (however, see 3) ).  You are never certain about what will happen to online entities to which you have trusted the ownership of your coins in these circumstances, you should hold them yourself.

3) when will it happen ?  My opinion is: never.  There won't be a hard fork, I've explained many times why I'm convinced that no hard fork will happen any time soon in bitcoin.  There are really good reasons to think so.  Read my arguments, read other people's arguments, and judge for yourself.   TL;DR: those that CAN hard fork, have nothing to win in doing so, and much to lose, as long as the name "bitcoin" is what gives it value.  They only do so because they don't want change, and if they do nothing, Core will impose change (by a soft fork), so they have to do something that counters Core ; the only way to do so is to prepare a hard fork that will not be executed but makes the soft fork impossible.

Now, 3 is annoying, because it means that if you prepare for a hard fork that will never come, you are stuck with your paper wallet waiting for ever.

[xuan87]

It will depend on how you see bitcoin, if you think bitcoin will survive the fork then just keep your bitcoin, but if you think bitcoin will failed after the fork then go sell your coin to fiat or exchange it with alt coin, and if you are confused just sell half of your bitcoin, so no matter what is the result you not going to lose all of your wealth

[MrCrabs]

To all the people who responded to this post thank you very much for your great advice.

[cryp24x]

You could do what I did. Sell every coin you have and wait until the community gets their heads out of their asses then buy them back later, maybe.

it doesn't make sense to sell, in no case you will lose your coins, at best they get more value because out of both chain, BU itself is not going to destroy bitcoin, only moron panic dump will

therefore there is nothing to do for the average joe that want to be safe with his bitcoin, and the exchange were clear about listing BU as an altcoin, this is another point in favor of doing nothing

Problem in what QA said is that, what if the price goes up after he sold his coin.  Then he have to rebuy it at higher price?  I would listen to what Amph said, Ill just keep it in a wallet where I have access on its private key and if ever a HF happen and chainsplit occur then I have my coins at both chain and that is a bonus for me .

[countryfree]

You only need to do something if you think you may need your money sometimes soon.. If there's a hard fork (that's a big IF, actually), I'm afraid quite many people would be in a state of panic, sending BTC's price up and down, so you'll have to stay quiet (HOLD) for quite a while.