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Author Topic: Bitcoin forks and Coinbase wallet  (Read 126 times)
JackK78 (OP)
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February 08, 2018, 08:08:26 AM
 #1

Hi guys,

Is it possible to claim somehow the bitcoin "Forked Coins" if I had the BTC in my Coinbase account at the time of the forks? (besides BCH, this one was credited later). Is there a desktop wallet which will support the upcoming forks?

Thank you
squatter
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February 08, 2018, 08:38:08 AM
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Is it possible to claim somehow the bitcoin "Forked Coins" if I had the BTC in my Coinbase account at the time of the forks? (besides BCH, this one was credited later).

No. It's up to Coinbase to give them to you, since they control the private keys. It seems like they won't be supporting most of the Bitcoin forks. Their position is that they may credit fork coins at their discretion, based on the "security" and "value" of the forked network.

This is what they said about Bitcoin Gold:

Quote
We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. However, safety and security are also important considerations for any asset supported by Coinbase.

At this time, Coinbase cannot support Bitcoin Gold because its developers have not made the code available to the public for review. This is a major security risk.

We will continue to monitor the development of Bitcoin Gold, and if its network proves to be both secure and valuable, Coinbase may decide to support it at a later date.

Coinbase/GDAX will not sell or keep Bitcoin Gold associated with customer Bitcoin for itself. Any Bitcoin Gold will remain securely stored on Coinbase. If Coinbase were to enable support for Bitcoin Gold at a future date, customers would be able to withdraw Bitcoin Gold associated with their Coinbase/GDAX Bitcoin balances at the time of the Bitcoin Gold fork.

Is there a desktop wallet which will support the upcoming forks?

Basically, every fork has its own wallet. You should be very careful dealing with these wallets. Some of them are probably malware that are out to steal your coins. I've avoided claiming most of the forks for this reason. I don't trust the software.

flashbit
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February 08, 2018, 08:39:54 AM
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Hi,

Binance is a good exchange to receive from forks. Don't let too much on an exchange and not too long without doing any trades. The better you put your bitcoins on a cold storage (offline), if coinbase gave bitcoin cash, it was an exception, you can't claim other crypto from a fork on coinbase.

edit : like squatter said be very careful with downloading wallets.
Welsh
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February 08, 2018, 11:21:15 PM
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Unless you own the private key and have access to it then no exchange is good for holding Bitcoin, and claiming forks. This is good practice anyway, always be in control of the private key. Only use exchanges for holding coins for a very short time. I only ever use exchanges when I want to exchange that day.
JackK78 (OP)
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February 25, 2018, 11:46:43 AM
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Thank you guys, for all your answers and advices.
HabBear
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February 25, 2018, 06:17:06 PM
 #6

Hi guys,

Is it possible to claim somehow the bitcoin "Forked Coins" if I had the BTC in my Coinbase account at the time of the forks? (besides BCH, this one was credited later). Is there a desktop wallet which will support the upcoming forks?

Thank you

You're talking about Bitcoin Gold, correct? I don't think Coinbase honored the Bitcoin Gold hard fork, they'v never announced that they were going to support it. Coinbase doesn't have a policy of supporing "forking coins" (umm, the forked coin in this case would be Bitcoin). Coinbase always, and by always I mean rarely, issues an announcement stating if they will support a forking coin.

Coinbase isn't in the business of supporting all these newly forking coins, so if that concerns you get your coins off of Coinbase!
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