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Author Topic: Are bitcoin exchnages in India prepared for an upcoming hard fork?  (Read 310 times)
RocketSingh
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March 20, 2017, 08:34:23 PM
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A group of nearly 20 exchanges has released contingency plans in the event that the bitcoin network splits in two, creating two competing currencies. Details: http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/

I'd like to know the standing of Indian exchanges... Are they ready or people having coin with them may lose coins on one chain?

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eaLiTy
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March 21, 2017, 11:43:19 AM
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I'd like to know the standing of Indian exchanges... Are they ready or people having coin with them may lose coins on one chain?
They have to go with the majority and that would be the core,and from what i understand you will only get the split coin if you are holding it in your own wallet,which mean you must hold the private key to it and the coins stored elsewhere in exchanges or web wallets wont get those coins .I still hope there wont be any split in coins and the core will find a solution for it.

Benson Samuel
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March 22, 2017, 01:50:30 PM
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I'd like to know the standing of Indian exchanges... Are they ready or people having coin with them may lose coins on one chain?
They have to go with the majority and that would be the core,and from what i understand you will only get the split coin if you are holding it in your own wallet,which mean you must hold the private key to it and the coins stored elsewhere in exchanges or web wallets wont get those coins .I still hope there wont be any split in coins and the core will find a solution for it.

So far, we have decided to add provisions to export BTU keys if needed.
So the Split coins will be honoured by Coinsecure, since we guard users private keys.

Will do a blog post or mailer over the next few days explaining our stance.

polynesia
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March 23, 2017, 12:15:21 AM
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.

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March 23, 2017, 08:50:24 AM
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.

I highly doubt if any of the top exchanges would con you for the split coins. Majority of the people who have their holdings at exchanges are traders and they need those there. For everyone else, who's NOT tech-savvy and not acquainted to understand the security of their personal computers/hand held devices, its better that they hold their coins at an reputable exchange than keep it on their device. The probability of your device getting compromised is much higher than an exchange. Plus exchanges today hardly keep many coins online. For peace of mind, you may diversify any risk by splitting your holdings into multiple top exchanges.
Its needless to say, people w/ larger holdings already keep their coins in hardware wallets or in cold storage.
eaLiTy
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March 23, 2017, 08:31:46 PM
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.
I would say the same when it comes to saving your coins in other exchanges but when it comes to coinsecure if Benson Samuel says so i trust him. Smiley

Will do a blog post or mailer over the next few days explaining our stance.
Good to hear from your buddy,hope to hear the official stance from coinsecure in the coming week. What is your general opinion regarding the scaling issues,what is your suggestion to overcome the network issues.

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