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

[MrCrabs]

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

Thanks

 

[Senor.Bla]

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

This depends how it will play out. But before a possible fork you don't need to do anything so far. After the fork there might be some actions required (to separate your coins), but we will have to see. Just inform yourself before you want to move/spent the coins.

[QuestionAuthority]

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.

[BigBoom3599]

You can do as QuestionAuthority says, or you can just put all your coins on a paper wallet, once a fork has occurred you'll have coins on both chains (x amount of BTCC and x amount of BTCU) you can then choose your actions on which chain has the majority.

[Xester]

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

 

It all depends on you on how to use your bitcoin. If you trust that bitcoin will most likely continue to increase in value amidst the crisis then dont do anything. But if you are afraid of the price meltdown then the best choice for you is to sell your bitcoins and convert it to dollars. After which if the price is stable or when the price is very low you can buy bitcoins again so when the price spiked again you will profit more.

Remember there is profit on volatility.

[cryptohunter]

put half into good alts and enjoy the profits

[HabBear]

Your question is a great one, however it only applies if you own your wallets (which most people do). It would not apply to wallets held with Bitcoin banks, like Coinbase, Xapo, Circlee, or Freebitco.in.

What ever you do, don't follow this guy's advice...

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.

The community has been debating whether and how to fork for over a year now. If you'd been out of the Bitcoin market for that long you'd miss all the appreciation of price we've seen over the last year.

A smarter move, if you're really worried about the coins setup post fork, is to convert your coins to a Coinbase, Xapo, or Circle account. They'll take of all of this for you.

[ArcCsch]

Your question is a great one, however it only applies if you own your wallets (which most people do). It would not apply to wallets held with Bitcoin banks, like Coinbase, Xapo, Circlee, or Freebitco.in.

What ever you do, don't follow this guy's advice...

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.

The community has been debating whether and how to fork for over a year now. If you'd been out of the Bitcoin market for that long you'd miss all the appreciation of price we've seen over the last year.

A smarter move, if you're really worried about the coins setup post fork, is to convert your coins to a Coinbase, Xapo, or Circle account. They'll take of all of this for you.

If uo keep them on your wallet, and the chain splits, x coins would result in x coins in one chain and x coins in the other.
If you keep them at a "bitcoin bank", the bank may refuse to give you the coins on one of the chains, something like this happened when ethereum split (some "wallets" refused to give users their ETC).
Keep them on a paper wallet, and then, if you think it is wise, trade them after the dust settles.

[DooMAD]

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

That would all depend on how you hodl.  Are you using a webwallet, an exchange or some other type of third party service to hold your bitcoins for you?  Do you run a client?  If so, is it a full node or a lightweight SPV client?  HostFat has a work-in-progress guide here to be absolutely sure you're ready for any outcome and also have the ability to choose your desired chain if you happen to disagree with the longest one.

[HabBear]

If uo keep them on your wallet, and the chain splits, x coins would result in x coins in one chain and x coins in the other.
If you keep them at a "bitcoin bank", the bank may refuse to give you the coins on one of the chains, something like this happened when ethereum split (some "wallets" refused to give users their ETC).
Keep them on a paper wallet, and then, if you think it is wise, trade them after the dust settles.

Interesting, I wasn't aware that this occurred. I'd like to read more about it, can you share a site or reference details on when this happened and with which ethereum "Bank".


Remember that all of these Bitcoin bank companies have a lot to lose if they f*ck with customer accounts. They're all making decent money providing the services they offer, and all of it is built on trust. If they violate that trust, they go out of business...that's a pretty severe consequence.

[QuestionAuthority]

Your question is a great one, however it only applies if you own your wallets (which most people do). It would not apply to wallets held with Bitcoin banks, like Coinbase, Xapo, Circlee, or Freebitco.in.

What ever you do, don't follow this guy's advice...

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.

The community has been debating whether and how to fork for over a year now. If you'd been out of the Bitcoin market for that long you'd miss all the appreciation of price we've seen over the last year.

A smarter move, if you're really worried about the coins setup post fork, is to convert your coins to a Coinbase, Xapo, or Circle account. They'll take of all of this for you.

If uo keep them on your wallet, and the chain splits, x coins would result in x coins in one chain and x coins in the other.
If you keep them at a "bitcoin bank", the bank may refuse to give you the coins on one of the chains, something like this happened when ethereum split (some "wallets" refused to give users their ETC).
Keep them on a paper wallet, and then, if you think it is wise, trade them after the dust settles.

I see your point. Why not have a few coins in each chain. I sold what I had left above $1,200 (230 btc). I got a little under $300k for them. If the btc/usd exchange rate drops back below $1k per coin I will buy back in for $50k just to hold for the chain split. Then even if I lose everything, which is highly unlikely, I will only have lost my profit.

[serje]

Sorry but I was away for a little while ...
When this hard fork will come???
Please provide links for statements!

[HabBear]

HostFat has a work-in-progress guide here to be absolutely sure you're ready for any outcome and also have the ability to choose your desired chain if you happen to disagree with the longest one.

According to that site, you have nothing to worry about...see the quote from the OP of that "work-in process" guide bolded and underlined in red below:

And, to my previous point, this guy says there isn't any guarantee that any exchange will allow you both currency options post-Fork (totally agree).

This chain will have "the same" (equal) history until that point / moment.

As you know, or you should know, on the Bitcoin's Blockchain they are saved all the transactions, from the 2009 to day.

If there will be a fork at the block X (like the block 453758, to make an example), so the Bitcoin's history, of the new fork, it will be "equal" until that point. (block)

What does this mean? It means that if before the block X, you had 100 bitcoin, then after it you will have 100 bitcoin on the "old" blockchain, and 100 bitcoinX (just to give a fancy name) on the new Blockchain.

The value of the two currencies will be different. They will be two different currencies after this.

The good thing about this, is that, as investors/holders, without doing likely nothing, You will be invested in the same way (same amount) on both.
I repeat, if you had an amount of bitcoin until now, then you will have it even after, on both blockchains.

You will be able then to decide to sell a little on one side, or the other, or keep them still and wait longer term.
The safest thing we say, would be doing nothing, and see how the market (other users / buyers / seller more confident of their choices) will decide to do, Following the exchanges in the various markets.

Any fork will be reported by me or by others, possibly months in advance.
On the forum, on facebook and on chats.

If you will do nothing and you will find yourself on clients / exchange / inappropriate situations to have both tokens (Bitcoin and BitcoinX), what will happen is that you simply will have the bitcoin, only on the current chain, meaning, the chain of the current team that is working on Bitcoin Core.

The choice to stay on the various fork, and not on a single one, may be here because:
- You don't trust of the curreny team on Bitcoin Core, and of the future that they are proposing.
- You trust them, but why avoiding the possibility to have more coins that can be sold (and gaining something) when it is possible?
- You trust them, but not entirely, better to be safe, because it costs so little (the time to adjust your situation)


However! (important things)

- Having control on your own bitcoins, it means having the complete/total and absolute control of private keys. I mean all the private keys, as single or more (client multisig)
It a very imortant thing, you have to be sure to have complete control of your bitcoins, to be sure, with certainty, to being able to use/have/control them, even on the new fork.

- Being able to export the private keys
Another thing that it will be needed is that the client that you are using will allow you with certainty, to being able to export the private keys, all of them!
This to being able to, easily, importing these keys on the new clients / wallets that will support the new fork.


It is important that the bitcoins are on an appropriate client, BEFORE the fork.
After the fork, the coins on the current Bitcoin, on the old chain, you will be able to take them on your before prefered client / service (if it wasn't respecting the two rules above)

Below I will put a list of clients that I consider valid to guarantee the ability to have bitcoin also present in the new blockchain.
If there is a client that doesn't appear on the list, just ask, and I will try to add it, by indicating whether it is adequate or not.

Clients / adequate situations / to have, by choice, before the fork (like, 6 or more confirmations/blocks before it happens):
- Electrum
- Jaxx
- Copay (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39)
- Mycelium (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Mycelium" )
- Multibit HD (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Hive Wallet" )
- Breadwallet (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 - "Hive Wallet" )
- Bitcoin Core - (until the v0.13.0, at the moment) - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin Unlimited - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin Classic - http://bitcoin.stackexchange.com/a/5933/259
- Bitcoin XT - http://bitcoin.stackexchange.com/a/5933/259
- Paper wallet (single bitcoin address and private key)
- Blockchain.info - However it isn't a recommended wallet (https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39)
- Bitcoin Armory

Not sure, I haven't tested it directly:
- Trezor (https://doc.satoshilabs.com/trezor-tech/cryptography.html - https://iancoleman.github.io/bip39 - https://github.com/iancoleman/bip39 )
- Ledger (http://support.ledgerwallet.com/knowledge_base/topics/how-to-restore-my-backup-without-a-ledger-wallet - https://iancoleman.github.io/bip39 / https://github.com/iancoleman/bip39 )

To use https://iancoleman.github.io/bip39, it's better to download the source and open it on a secure offline system
https://github.com/iancoleman/bip39/archive/master.zip


Clients / inappropriate situations / to not have if you want to be assured of having the coins on both (or more) forks:
- Leaving your bitcoins on the exchanges: there isn't any certainty that the exchanges will permit you to have the coins on all the blockchains. You will have to withdraw them, and put them on adeguate clients, before the fork.
- Coinbase
- Circle
- Uphold
- All online wallet (that are always insecure)
- ...

[epitome]

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.

[sotoshihero]

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.

[Janation]

I thought there will be no hard forks to think of? I thought this issue is now dropped? And even if they split my coins, I only care as long as I dont lost it. No hard forks will be happening right? We just need to wait and be patient, and if the fork was implemented, then we panic.

[serje]

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!

[Yuuto]

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 is nothing you need to do in case of a hard fork. Just make sure that you control the address that you are holding the bitcoins in instead of having on a shitty exchange like Yobit who is generally very unclear on their policies on altcoin hard forks.

Once a fork happens you’ll have both BTU and BTC coins 1:1, the process is automatic.

If you think that bitcoin is doomed because of this fork, sell your coins now, and buy them back later when it is probably going to be cheaper.

[user27]

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

 

Nope, you don’t need to do anything in a case of a hard fork.

Let’s say that you have 10 BTC in an address that you hold, when the fork happens, you’ll have 10 BTC on the Bitcoin Core chain and another 10 BTU on the bitcoin unlimited chain.

Pretty sure that if you hold your coins on an exchange most of the exchanges will reimburse your coins to you in the form of both BTC and BTU, except if your coins are on loan for margin trading on Poloniex, I believe.

If you only want one version of bitcoin, then you can sell your BTC for BTU or BTU for BTC after the fork.

[yulluxy]

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

 

nah, you just wait there and see what happens lol