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Author Topic: Web Wallets' Reactions To A Hard Fork  (Read 375 times)
Iranus
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March 23, 2017, 05:55:01 PM
 #1

Web wallets are different in that they essentially store your Bitcoin for you rather than allowing you to store your own Bitcoin.  Trying to simplify Bitcoin's experience can result in a lot of choices having to be made by the provider.  For example, Coinbase stopped ETC support and prevented withdrawals, essentially taking the hard forked part of Ethereum away from their users.

So, in the event of a hard fork, how would wallet providers handle this and display their users' holdings?

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March 23, 2017, 06:02:55 PM
 #2

If a hard fork looks close anyone thinking straight would get their bitcoin off of all web wallets and into a local wallet like Electrum where you control the private keys. So far the most advanced thinking is from the Trezor devs who are saying they will treat BTU as an altcoin and Trezor users will be able to select BTC or BTU at wallet.trezor.io they just have to add replay protection first. Exchanges will probably split BTC into BTU but I would not leave bitcoin on an exchange during a fork.

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March 23, 2017, 06:07:35 PM
 #3

You shouldn't use web wallets till you really have to anyway. Better be safe than be sorry. Don't wait for their response, just get your coins to safety.
I know some web wallets like XAPO has some advantages over the local wallets (like free transaction fees) but the possibility of not having free BTU coins (which you will be able to dump for free BTC's :p) is a bigger risk.

Better yet, ask your online wallet's customer service what are they gonna do in that situation. (still i wouldn't trust them)
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March 24, 2017, 03:19:08 PM
 #4

In the last week, a lot of exchanges including coinbase and other exchanges such as Bitfinex and Kraken clearly stated that they are going to treat Bitcoin Unlimited as an alternative coin while the current one stays BTC.

Honestly, It's better to have your coins somewhere where you actually control your private keys and not rush into doing anything until things are clear for the community, playing around and trying to switch while you don't have an idea on the process could lead to bad consequences.

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Iranus
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March 24, 2017, 07:24:43 PM
 #5

In the last week, a lot of exchanges including coinbase and other exchanges such as Bitfinex and Kraken clearly stated that they are going to treat Bitcoin Unlimited as an alternative coin while the current one stays BTC.

Honestly, It's better to have your coins somewhere where you actually control your private keys and not rush into doing anything until things are clear for the community, playing around and trying to switch while you don't have an idea on the process could lead to bad consequences.
Actually, Coinbase didn't sign the statement and seemed to think that it was too pro-Core so their position is a bit less clear.

I suppose if it's treated as an alt on most exchanges though, maybe if you were holding Bitcoin on exchanges they would just still be represented as BTC and they would probably rob you of the BTU that they would receive.

Online wallets aren't quite like exchanges though because they recognise that you're trying to hold Bitcoin, which could be expressed as BTC or BTU or both, whereas exchanges will view it more like you chose to hold BTC so that's what you will keep.

I hope that some reputable services like Blockchain will allow the users both of their coins.

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March 25, 2017, 03:28:40 AM
 #6

In the last week, a lot of exchanges including coinbase and other exchanges such as Bitfinex and Kraken clearly stated that they are going to treat Bitcoin Unlimited as an alternative coin while the current one stays BTC.

Honestly, It's better to have your coins somewhere where you actually control your private keys and not rush into doing anything until things are clear for the community, playing around and trying to switch while you don't have an idea on the process could lead to bad consequences.
Actually, Coinbase didn't sign the statement and seemed to think that it was too pro-Core so their position is a bit less clear.

I suppose if it's treated as an alt on most exchanges though, maybe if you were holding Bitcoin on exchanges they would just still be represented as BTC and they would probably rob you of the BTU that they would receive.

Online wallets aren't quite like exchanges though because they recognise that you're trying to hold Bitcoin, which could be expressed as BTC or BTU or both, whereas exchanges will view it more like you chose to hold BTC so that's what you will keep.

I hope that some reputable services like Blockchain will allow the users both of their coins.
But then again coinbase also starting selling ethereum -a coin that had their hard fork and split earlier last year officially starting yesterday and they have signed onboard with the bitcoin license for operating in the state of new york. So what that really means I do not really know what this means for them to come out saying this.
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March 26, 2017, 05:37:06 PM
 #7

So, in the event of a hard fork, how would wallet providers handle this and display their users' holdings?
I think other web wallets haven't posted anything related to their stand during hard fork but breadwallet have recently released an update on this check here https://breadwallet.com/blog/what-fork-means-breadwallet/

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March 26, 2017, 07:35:37 PM
 #8

Samourai wallet uses Bitcoin Core only https://www.reddit.com/r/Bitcoin/comments/60kt6l/samourai_wallet_wallet_users_samourai_continues/

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