Bitcoin Forum
January 28, 2022, 08:27:23 PM *
News: Vote on the 2021 community awards
 
   Home   Help Search Login Register More  
Pages: 1 2 [All]
  Print  
Author Topic: Best option to store BTC in hardfork event.  (Read 1302 times)
ankurguta87
Full Member
***
Offline Offline

Activity: 364
Merit: 117



View Profile
April 03, 2017, 03:44:31 PM
 #1

Hi Guys,
I am very new to bitcoin. I just bought 5BTC. As I am following many blogs so can me know that there are some possibility of hardfork.
Some blogposts suggest to store coin in wallets like coinbase or blockchain.
In my further research I studied coinbase vs blockchain (http://coinfunda.com/coinbase-vs-blockchain/)which says that I should have control on some thing called private key. Which is possible in
block chain. Now I am worried about where to store my bitcoins safely. I want to store them for 1-2 years.
Please help.
 
1643401643
Hero Member
*
Offline Offline

Posts: 1643401643

View Profile Personal Message (Offline)

Ignore
1643401643
Reply with quote  #2

1643401643
Report to moderator
1643401643
Hero Member
*
Offline Offline

Posts: 1643401643

View Profile Personal Message (Offline)

Ignore
1643401643
Reply with quote  #2

1643401643
Report to moderator
1643401643
Hero Member
*
Offline Offline

Posts: 1643401643

View Profile Personal Message (Offline)

Ignore
1643401643
Reply with quote  #2

1643401643
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1643401643
Hero Member
*
Offline Offline

Posts: 1643401643

View Profile Personal Message (Offline)

Ignore
1643401643
Reply with quote  #2

1643401643
Report to moderator
1643401643
Hero Member
*
Offline Offline

Posts: 1643401643

View Profile Personal Message (Offline)

Ignore
1643401643
Reply with quote  #2

1643401643
Report to moderator
1643401643
Hero Member
*
Offline Offline

Posts: 1643401643

View Profile Personal Message (Offline)

Ignore
1643401643
Reply with quote  #2

1643401643
Report to moderator
manselr
Legendary
*
Offline Offline

Activity: 868
Merit: 1001


View Profile
April 03, 2017, 04:21:25 PM
 #2

Hi Guys,
I am very new to bitcoin. I just bought 5BTC. As I am following many blogs so can me know that there are some possibility of hardfork.
Some blogposts suggest to store coin in wallets like coinbase or blockchain.
In my further research I studied coinbase vs blockchain (http://coinfunda.com/coinbase-vs-blockchain/)which says that I should have control on some thing called private key. Which is possible in
block chain. Now I am worried about where to store my bitcoins safely. I want to store them for 1-2 years.
Please help.
 

My advice is that you download Bitcoin Core latest version at www.bitcoin.org and get a full node going. By doing this you support the network and get the most secure wallet (given that your computer is secure).

Encrypt the wallet and save the wallet.dat file in several places that you control.

In the case of a HF, the price will dump, you will get 5 BTU in the other chain, so what you do is you dump your BTU and make free money. Of course the damage of th BUfork will put bitcoin in a very bad situation that will last at least 2 years to recover.

You can look at putting a % in other alts such as LTC or ETH for the time being, good luck.
ankurguta87
Full Member
***
Offline Offline

Activity: 364
Merit: 117



View Profile
April 03, 2017, 06:39:57 PM
 #3

Hi Guys,
I am very new to bitcoin. I just bought 5BTC. As I am following many blogs so can me know that there are some possibility of hardfork.
Some blogposts suggest to store coin in wallets like coinbase or blockchain.
In my further research I studied coinbase vs blockchain (http://coinfunda.com/coinbase-vs-blockchain/)which says that I should have control on some thing called private key. Which is possible in
block chain. Now I am worried about where to store my bitcoins safely. I want to store them for 1-2 years.
Please help.
 

My advice is that you download Bitcoin Core latest version at www.bitcoin.org and get a full node going. By doing this you support the network and get the most secure wallet (given that your computer is secure).

Encrypt the wallet and save the wallet.dat file in several places that you control.

In the case of a HF, the price will dump, you will get 5 BTU in the other chain, so what you do is you dump your BTU and make free money. Of course the damage of th BUfork will put bitcoin in a very bad situation that will last at least 2 years to recover.

You can look at putting a % in other alts such as LTC or ETH for the time being, good luck.

Thanks a lot Smiley
Slark
Legendary
*
Offline Offline

Activity: 1848
Merit: 1004


View Profile
April 03, 2017, 06:45:34 PM
 #4

The only thing that really matters in case of Hard Fork is that you have access to your private keys.
You don't have to run a node (albeit it helps the network) or download 118 GB of blockchain to do that.
It is unwise to advice people to dump BU tokens when we have no idea how situation will unfold.
BU might be the chain which will take the cake in the end and win in the long run, so dumping BU coins right away might be unreasonable.
BitFinnese
Copper Member
Hero Member
*****
Offline Offline

Activity: 1022
Merit: 500


View Profile
April 03, 2017, 07:01:04 PM
 #5

The only thing that really matters in case of Hard Fork is that you have access to your private keys.
You don't have to run a node (albeit it helps the network) or download 118 GB of blockchain to do that.
It is unwise to advice people to dump BU tokens when we have no idea how situation will unfold.
BU might be the chain which will take the cake in the end and win in the long run, so dumping BU coins right away might be unreasonable.

More likely this is the best option we have, having the access to the private keys.  In any scenario where there is a split in chain. those who have access in their private key can retrieve/move their coin on any of the chain.  This means you will have coins on both the BU chain and the core chain.
Though I am still uncertain on which chain will be successful, it is better to watch how things unfold and decide wisely about your coins on both chain.
HabBear
Hero Member
*****
Offline Offline

Activity: 1106
Merit: 636


View Profile WWW
April 03, 2017, 07:11:18 PM
 #6


My advice is that you download Bitcoin Core latest version at www.bitcoin.org and get a full node going. By doing this you support the network and get the most secure wallet (given that your computer is secure).

Encrypt the wallet and save the wallet.dat file in several places that you control.

In the case of a HF, the price will dump, you will get 5 BTU in the other chain, so what you do is you dump your BTU and make free money. Of course the damage of th BUfork will put bitcoin in a very bad situation that will last at least 2 years to recover.

You can look at putting a % in other alts such as LTC or ETH for the time being, good luck.

What does the security of the wallet have to do with the treatment of our coins on the BTC blockchain? (Nothing, i believe). Major online wallets have announced how they would treat accounts in the event of a fork too.

To the OP, if you're genuinely worried you should cash out, wait for the fork event (whether it will happen or not) pass, and then get back in to the winning bitcoin blockchain "version". There are alternative coins that are stable that you can keep your funds in (beyond just going back to fiat). Consider Litecoin or Ethereum as an option. The latter isn't a currency per se, but shares of an idea on how to bring the blockchain to businesses.
coolcoinz
Hero Member
*****
Online Online

Activity: 1792
Merit: 728



View Profile
April 03, 2017, 07:54:42 PM
 #7

To the OP, if you're genuinely worried you should cash out, wait for the fork event (whether it will happen or not) pass, and then get back in to the winning bitcoin blockchain "version". There are alternative coins that are stable that you can keep your funds in (beyond just going back to fiat). Consider Litecoin or Ethereum as an option. The latter isn't a currency per se, but shares of an idea on how to bring the blockchain to businesses.
If he decides to wait he could be waiting indefinitely, because there's not much chance a fork will happen anytime soon. I wouldn't advise going for LTC because it's a similar coin to BTC and its price relies on its predecessor. LTC doesn't bring anything new to the table and will die soon after BTC.

BitcoinNewsMagazine
Legendary
*
Offline Offline

Activity: 1806
Merit: 1159



View Profile WWW
April 03, 2017, 07:59:05 PM
 #8

Someone who does not want the hassle of running both BTC and BTU full nodes can always just buy a Trezor. The developers have already stated in case of a hard fork users at the Trezor web wallet will be able to user select BTC or BTU.

andrew24p
Sr. Member
****
Offline Offline

Activity: 378
Merit: 250



View Profile
April 03, 2017, 08:14:27 PM
 #9

I would store them in a cold wallet prior to the fork. Personally I am going to hold both coins just in case, but pulling either coin out of one of those private keys should be easy enough.

█▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀█
█                                                                                                                         █
█                                                                                                                         █
█          ██     ██       ▄█▄        ██        ██     ▄██████▄    ██████████    ████████    ██████▄                      █
█          ██     ██       ███        ██        ██     ██     ██       ██        ██          ██    ██                     █
█          ██     ██      ██ ██       ███      ███     ██     ██       ██        ██          ██    ██                     █
█          ██     ██     ▄██ ██▄      ████    ████     ██              ██        ██          ██    ██                     █
█          █████████     ██   ██      ██ ██  ██ ██      ▀█████▄        ██        ███████     ██   ▄█▀                     █
█          ██     ██     ██   ██      ██  █▄▄█  ██            ██       ██        ██          █████                        █
█          ██     ██    ▄███████▄     ██  ████  ██     ██     ██       ██        ██          ██   ██                      █
█          ██     ██    ██     ██     ██   ██   ██     ██     ██       ██        ██          ██    ██                     █
█          ██     ██    ██     ██     ██   ██   ██     ▀██████▀        ██        ████████    ██     ██                    █
█▄▄▄▄▄▄▄▄
M   A   R   K   E   T   P   L  A   C   E  ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄█

                     The first token offering total buyback
─────❯❯❯ICO Starts : 28th of November 2017❮❮❮─────

❖TWITTER
❖TELEGRAM
❖WHITEPAPER
❖FACEBOOK
❖ANN THREAD
SLACK
Pettuh4
Sr. Member
****
Offline Offline

Activity: 812
Merit: 251


View Profile
April 03, 2017, 08:41:58 PM
 #10

I would store them in a cold wallet prior to the fork. Personally I am going to hold both coins just in case, but pulling either coin out of one of those private keys should be easy enough.

Sure cold wallet is good but I doubt if there will be another coin because nobody is forking anything. There will be nothing we both coins just in case. The skeptics are always proven wrong but they keep doubting Bitcoin. Come on look at the prices and tell me if Bitcoin is going to need a fork?
mindrust
Legendary
*
Offline Offline

Activity: 2422
Merit: 2193



View Profile
April 03, 2017, 08:50:39 PM
 #11

The safest option is FIAT.

Since you bought your coins already, the best thing you can do is to make sure of that you are on the Bitcoin Core side. If  you are running the core wallet and you got your funds there, no need to worry. If you are on a wallet like electrum, things get a bit messy. You need to choose your servers manually. There are topics about that in the electrum subforum.

If you are a holder like me and don't wanna run the core wallet, you can extract your private key and leave it as is. After the fork you can import your private keys into whatever wallet you like and can choose your chain. That's the least painful method.

I wouldn't store my coins in online wallets like coinbase or blockchain. Not wise.




▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄    ▄▄▄▄                  ▄▄▄   ▄▄▄▄▄        ▄▄▄▄▄   ▄▄▄▄▄▄▄▄▄▄▄▄    ▄▄▄▄▄▄▄▄▄▄▄▄▄▄   ▄▄▄▄▄▄▄▄▄▄▄▄▄▄   ▄▄▄▄▄▄▄▄▄▄▄
 ▀████████████████▄  ████                 █████   ▀████▄    ▄████▀  ▄██████████████   ████████████▀  ▄█████████████▀  ▄█████████████▄
              ▀████  ████               ▄███▀███▄   ▀████▄▄████▀               ████   ████                ████                   ▀████
   ▄▄▄▄▄▄▄▄▄▄▄█████  ████              ████   ████    ▀██████▀      ██████████████▄   ████████████▀       ████       ▄▄▄▄▄▄▄▄▄▄▄▄████▀
   ██████████████▀   ████            ▄███▀     ▀███▄    ████        ████        ████  ████                ████       ██████████████▀
   ████              ████████████▀  ████   ██████████   ████        ████████████████  █████████████▀      ████       ████      ▀████▄
   ▀▀▀▀              ▀▀▀▀▀▀▀▀▀▀▀   ▀▀▀▀   ▀▀▀▀▀▀▀▀▀▀▀▀  ▀▀▀▀        ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀   ▀▀▀▀▀▀▀▀▀▀▀▀        ▀▀▀▀       ▀▀▀▀        ▀▀▀▀▀

#1 CRYPTO CASINO & SPORTSBOOK
▄▄▀▀▀▀▀▀▀▀▀▄▄
▄█▀▄▄▀▀█▀▀▀█▀▀▄▄▀█▄
▄█▀▄▀▀█ ▄█▄▄▄█▄ █▀▀▄▀█▄
▄▀▄██▄▄▀▀▄▄ ▀▄▄▀▀▄▄██▄▀▄
▄█ ████ ███▌▐███ ████ █▄
█ ████ ████ ███ ████ ████ █
█ ████ ███ ▄▄▄▄▄ ███ ████ █
█ ████ █▀▄█▀▀▀▀▀█▄▀█ ████ █
▀█ ████ ██ ▄▀▀▀▄ ██ ████ █▀
▀▄▀██▀█▄▄ ▀▀▀▀▀ ▄▄█▀██▀▄▀
▀█▄▀█▄▄▀▀█████▀▀▄▄█▀▄█▀
▀█▄▀▀██▄▄▄▄▄██▀▀▄█▀
▀▀▄▄▄▄▄▄▄▄▄▀▀
OFFICIAL
BETTING
PARTNER
.INSTANT & FAST..
.TRANSACTION.....
.PROVABLY FAIR..
......& SECURE......
.24/7 CUSTOMER.
.............SUPPORT.
BTC      |      ETH      |      LTC      |      XRP      |      XMR      |      BNB      |     more
HabBear
Hero Member
*****
Offline Offline

Activity: 1106
Merit: 636


View Profile WWW
April 03, 2017, 08:57:38 PM
 #12

To the OP, if you're genuinely worried you should cash out, wait for the fork event (whether it will happen or not) pass, and then get back in to the winning bitcoin blockchain "version". There are alternative coins that are stable that you can keep your funds in (beyond just going back to fiat). Consider Litecoin or Ethereum as an option. The latter isn't a currency per se, but shares of an idea on how to bring the blockchain to businesses.
If he decides to wait he could be waiting indefinitely, because there's not much chance a fork will happen anytime soon. I wouldn't advise going for LTC because it's a similar coin to BTC and its price relies on its predecessor. LTC doesn't bring anything new to the table and will die soon after BTC.

As long as LTC doesn't die before BTC it serves as a fair temporary holding if one deems BTC too risk right now. The fact that LTC is a boring, more stable alternative to BTC is exactly why it makes sense holding it with previously held BTC with the intent of transacting back into BTC once the clouds clear.

BUT, if you really think there's not much chance of a fork happening that this OP has very little to worry about. Based on the chatter on this site, I think you might be in the minority. It seems like a lot of people still believe a hard fork is a possibility. Do you have information we do not?

Why do you believe the hard fork hype, potential has disappeared?

I hope you're right, by the way.

And...yes...this is the best answer >>>
The safest option is FIAT.
ImHash
Hero Member
*****
Offline Offline

Activity: 910
Merit: 506


View Profile
April 03, 2017, 11:50:26 PM
 #13

First go to bitaddress.org and then disconnect your internet, generate an address and save both address and private key then go to your wallet which holds the funds and send them to the newly generated address and do not touch them under any circumstances and do not spend anything after fork.
Everyone should do this to avoid double spends until BU dies, but I doubt if people can stand not spending their coins twice Cheesy not that they can sell with the double of the current price anyways.

Btw, there will be no hostile takeover hard fork, miners aren't ret*rded to hurt their revenue stream.
zimmah
Legendary
*
Offline Offline

Activity: 1106
Merit: 1005



View Profile
April 03, 2017, 11:51:54 PM
 #14

As long as you control the private keys it doesn't matter how you store them

In the case of a hardfork you'll have the same amount of bitcoin on both chains.   
So 5 BTC would become 5 Bitcoin Unlimited and 5 Bitcoin Core.     
   
bitart
Hero Member
*****
Offline Offline

Activity: 1442
Merit: 628


Vires in Numeris


View Profile
April 05, 2017, 09:02:19 PM
 #15

If you've just bought 5BTC, it seems you take it as a long time investment...
In this case I won't keep all the eggs in one basket, so you should use many kind of wallets to store the coins.
For the coins you won't need for long period of time, you can use a paper wallet.
There will be a part of them you want to use for daily purposes, you can buy a trezor (safe and you handle your private key unlike if you use a web wallet), and trezor is OK for longer time storage too.
Web wallets are now not the best options for storing bitcoin. If you can, store only a very little amount in web wallets these days. We'll see if the fork will happen or not, but to be on the safe side, try to avoid web wallets.
Karpeles
Legendary
*
Offline Offline

Activity: 1162
Merit: 1000


View Profile
April 05, 2017, 10:30:09 PM
 #16

Any wallet that let you have possession of your private keys will be enough to hold the keys.

But for such big amount better use a wallet that you are the single owner of the keys and that can't be easily accessed remotely, like online wallets. Also make a backup of the private keys, not only secret seed or something, would be a good idea
Yakamoto
Legendary
*
Offline Offline

Activity: 1218
Merit: 1007


View Profile
April 05, 2017, 10:37:17 PM
 #17

Assuming I understand all the mechanics of a hard fork correctly, as long as you have your private key, they should remain the same on both forks unless there was a change to your private key, and all your Bitcoin will exist on both chains in the same place.

Now, that all comes down to having the private key. Make sure that you have it available as you'll probably need to import your wallet from the blockchain in the event of a hardfork.
BitcoinNewsMagazine
Legendary
*
Offline Offline

Activity: 1806
Merit: 1159



View Profile WWW
April 05, 2017, 10:37:27 PM
 #18

Hi Guys,
I am very new to bitcoin. I just bought 5BTC. As I am following many blogs so can me know that there are some possibility of hardfork.
Some blogposts suggest to store coin in wallets like coinbase or blockchain.
In my further research I studied coinbase vs blockchain (http://coinfunda.com/coinbase-vs-blockchain/)which says that I should have control on some thing called private key. Which is possible in
block chain. Now I am worried about where to store my bitcoins safely. I want to store them for 1-2 years.
Please help.

With over $5K at risk you really should be using a hardware wallet to store your bitcoin. Both Trezor and Ledger have talked about contingency plans that will let you access both BTC and BTU in case of a hard fork.

Velkro
Legendary
*
Offline Offline

Activity: 2296
Merit: 1014



View Profile
April 05, 2017, 10:39:35 PM
 #19

store coin in wallets like coinbase or blockchain.
 
Never store ur coins in online wallets. Online wallet turn off website/service, u lost bitcoins.
Use software wallets or paper wallets etc.

About topic question, in case of hardfork, safest is to not move ur coins at all. Wait to things to settle itself.
staggerpines
Newbie
*
Offline Offline

Activity: 64
Merit: 0


View Profile
April 05, 2017, 10:40:27 PM
 #20

I would say get yourself a hardware wallet such as a Ledger Nano S and wait it out. Welcome to the Bitcoin World.
Qartada
Hero Member
*****
Offline Offline

Activity: 546
Merit: 500


View Profile WWW
April 05, 2017, 10:54:44 PM
 #21

store coin in wallets like coinbase or blockchain.
 
Never store ur coins in online wallets. Online wallet turn off website/service, u lost bitcoins.
Use software wallets or paper wallets etc.

About topic question, in case of hardfork, safest is to not move ur coins at all. Wait to things to settle itself.
If they're in an online wallet now, the best option is still to move them.  Online wallets are likely to take one part of the forked coin, just like how Coinbase took its users' ETC.

Downloading Bitcoin Core will be pretty demanding, so as long as you're not an idiot (or very unlucky person) that gets loads of malware you'll be best off holding it in a software wallet.  Download Electrum or maybe Multibit and you'll have control of your coins.

You shouldn't worry until a hard fork is imminent though, and right now it's not.

Pages: 1 2 [All]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!