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Author Topic: Best wallet for potential fork.  (Read 5867 times)
rhyso (OP)
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June 25, 2017, 10:08:42 AM
 #1

Hi There,

Trying to get my head around the coming fork or whatever might happen.

It is all a bit over my head. So i'll leave it to the experts.

Just wondering what is the best wallet to use to protect my investments.

I have both BTC and ETH so I am using Exodus at present as it is nice clean, and holds my coins in one place.

Should I be using a wallet that downloads the entire blockchain instead, to keep my BTC for the coming month or two?

I am sure some of you BTC geeks will know.

Advice appreciated, explanations would be awesome.

cheers,

Rhyso




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June 25, 2017, 10:29:19 AM
 #2

Simple test to see if your wallet is suitable for holding coins:

1. Does your wallet provide you with the private keys for all addresses contained in it?

Yes? Wallet is OK.
No? Wallet is not Ok.

If you have access to the private keys, you are good to go regardless of what happens. You can put your private key(s) into "LeftForkWallet"™ and have access to "LeftForkCoins"™... and/or you can put your private key(s) into "RightForkWallet"™ and have access to "RightForkCoins"™

What you DO NOT want to do is put your coins in any online service like an exchange/gambling site/web wallet etc where you do not have direct control over the private keys and are at the mercy of that service as to which way they want to send to your coins.

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rhyso (OP)
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June 25, 2017, 10:48:14 AM
 #3

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

But I do have keys and my wallet seems pretty pro and has lots of support. It all just seems a bit vague for us crypto investors that are not tech savvy.

Cheers

Rhyso

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June 25, 2017, 06:29:39 PM
Merited by ABCbits (1)
 #4

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins.   In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged.  You have private key(s) which are from the shared part of the history.  That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names).   As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent.  If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.

Quote
But I do have keys and my wallet seems pretty pro

So, this part is good.  Smiley
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June 25, 2017, 07:04:20 PM
 #5

Electrum and some hardware wallets have promised versions that will support both chains when the time comes so it is better to stick to one of them if you want to be ready for a potential fork. Electrum is a free wallet and the hardware ones you need to buy them but since you are an investor as you say I don't think 0.05 bitcoin will be a problem as that's the cost for one of them.

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June 25, 2017, 09:18:05 PM
 #6

Trezor and Ledger have been through this before with previous fork scares, and have always promised firmware updates that would allow one to spend on the fork of your choice. Using a hardware wallet with Electrum might be a very good choice.

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June 25, 2017, 09:35:08 PM
 #7


Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins.   In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged.  You have private key(s) which are from the shared part of the history.  That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names).   As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent.  If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.

Looking it in this way, and I am a newbie around, This makes me think, with some wallets, people will  lose money(bitcoin) ?
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June 26, 2017, 04:41:40 AM
 #8

Trezor +1, used it to store some ETH and happy with it for now. Cheesy

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June 26, 2017, 05:15:23 AM
 #9

Basically the only question here is if "do you have access to your private key"? Even in case of a fork your key will work for your btc address
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June 28, 2017, 04:15:07 PM
 #10

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins.   In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged.  You have private key(s) which are from the shared part of the history.  That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names).   As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent.  If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.



So what if LeftForkCoin and in RightForkCoin really happens after that SegWit2 will be enabled, Should I really make a hardware wallet early as now and get my bitcoin balances from Coinbase? or this Online wallets have a plan also with this event if it will really happen? I am not a geek to know about this sorry.
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June 28, 2017, 05:00:58 PM
 #11

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins.   In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged.  You have private key(s) which are from the shared part of the history.  That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names).   As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent.  If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.



So what if LeftForkCoin and in RightForkCoin really happens after that SegWit2 will be enabled, Should I really make a hardware wallet early as now and get my bitcoin balances from Coinbase? or this Online wallets have a plan also with this event if it will really happen? I am not a geek to know about this sorry.

You have to go by what the wallet providers publish. Trezor is on top of this and is in stock, recommend you buy one before they run out. They seem to be selling fast:) Ledger is already out of stock.

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June 28, 2017, 06:45:58 PM
 #12

This is not a viable question.  If there is a fork, then the end results are going to be one consensus coin or two accepted versions and it does not matter what wallet you have, you will be on the same fork either way. 

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June 28, 2017, 06:46:36 PM
 #13

This is not a viable question.  If there is a fork, then the end results are going to be one consensus coin or two accepted versions and it does not matter what wallet you have, you will be on the same fork either way. 

Your blockchain is going to be the same, and if it is accepted as consensus, then you are there, if not, then you are are gone.

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June 28, 2017, 09:45:11 PM
 #14

Hi,

Thanks.

Still kinda confused how I will end up with 2 lots of coins when I have one wallet and one set of keys...

Well, that's the worst case scenario with a fork, they never come back together and the two chains effectively become two incompatible cryptocoins.   In this hypothetical scenario, the two coins share a history up to a certain point at which they diverged.  You have private key(s) which are from the shared part of the history.  That means that just as one cryptocurrency has now become two, your coins in the original cryptocurrency have now become coins in LeftForkCoin and in RightForkCoin (I love these names).   As long as you control your own private keys, you are safely a part of the "winning" coin when and if a "winner" becomes apparent.  If there never ends up being a winner and both forks retain their value, you're happy to have both coins.

I hope that helps.



So what if LeftForkCoin and in RightForkCoin really happens after that SegWit2 will be enabled, Should I really make a hardware wallet early as now and get my bitcoin balances from Coinbase? or this Online wallets have a plan also with this event if it will really happen? I am not a geek to know about this sorry.

You should get your private keys from coinbase.  I don't know if they allow this,  if they don't, you should move your coins to and address you control.  That's my opinion.
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June 29, 2017, 12:09:53 AM
 #15

So what if LeftForkCoin and in RightForkCoin really happens after that SegWit2 will be enabled, Should I really make a hardware wallet early as now and get my bitcoin balances from Coinbase? or this Online wallets have a plan also with this event if it will really happen? I am not a geek to know about this sorry.
You will need to contact Coinbase and find out what their plans are in the event of a fork happening and "LeftFork" and "RightFork" becoming actual separate coins as opposed to one "consensus" coin.

As I stated right at the beginning of this thread, if you leave your coins in an online wallet where you do not control the private keys, then you have no control over what is happening in the event of a fork... your "wallet" or, more correctly, your "account" provider will make a decision about what is going to happen for you.

I foresee the network getting quite busy around the end of July and a lot of "account" balances being transferred from a lot of online services to "proper" wallets.

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June 29, 2017, 01:42:06 AM
 #16

Just make sure that you have access to the private keys to the addresses you use. And save them in a good safe place (maybe even print them and keep them a secret safe place)

Don't use an online wallet that doesn't grant you that or an online exchange (which is way worse and doesn't guarantee you anything.)
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June 29, 2017, 02:15:15 PM
 #17

IMHO blockchain.info wallet would solve your problem. It is the online wallet and private key will be with you always. Further, you don't have to be download a full node to do transactions like offline wallet i.e. bitcoin core 0.14.2.
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June 30, 2017, 05:42:58 PM
 #18

Every wallet which you have your private keys or passphrase. Ledger would be an good option.
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June 30, 2017, 08:34:03 PM
 #19

IMHO blockchain.info wallet would solve your problem. It is the online wallet and private key will be with you always. Further, you don't have to be download a full node to do transactions like offline wallet i.e. bitcoin core 0.14.2.


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July 03, 2017, 07:26:59 AM
 #20

Hi There,

Trying to get my head around the coming fork or whatever might happen.

It is all a bit over my head. So i'll leave it to the experts.

Just wondering what is the best wallet to use to protect my investments.

I have both BTC and ETH so I am using Exodus at present as it is nice clean, and holds my coins in one place.

Should I be using a wallet that downloads the entire blockchain instead, to keep my BTC for the coming month or two?

I am sure some of you BTC geeks will know.

Advice appreciated, explanations would be awesome.

cheers,

Rhyso


it' easy.
just choose one who will give you the possibility to export private Keys.
You need this feature to import Keys in the new wallet who will be able to manage the new chain!

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