|
metalbean (OP)
|
 |
July 01, 2017, 02:57:27 PM |
|
Why are we recommended to have coins stored offline come a possible fork?
Note: Not here to discuss other benefits of offline wallet
|
|
|
|
|
|
|
|
|
|
|
|
The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post garbage, though: posts should actually contain ideas, and these ideas should be argued reasonably.
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
Xavofat
|
|
July 02, 2017, 08:16:10 AM |
|
Because with online wallets you do not control your coins.
The safest way to hold your coins is to hold them in Bitcoin Core.
Other wallets will most likely give you advice, such as Electrum (they gave a guide to a hard fork and in the case of a different chain split would most likely do so again), but I would avoid trusting online wallets and exchanges with this.
|
|
|
|
|
freedomno1
Legendary
 Offline
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
|
|
July 02, 2017, 08:18:12 AM |
|
Why are we recommended to have coins stored offline come a possible fork?
Note: Not here to discuss other benefits of offline wallet
https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/This sums it up the results of the fork could make the coins tangled if its a contentious fork, it avoids replay attacks and other related issues. -- If you are storing your bitcoins on an exchange, in a custodial wallet like Coinbase, Circle or Xapo, or on any other service that holds your private keys for you, you may or may not eventually receive coins on both ends of the chain. In fact, if these kinds of services aren’t well-prepared, there could be scenarios where you don’t get any coins at all. So far, no exchanges have given any kind of guarantee. |
Believing in Bitcoins and it's ability to change the world
|
|
|
SMSabuj
Sr. Member
Offline
Activity: 602
Merit: 251
I am a professional Web Designer and Developer
|
|
July 29, 2017, 07:25:36 PM |
|
You will not able to control your online wallet during that time. So, you have to hold your coin on Bitcoin Core. But I have invested all of my BTC. I have bought some Altcoin with my BTC. When this problem will solve then I will sell my coin. And again I hold BTC. Whing this period I hope, I will make a good profit from all of my Coin.
|
|
|
|
|
|
tabas
|
|
July 29, 2017, 09:04:02 PM |
|
Why are we recommended to have coins stored offline come a possible fork?
Note: Not here to discuss other benefits of offline wallet
I have read somewhere that your coins can be gone out of thin air when you don't have the control on your private keys. The exchange itself does have the control and it can be owned by them if you'll not going to store your bitcoins on an offline wallet or hardware wallet where you have the control with your private keys. |
|
|
|
RedditMaster
Member
Offline
Activity: 98
Merit: 10
|
|
July 29, 2017, 09:25:56 PM |
|
There is not any "need", per se. It is moreso a precaution as many wallets will not be prepared for SegWit, thus it is safer to store them offline to ensure nothing happens in terms of losing your coins, etc.
I personally recommend paper wallets as they are your best option for keep Bitcoins secure. They are essentially like paper money, only Bitcoins instead of traditional fiat.
Hope this helps.
|
|
|
|
|
|
Mbokani
|
|
July 29, 2017, 09:26:45 PM |
|
If you are storing your bitcoins on an exchange, in a custodial wallet like Coinbase, Circle or Xapo, or on any other service that holds your private keys for you, you may or may not eventually receive coins on both ends of the chain. In fact, if these kinds of services aren’t well-prepared, there could be scenarios where you don’t get any coins at all. So far, no exchanges have given any kind of guarantee.
I did not know about a scenario that you wont be getting the coins if you keep the coins in exchanges and web wallet,since everyone is ready for the fork and giving out detailed scenario about what it means is it really possible to loose the coins i have kept in exchange,i am not talking about the split coins but bitcoin. ? |
|
|
|
|
|
Yuhee
|
|
July 29, 2017, 10:49:28 PM |
|
If you are storing your bitcoins on an exchange, in a custodial wallet like Coinbase, Circle or Xapo, or on any other service that holds your private keys for you, you may or may not eventually receive coins on both ends of the chain. In fact, if these kinds of services aren’t well-prepared, there could be scenarios where you don’t get any coins at all. So far, no exchanges have given any kind of guarantee.
I did not know about a scenario that you wont be getting the coins if you keep the coins in exchanges and web wallet,since everyone is ready for the fork and giving out detailed scenario about what it means is it really possible to loose the coins i have kept in exchange,i am not talking about the split coins but bitcoin. ? Hard fork means there will be split in the coin right and the other coin will be named bcc. So technically no you won't lose it but some exchange site will not support bcc so the exchange site will profit from you once hardfork has begun and possible reboot will be made from this sites and you will lose your keys. So take the advice and store it offline. Better be safe than sorry. Even if some exchange site do support bcc chances are you'll lose some percentage of your then profit. |
|
|
|
|
MaskOffFuture
Member
Offline
Activity: 127
Merit: 10
|
|
July 29, 2017, 11:00:41 PM |
|
You will not able to control your online wallet during that time. So, you have to hold your coin on Bitcoin Core. But I have invested all of my BTC. I have bought some Altcoin with my BTC. When this problem will solve then I will sell my coin. And again I hold BTC. Whing this period I hope, I will make a good profit from all of my Coin.
How come? Bittrex says they will comply a possible bitcoin split. They won't steal our bcc, will they? Then what's the problem really? If one exchange says it will provide bcc, it will for sure. |
|
|
|
|
|
Barbut
|
|
July 29, 2017, 11:18:41 PM |
|
You will not able to control your online wallet during that time. So, you have to hold your coin on Bitcoin Core. But I have invested all of my BTC. I have bought some Altcoin with my BTC. When this problem will solve then I will sell my coin. And again I hold BTC. Whing this period I hope, I will make a good profit from all of my Coin.
How come? Bittrex says they will comply a possible bitcoin split. They won't steal our bcc, will they? Then what's the problem really? If one exchange says it will provide bcc, it will for sure. It is the case with most exchange sites, and some other online wallets, services. They all sent mails to us customers what will they do in case of chain splitting, and with your statement I agree if they said they will do something I don`t see any reasons why they wouldn`t do that, its in their interest to keep their customers satisfied. Its just recommendation what is the best to do, but we all have a choice. I think many people take this too seriously, when everything pass you will see that there wasn`t a need for any worries. |
|
|
|
ozaeri
Member
Offline
Activity: 84
Merit: 10
|
|
July 29, 2017, 11:29:05 PM |
|
You will not able to control your online wallet during that time. So, you have to hold your coin on Bitcoin Core. But I have invested all of my BTC. I have bought some Altcoin with my BTC. When this problem will solve then I will sell my coin. And again I hold BTC. Whing this period I hope, I will make a good profit from all of my Coin.
How come? Bittrex says they will comply a possible bitcoin split. They won't steal our bcc, will they? Then what's the problem really? If one exchange says it will provide bcc, it will for sure. They haven't committed to trading in bcc but they have promised to let you withdraw it even if they do not list it on their site, so no there is no problem. |
|
|
|
|
Kimpoiluiseta
|
|
July 29, 2017, 11:35:50 PM |
|
i think all dekstop wallet support private key and control 100% youre money, not share money
support about segwit hardfork and can receive bitcoin cash if split
if recomended use bitcore or electrum if use dekstop wallet
if hardware wallet recomended use trezor
|
|
|
|
|
