Bitcoin at Exchanges on August 1

[shamzblueworld]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

[iamTom123]

I think that risks are always present in anything we do and what would happen after that so-called August One thing is open to many speculations and even some wild imaginings (which may not be helping ordinary Bitcoin holders just like you and me). As for exchanges like Poloniex, Bittrex, etc, in my view these exchanges are always looking at the situation even more than we do and they know what they are doing to protect us their clients.

I have some Bitcoin and altcoins in Bittrex and C-Cex but I am not really worried that after August One, my funds can be gone for no reason at all. Technically, these exchanges are more qualified than me and you. Though, as what I said, risks can be anywhere.

However, if you feel that you need to protect your funds, of course, you can withdraw it and put it somewhere where they can protected much better than the exchanges.

[Amph]

poloniex bittrex and other, already said that they are with core, so no chain split will affect your balance with them, they also alert you when they will change their wallet, probably

i don't think they are so stupid to make their customers lose money, without saying anything

[Kakmakr]

The clever exchanges will host options to support both chains, if it comes down to a chain split. You will need to be able to sell your Original BTC for the JihanVer BTC and visa versa. It would be stupid not to offer people an option to exchange both. This is how, for example Freebitco.in will handle this :

" Recently, there have been discussions about the possibility of a bitcoin hard fork happening so we wanted to address the issue for users who have their coins stored with us.

We feel that the possibility of a hard fork has been greatly exaggerated, however we are prepared to deal with it if it does happen.

If there is a hard fork, we shall always follow the longest chain (the chain with the most proof of work) as our primary coin. Bitcoins on the secondary chain however, will be made available for withdrawal by users after there has been a clear winning chain. So for each satoshi that users have with us, they will receive 2 (or more if there are multiple forks), one on the longest chain and one in the minority chain/s. "

[Oliver2]

For hard fork, bitcoin developer Greg that the new scheme is more like a "compromise" and that he thinks the whole bitcoin does not currently need to block the revision of rules.

[YuginKadoya]

I would just go with what is the best way to do in order to be safe, and I guess theymos would not recommend in doing it if the impending event is not risky right, so for further precaution I can surely convert some bitcoin to Fiat money and the rest will go to the cold storage that I am preparing so if everything will be all cleared then I think I can surely choose the right Bitcoin to invest with.

[maokoto]

I think that it has been exaggerated too. Big exchanges are very likely to do well, as they risk losing their income if something goes wrong with august 1. However I have heard of small exchanges that aren't going to do much in case a hard fork happens. Better to keep coins out of these.

[Mpamaegbu]

The August 1 thingy is causing unnecessary panic if you asked me. I think the date will come and go just like the year 2000 when it was rumored that all computers would run haywire and the world would come to an end.  Year 2000 came and went without hassles. So shall August 1 come and go without much ado with the crypto world. I strongly believe this and I am leaving my coins in my exchanges. I will likely trade on the said day if potential coins for profit are spotted.

[Heartilly]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

Obviously yes unless they will have implement some options for their users to choose what chain should their bitcoin choose.

So to control things completely, take out for the meantime all your coins at exchanges and came back after everything was resolved.

[RoommateAgreement]

your bitcoins on exchanges are always at risk, the August 1 is no different either. the only thing that is new about that date is that the exchange (if you read the theymos's topic completely it explains it) may throw away one chain either by mistake or incompetance and that chain may be the main chain that succeeds.

and i am withe the above poster. i think that date is getting overly scary but it is not. it may come and go without an incident but with a lot of fear.

[piebeyb]

This sounds interesting if it is a frightening thing better to invest into altcoin, I think it's easy to do for bitcoin holders, at least looking for something safer to keep it on your trusted trading site

[chaser15]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

All articles, websites, and even direct advice from theymos recommend that we must transfer bitcoin to other wallet other than web wallets. There is also backed up information why we should do that.

If that is the majority of recommendations, still have some questions like that?

[Bitsbytes]

Technically what could happen to transaction on August 1st?   

[Yakamoto]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

Most exchanges and online wallets are likely going to have their own statements on how they're going to go through with the fork, assuming that it happens, and they may host both chains or just one if they're trying to unify the community on one side of the coin. Hosting both would offer more security for users in case the fork doesn't have the same enthusiasm it should, but it would also divide the community between those who are willing to "modernize" and those who want Bitcoin to remain mostly the same.

[shamzblueworld]

This sounds interesting if it is a frightening thing better to invest into altcoin, I think it's easy to do for bitcoin holders, at least looking for something safer to keep it on your trusted trading site

I was thinking the same thing, I think we should invest all bitcoins placed on different exchanges into our favorite altcoins, and once the segwit is over, we can trade back to whichever bitcoin version we want. By doing this, we can make some profit too if the split happens and effects the value of both bitcoin versions.

[Pursuer]

This sounds interesting if it is a frightening thing better to invest into altcoin, I think it's easy to do for bitcoin holders, at least looking for something safer to keep it on your trusted trading site

I was thinking the same thing, I think we should invest all bitcoins placed on different exchanges into our favorite altcoins, and once the segwit is over, we can trade back to whichever bitcoin version we want. By doing this, we can make some profit too if the split happens and effects the value of both bitcoin versions.

you should also consider the worse case scenario too if you want to make an investment like that:
- bitcoin splits, price goes down:
in this case altcoins will most probably crash harder. we see everytime bitcoin goes down small like 5%, altcoins drop bigger like >20%

- bitcoin splits, but it is resolved fast enough as the other chain dies fast because of lack of interest or support:
in this case altcoins drop as I said before but bitcoin will recover as there is only one chain in this scenario after a short time. so bitcoin recovers fast and now that the risk of split is over it goes up fast and big. altcoins again will drop some more.

- worse case scenario for your investment: bitcoin never splits, it is either a smooth activation or nothing happens:
altcoins drop because bitcoin is now scaling well enough and the drama is finally over and now bitcoin price is rising fast and all the money is exiting altcoins to come join the bitcoin biggest rally in order not to miss out.

[AgatioX]

If Mark Karpeles verdict will be - not guilty - then it is a signal for all stocks like polo bittrex etc. SEO and owners,that they can easily scam everyone and pay bails with stolen money and buy judges with stolen money again and will remain free in the end (with billions of stolen $).
That means - yes your money isnt secured very well on exchangers,and there is a good risk.

[Kakmakr]

This is surely going to be a very confusing time for a lot of people. The majority of the people are not going to make any transactions during this time and it will take at least 2 to 3 weeks for everything to go back to normal. The longest chain < if there are a chain split > will not be determined within the first 12 hours.

We are in for a rough ride, but we have survived much worst than this. Let's just hang in there and make the best of it. ^smile^

[kidsrock]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

i think its not risk but its not safe to make transaction in that day. you can withdraw it if you want and save your bitcoin by exchange into your local currency. i think there is no other we can do except waiting the result of august 1 and who know if we still save our bitcoin in exchanges, we can get free new coins with the same amount of bitcoin we have and we can sell it if the price is good enough.

[freedomno1]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

Yes they may be at risk, in that you will lose your split coins.
If you don't care about those then you have to trust the exchange to pick the right chain, as a precaution withdraw what you can't afford to lose better safe than sorry even if this is a non-event.
https://bitcointalk.org/index.php?topic=2012799.msg20099437#msg20099437

[BCTBF]

I also get worried when reading threads from theymos, beforehand I will let the bitcoin I keep in exchange like bittrex, but I get confused. What should I do to keep this bitcoin, because I do not intend to convert this bitcoin with fiat because I will keep bitcoin for a long time. I want to store it in web wallet like blockchain.info will it be safe? Or should I store it in desktop wallet like electrum?

[nizamcc]

They gave the guide but didn't come up to any conclusions yet. I think we should wait for the best answer and take measures accordingly.
Putting Bitcoins on exchanges would be more than hazardous on or 12 hours before August 1 takes place which is what theymos said. I am worried what will be its impact on the value of bitcoins, because I think people are exerting their money out of Bitcoins due to the fear of getting dumped through panic sell.

[skorupi17]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

Bitcoins and altcoins are always at risk when they are in an exchange and add the fact that a possible split might occur, this makes your coins at a more greater risk. So in order to protect your coins, especially Bitcoin, withdraw them to a wallet where you control your private keys. Also, to a type of wallet where you can import your keys. That way you can be prepared of whatever might happen after the Segwit activation.

[jakelyson]

Just do what the article have said. If their is no way to export your private key, then it is at risk. So move your bitcoin away from there and move it to a wallet where you control the private key. Even if you trust them, or they say they will take care of your bitcoin, you still need to move it to a safe wallet. Do not let others handle your bitcoin, do it yourself.

[olubams]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

I dont think this still worth debating at all because there are several threads on this already and even the global moderator release something on the subject matter. If you are sure to risk it, leave it there if you cannot take the risk, just withdraw your coins to a more secure location. Either way its better to be safe than sorry.

[jekjekman]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

No one can really so sure in what will happen next to this thing it is just a precaution to all bitcoin users that there is a possible split so if you have a big investment of yours in an exchanges it is better to put it on a paper wallet but trust me that exchanges will do also their part in this incoming situation if there is a split.

But for safety purposes if you are really worried then store it to a local wallet then.

[xbiv2]

Exchangers Position:
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/
----------
https://bitcointalk.org/index.php?topic=2018878.msg20119234#msg20119234

[Antonioz]

if I hold my bitcoins on a hardware wallet and a hard fork happens, will I still somehow receive bitcoin unlimited?

[wxa7115]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

There are several guides about what to do to prepare yourself as we get closer to the date of August 1, and the majority of them if not all recommend that you have your bitcoin in an address you control and that you have the private key, so you need to get your bitcoin out of any exchange as fast as possible.

[omonuyak]

I don't think any thing negative will happen and people are just sell off base on fear and panicking. Most of us here have little knowledge on what hardfork is and the exchangers platform has a deep knowledge on what will happen. You should not afraid as this is not the first time!

[el kaka22]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

There are several guides about what to do to prepare yourself as we get closer to the date of August 1, and the majority of them if not all recommend that you have your bitcoin in an address you control and that you have the private key, so you need to get your bitcoin out of any exchange as fast as possible.

Yes, just withdrawing bitcoins from exchanges into the wallets where we have access to privatekey is the thing we all need to do before august 1. But I worry for the people who are failing to hear about this mandatory steps as they just focus on their trading alone all the times. If exchanges will be handling all possible smooth way in favor of their customers then there will be less hassle for everyone.

[xbiv2]

https://poloniex.com/press-releases/2017.03.17-Hard-Fork/

[coolcoinz]

The clever exchanges will host options to support both chains, if it comes down to a chain split. You will need to be able to sell your Original BTC for the JihanVer BTC and visa versa. It would be stupid not to offer people an option to exchange both. This is how, for example Freebitco.in will handle this :

" Recently, there have been discussions about the possibility of a bitcoin hard fork happening so we wanted to address the issue for users who have their coins stored with us.

We feel that the possibility of a hard fork has been greatly exaggerated, however we are prepared to deal with it if it does happen.

If there is a hard fork, we shall always follow the longest chain (the chain with the most proof of work) as our primary coin. Bitcoins on the secondary chain however, will be made available for withdrawal by users after there has been a clear winning chain. So for each satoshi that users have with us, they will receive 2 (or more if there are multiple forks), one on the longest chain and one in the minority chain/s. "

This is actually even better than if you decided to hold on your wallet, because some wallets will require special actions to spend coins on the minority chain only. From what i've read normally if you send your coins after the fork without changing anything, you will be spending on both chains at the same time.

[withche.07]

Yes I talked with lot of people, for chance of hard fork you should all pull your bitcoins to your local wallets. its safest to do that day.

[hahay]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

There are several guides about what to do to prepare yourself as we get closer to the date of August 1, and the majority of them if not all recommend that you have your bitcoin in an address you control and that you have the private key, so you need to get your bitcoin out of any exchange as fast as possible.

Yes, just withdrawing bitcoins from exchanges into the wallets where we have access to privatekey is the thing we all need to do before august 1. But I worry for the people who are failing to hear about this mandatory steps as they just focus on their trading alone all the times. If exchanges will be handling all possible smooth way in favor of their customers then there will be less hassle for everyone.

I think all the people who are in this community or who have entered the world of crypto would already know this news and would already have their own plans. I will also withdraw all the bitcoin in the exchange just to be careful not to lose the bitcoin we have because the situation might get messed up.

[Adbitco]

It is always safe and wise to store your bitcoins in an offline wallet and this becomes more important and necessary in situations like the one which bitcoin might undergo in August or afterwards. I have a small amount of bitcoin on poloniex and bittrex too but I'm not worried about them so much because the amount is not big.

[JefLiber]

It is always safe and wise to store your bitcoins in an offline wallet and this becomes more important and necessary in situations like the one which bitcoin might undergo in August or afterwards. I have a small amount of bitcoin on poloniex and bittrex too but I'm not worried about them so much because the amount is not big.

Go out to keep in mind that for this period it is better to withdraw all the crypto currency from the purse exchange? Can this system affect the quantity but not on these accounts.

[Cranidos]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

I believe that all Bitcoins are all at risk whenever that they are on an exchange regardless of any event that may come. So basically, even if the possible hard fork is not around Bitcoin at any exchange can vanish into thin air. Possible cause: exchange was hacked, exchange server behaves haywire and die, or the owner ran away and took all of your Bitcoins. So with Segwit around the corner, it is best to withdraw your Bitcoins or buy alts.

[wxa7115]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

There are several guides about what to do to prepare yourself as we get closer to the date of August 1, and the majority of them if not all recommend that you have your bitcoin in an address you control and that you have the private key, so you need to get your bitcoin out of any exchange as fast as possible.

Yes, just withdrawing bitcoins from exchanges into the wallets where we have access to privatekey is the thing we all need to do before august 1. But I worry for the people who are failing to hear about this mandatory steps as they just focus on their trading alone all the times. If exchanges will be handling all possible smooth way in favor of their customers then there will be less hassle for everyone.

If exchanges did that everything will be easier but the truth is that is not their responsibility, we adopted bitcoin in order to be responsible of our money, we are our own bank, so we need to be the ones to take care of securing our coins even if things are not as convenient as it may be.

[bit1]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

I believe that all Bitcoins are all at risk whenever that they are on an exchange regardless of any event that may come. So basically, even if the possible hard fork is not around Bitcoin at any exchange can vanish into thin air. Possible cause: exchange was hacked, exchange server behaves haywire and die, or the owner ran away and took all of your Bitcoins. So with Segwit around the corner, it is best to withdraw your Bitcoins or buy alts.

In the event that what you just mentioned could happen that is the risk of leaving BTC on exchanges then your second option must also be completed as withdraw from the exchange also,because otherwise it would be the same risk that you mention buy alts and stay these in the same place it would not be logical, On the other hand, I do not think that the exchanges will allow a massive exit of BTC's so at some point they will freeze the withdrawals maybe, At least a few hours before and after that date, But that's just a guess does not mean it's really going to happen.

[krishnapramod]

Technically what could happen to transaction on August 1st?   

Technically what happens during home maintenance, cover the valuables, you step out, let the work be finished. The same thing here, safeguard your valuable bitcoins where you own the private keys, there would be some network instability, avoid transactions at this time, once network stabilizes just carry on.

Just don't store your bitcoins in exchanges. If a split happens, no matter what the contingency plan of exchanges is, it's always risk free when you have total control over your coins.

[spadormie]

Try to store your bitcoins on cold wallets. Because bitcoin in exchanges are not safe. Only the alternative coins are safe in exchanges. Or store bitcoins on wallets that has private key to make it safe. Or store it on the wallets you put your trust on.

[Natalim]

Try to store your bitcoins on cold wallets. Because bitcoin in exchanges are not safe. Only the alternative coins are safe in exchanges. Or store bitcoins on wallets that has private key to make it safe. Or store it on the wallets you put your trust on.

This is correct make sure you have the private key of your bitcoins to make it safe,
or other option is to convert it to top altcoins like ETH, Litecoins, DASH. We have to be safe this coming segwit and if you
observe the market dump nowadays, that would already tell people are on panic.

[wxa7115]

Try to store your bitcoins on cold wallets. Because bitcoin in exchanges are not safe. Only the alternative coins are safe in exchanges. Or store bitcoins on wallets that has private key to make it safe. Or store it on the wallets you put your trust on.

This is correct make sure you have the private key of your bitcoins to make it safe,
or other option is to convert it to top altcoins like ETH, Litecoins, DASH. We have to be safe this coming segwit and if you
observe the market dump nowadays, that would already tell people are on panic.

There is a third option which is to convert your bitcoin into fiat and buy again once everything settles, the only problem with this is that if the price goes up you will buy a lot less bitcoin that what you could buy in the past, so that option also has some risks attached to it.

[crypteris]

Everything depends on the outcome. If it goes smoothly, then the market will be operating as usual. If it is tough, then there will probably be temporary trading halts at the exchanges