Bitcoin at Exchanges on August 1

[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/
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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.