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Author Topic: Where to store bitcoins on 1st august ? Safe to keep on exchanger ?  (Read 1001 times)
tigerwood0432
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July 14, 2017, 05:32:03 PM
 #1

Because i see lot of people telling not to store on exchangers (but i m a trader = i trade daily on polo= so ??) , paper wallet = i never used it . I have an electrum wallet (don t know if it will synch with the fork ?)

Or do you think all exchangers will become crazy and will run away with coins and closing their services ? Am i missing something ? May be will keep in USD on an exchanger like poloniex ?

What do you think guys ? Smiley


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July 14, 2017, 07:46:19 PM
 #2

IMO I would hold your Bitcoins in your Core Wallet and/or Write down the Private Keys so you can import to each new "Bitcoin Chain" after the August 1st Hardfork/Softfork/Userfork.
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July 15, 2017, 07:29:36 AM
 #3

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

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.

In the situation where your "wallet" is on an exchange/gambling site or other web based service... the answer to 1. is most probably "No".

The thing is, it isn't so much that they're going to steal your coins... it's just that you have ZERO control over which side of the fork your coins end up being on. The exchange controls all the keys... so they can effectively decide which coins you are going to own... they may choose to keep all the altFork coins for themselves, rather than creating another coin balance for you for the forked coins... meanwhile, people with their private keys have the luxury of being able to use coins on either side of the fork as they wish.

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July 15, 2017, 07:33:25 AM
 #4

Save you bitcoins in any wallet that you have access by a private key like trezor,blockchain,mycellium and electrum. So that if split happened, you can still recover you wallet unlike if you stored your BTC in exchange wallet, You didn't have access on it if something wrong happened on bitcoin industry because exchange might have a problem on bitcoin network.

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July 15, 2017, 07:56:20 AM
 #5

Save you bitcoins in any wallet that you have access by a private key like trezor,blockchain,mycellium and electrum. So that if split happened, you can still recover you wallet unlike if you stored your BTC in exchange wallet, You didn't have access on it if something wrong happened on bitcoin industry because exchange might have a problem on bitcoin network.

Do you think Electrum is good for save bitcoins before 1 august?
Need save all private keys from Electrum for safety or will be enough recovery passphrase only?
I don't want lost my bitcoin in electrum.
Thanks for explain.

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July 15, 2017, 08:02:49 AM
 #6

Save you bitcoins in any wallet that you have access by a private key like trezor,blockchain,mycellium and electrum. So that if split happened, you can still recover you wallet unlike if you stored your BTC in exchange wallet, You didn't have access on it if something wrong happened on bitcoin industry because exchange might have a problem on bitcoin network.

Do you think Electrum is good for save bitcoins before 1 august?
Need save all private keys from Electrum for safety or will be enough recovery passphrase only?
I don't want lost my bitcoin in electrum.
Thanks for explain.
You don't have to export the private keys before then. Electrum seeds will still allow you to export the private keys after August 1.

If they don't support either of the fork, you can still choose to export the keys and import it into another wallet.

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July 15, 2017, 07:14:31 PM
 #7

If you can afford to buy trezor i think this is more safier wallet to safe as of now but electrum also good but if you want to be more safe you can use trezor instead because you are immune to any viruses and keyloggers unlike other wallet ..
Like other said also paper wallet is a good alternative.

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July 17, 2017, 07:13:03 AM
 #8

I noticed no one gave a definitive answer, everything is still approximate, but I also panicked and already sold about 30% my btc balance from coinbase.
I'm also planning to exchange to ethereum or other coins, is there anyone who can provide the best solution with this hardfork problem? Which wallet type is safest?

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July 17, 2017, 07:18:02 AM
 #9

Because i see lot of people telling not to store on exchangers (but i m a trader = i trade daily on polo= so ??) , paper wallet = i never used it . I have an electrum wallet (don t know if it will synch with the fork ?)

Or do you think all exchangers will become crazy and will run away with coins and closing their services ? Am i missing something ? May be will keep in USD on an exchanger like poloniex ?

What do you think guys ? Smiley

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July 19, 2017, 06:21:26 AM
 #10

It's not safe to keep in exchanges and theymos compiled a list of the wallets that you could use: https://bitcointalk.org/index.php?topic=2017191.0

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November 01, 2017, 05:56:50 AM
 #11

Because i see lot of people telling not to store on exchangers (but i m a trader = i trade daily on polo= so ??) , paper wallet = i never used it . I have an electrum wallet (don t know if it will synch with the fork ?)

Or do you think all exchangers will become crazy and will run away with coins and closing their services ? Am i missing something ? May be will keep in USD on an exchanger like poloniex ?

What do you think guys ? Smiley

if you have to effort to buy any secure wallet so buy trezor wallet or ledger nano s wallet. those wallets are more safe and secure once you have to try about these wallets. your bit coin keep more safe and secure. once you have to check about your bit coin and keep it for change. most of the people trying to these wallet because it has great security. once you have to check and use it. mostly trezor is enoughto your bit coin because trezor safe and secure wallet.
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