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Author Topic: What should owners with BTC on Exchange do before Aug 1st?  (Read 1352 times)
pdpanzer
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July 18, 2017, 06:54:53 AM
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First let me apologize for my ignorance (or rather confusion). I understand bitcoin may split on Aug 1st and that it may result in multiple chains. I have some BTC in gdax wallet and I am unsure if that will mean risk, or losing ownership should the coin split into two (or more?) chains that may end up like ETH/ETC both being valid (despite ETH being the clear winner).

Any advice at a practical level (e.g.. which wallet, what to pay attention to exactly, what not to, when to return funds) is really appreciated. Thank you!

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guybrushthreepwood
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July 18, 2017, 07:09:33 AM
 #2

IF you're worried then move them into a safe wallet where you control the private keys like bitcoincore. It's probably best contacting the specific exchange directly regarding what they'll do with the split  but remember if they hold your coins then they hold your keys and ultimately can decide what to do for you. For peace of mind make sure you have that choice yourself.
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July 18, 2017, 07:20:27 AM
 #3

IF you're worried then move them into a safe wallet where you control the private keys like bitcoincore. It's probably best contacting the specific exchange directly regarding what they'll do with the split  but remember if they hold your coins then they hold your keys and ultimately can decide what to do for you. For peace of mind make sure you have that choice yourself.

Thanks. Any cloud wallet that is considered safest? Otherwise desktop (Mac)? btw any idea where LeChuck is or what he'd been doing lately? :-)

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July 18, 2017, 07:25:32 AM
 #4

First let me apologize for my ignorance (or rather confusion). I understand bitcoin may split on Aug 1st and that it may result in multiple chains. I have some BTC in gdax wallet and I am unsure if that will mean risk, or losing ownership should the coin split into two (or more?) chains that may end up like ETH/ETC both being valid (despite ETH being the clear winner).

Any advice at a practical level (e.g.. which wallet, what to pay attention to exactly, what not to, when to return funds) is really appreciated. Thank you!

Well since your are worried about your security, I would first recommend checking gtax wallet and seeing if they have made a statement. Since August the first is coming around pretty soon, there will be no chance to buy a new hardware wallet since ledger has postponed operations until September and the trezor probably won't ship in time. I would recommend getting Electrum since I am pretty sure that it is safe against the hard fork. The most important thing for you to have are your private keys since you will be safe if you have them.


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July 18, 2017, 07:28:50 AM
 #5

may i the only one person who is confused about what is going to happen after july and what new rules or anything changes in bitcoins is going to happen.
Many peoples are explaining about it but its getting into my head will anyone please explain these situation in clear manner.
he will be given thanks from my side Smiley

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guybrushthreepwood
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July 18, 2017, 07:39:19 AM
 #6

IF you're worried then move them into a safe wallet where you control the private keys like bitcoincore. It's probably best contacting the specific exchange directly regarding what they'll do with the split  but remember if they hold your coins then they hold your keys and ultimately can decide what to do for you. For peace of mind make sure you have that choice yourself.

Thanks. Any cloud wallet that is considered safest? Otherwise desktop (Mac)?

I have no experience with cloud wallets so cannot recommend one. I would just go with core or Electrum which is a 'lite' client. There's also a sub board for different wallets at the following url so may be worth having a browse https://bitcointalk.org/index.php?board=6.0

btw any idea where LeChuck is or what he'd been doing lately? :-)

 Grin
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July 18, 2017, 07:40:43 AM
 #7

Safest not to keep anything onine
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July 18, 2017, 08:18:05 AM
 #8

Don't leave your bitcoins on exchanges. Not only because of the possible hard fork, but simply because its a bad idea. Exchanges get hacked all the time.

Anyway, You're good with whatever wallet to be safe from a hard for as long as the wallet you're using has access to your private keys. That's pretty much all you need.

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July 18, 2017, 08:37:58 AM
 #9

I am storing my coins in a Blockchain.info wallet. Have they made any statements regarding the possible split?

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July 18, 2017, 08:39:46 AM
 #10

If you cannot transfer your coin to a more safer wallet or if you do not have your own desktop,then you can exchange you bitcoin to a more profitable altcoin or altcoin which has the same value as Bitcoin and just trade it back to Bitcoin when everything is ok .

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pdpanzer
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July 18, 2017, 10:36:19 AM
 #11

If you cannot transfer your coin to a more safer wallet or if you do not have your own desktop,then you can exchange you bitcoin to a more profitable altcoin or altcoin which has the same value as Bitcoin and just trade it back to Bitcoin when everything is ok .

I made the choice to bring it to Electrum, and see what happens next. Hope to not lose the seeds! Thanks for all the replies.

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July 18, 2017, 01:17:54 PM
 #12

As long as you can control the privat keys, you're safe. Not all wallets (especially online wallets) give you privat keys, so you just do not have full control. I do not know and just found out which wallet you use, look for the privat keys in the wallet you use and if it is not there, it is suggested you move to wallet which you can hold private key to be more secure. And it is advisable not to do any transaction 12 hours before and after August 1st. Maybe this thread will help you https://bitcointalk.org/index.php?topic=2012799.0
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July 18, 2017, 01:27:20 PM
 #13

The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.
pdpanzer
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July 19, 2017, 04:22:48 AM
 #14

The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.

Is Electrum a good choice? Otherwise I only have exchange wallets like Coinbase or the like. Also, what is the "no later than" safe date to move to a private Wallet like Electrum?

>And it is advisable not to do any transaction 12 hours before and after August 1st.

Oh my, it was already answered. Thanks. Then Electrum should be fine I guess.

 I shiver a bit every time I copy/paste an address as I am very easily distracted. It's scary. I have no clue how people with real money (no my pocket change playing to learn) might feel when pressing send for $50,000 or $500k or $230m. Do they break up payments just in case?

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July 19, 2017, 04:51:54 AM
 #15

The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.

Is Electrum a good choice? Otherwise I only have exchange wallets like Coinbase or the like. Also, what is the "no later than" safe date to move to a private Wallet like Electrum?

>And it is advisable not to do any transaction 12 hours before and after August 1st.

Oh my, it was already answered. Thanks. Then Electrum should be fine I guess.

 I shiver a bit every time I copy/paste an address as I am very easily distracted. It's scary. I have no clue how people with real money (no my pocket change playing to learn) might feel when pressing send for $50,000 or $500k or $230m. Do they break up payments just in case?

Yes electrum is brilliant. You get your private key so you own the Bitcoin. The on line part is simply to access the blockchain so you don't have to download 100gb+ I recently started using it and put the bulk of my Bitcoin there after using blockchain.info

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pdpanzer
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July 19, 2017, 04:58:08 AM
 #16

The best thing you can do is to just hold on to whatever you have and normally everything should be fine. The chances of bitcoin splitting are pretty low so I'm quite confident that won't happen. But hey, this is crypto so anything can happen. Just make sure you're holding everything in a compatible wallet.

Is Electrum a good choice? Otherwise I only have exchange wallets like Coinbase or the like. Also, what is the "no later than" safe date to move to a private Wallet like Electrum?

>And it is advisable not to do any transaction 12 hours before and after August 1st.

Oh my, it was already answered. Thanks. Then Electrum should be fine I guess.

 I shiver a bit every time I copy/paste an address as I am very easily distracted. It's scary. I have no clue how people with real money (no my pocket change playing to learn) might feel when pressing send for $50,000 or $500k or $230m. Do they break up payments just in case?

Yes electrum is brilliant. You get your private key so you own the Bitcoin. The on line part is simply to access the blockchain so you don't have to download 100gb+ I recently started using it and put the bulk of my Bitcoin there after using blockchain.info

Thanks. Yes at first I downloaded blockchain.info on iOS, but then didn't see any mention of everything happening, no keys, nothing. It seemed worst than an exchange. And Electrum, well, it reminded me of my linux days back in 1999. lol. It looks arcane. The only part I didn't like or understood you just explained. I really like how the seed can recreate the wallet anywhere else, along with all keys. Still, as safe as the computer it resides on.

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July 19, 2017, 05:08:12 AM
 #17

First let me apologize for my ignorance (or rather confusion). I understand bitcoin may split on Aug 1st and that it may result in multiple chains. I have some BTC in gdax wallet and I am unsure if that will mean risk, or losing ownership should the coin split into two (or more?) chains that may end up like ETH/ETC both being valid (despite ETH being the clear winner).

Any advice at a practical level (e.g.. which wallet, what to pay attention to exactly, what not to, when to return funds) is really appreciated. Thank you!

Don't use exchange wallets such as coin base if you have other options. If you have a desktop or laptop I would totally recommend using electrum since it is super safe and also easy to use. You can also set custom fees on electrum which is better than most wallets. I would also recommend you not sending any transactions until after August the first since hard fork may do bad things. Also getting your private keys would be a good idea since then you won't be affected by August the first since you will be able to import your bitcoin to another wallet.


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July 19, 2017, 05:09:13 AM
 #18

Really good answers exist in this forum, you just have to be willing to look around to find them...here

If you plan to keep your coin on an exchange you should look to see if they have issued a policy and guarantee on how they will handle a fork (hard or soft). There are one or two exchanges I know of that are making such claims to ease the worries of their customers. More should do the same.

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July 19, 2017, 05:14:57 AM
 #19

From what I got untill now is keeping your btc on an exchange is not the best choice.
You should secure your btc on pc wallet or cold storage.
Where you could maintain and keep your private keys safe.

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July 19, 2017, 05:30:31 AM
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Really good answers exist in this forum, you just have to be willing to look around to find them...here

If you plan to keep your coin on an exchange you should look to see if they have issued a policy and guarantee on how they will handle a fork (hard or soft). There are one or two exchanges I know of that are making such claims to ease the worries of their customers. More should do the same.

Wow, that guy's ability to explain and be brief and cover in the order of importance. Thanks for the link. Bitcointalk is so massive I had missed it. I really does answer every question I had (plus some I didn't know I needed).

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