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Author Topic: What should owners with BTC on Exchange do before Aug 1st?  (Read 1290 times)
ReLieD
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July 21, 2017, 02:56:20 PM
 #41

Dude why are you even asking this . Of course buy as much Bitcoins as possible now or even try to earn. After 1st august Bitcoin prices are going to blast . And moreover it Will be a good day for miners . They will get lots of profit. So mining is Also a good thing to do when you already know that the prices are going high

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Reid
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July 21, 2017, 03:01:01 PM
 #42

Dude why are you even asking this . Of course buy as much Bitcoins as possible now or even try to earn. After 1st august Bitcoin prices are going to blast . And moreover it Will be a good day for miners . They will get lots of profit. So mining is Also a good thing to do when you already know that the prices are going high

Dude! Are you sure about that?
It does not look so inviting considering the price of bitcoin went to an expensive amount of money again.
The dude might think. Why buy now? What if after the fork bitcoin went down.
You might want to step back into inviting people to buy now or you might be the cause for them being broke afterwards. You dont want them to be blaming you afterwards.
I know it is a good thing for us holders to make them buy bitcoin for a better price rise. But it is better to be careful now. This is a large amount of money we are talking about.

Cranidos
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July 21, 2017, 03:41:55 PM
 #43

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!

Actually, there is no news whether the split will happen or not so practically, your bitcoins on an exchange is still safe, for now. However, counter measures should be applied, though the split is not yet confirmed, having just a possibility is enough to secure your coins. As proposed by theymos , himself, you should withdraw your coins to a wallet where you control your private key. Avoid online wallet and exchange.

khaled0111
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July 21, 2017, 04:14:12 PM
 #44

nothing is going to happen don't worry.
but to be safe move your bitcoin to an offline wallet. dont think on selling your BTC but hold it.

coinzoid
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July 21, 2017, 04:35:42 PM
 #45

Whatever is scheduled or intended to be happened at August 1st, I am going to keep my BTC at my hardware wallet and I recommend same to everyone. I see that BIP 91 has locked in at https://coin.dance/blocks but I'm still unsure about the schedule so I'm keeping my bitcoins away from exchanges.
Alice Nuttal
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July 27, 2017, 03:34:17 PM
 #46


Even the positions of the larger exchanges are not clear. If I am not wrong, only Coinbase has put up a communique regarding what will happen to the coins in the exchange wallet on August 1, if a split occurs. Other exchanges such as BTC-e and Kraken are silent on this.

Cex.io has recently made an announcement about SegWit activation. Seems there is nothing to worry about in case of split, they will provide coin-splitting services. And they are not likely to halt transactions before or after August 1.
LuanX3
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July 27, 2017, 03:36:59 PM
 #47

Even if the exchanges have declared they will be giving both coins in case of a slit in the network, I would rather have it in my wallets.

That is what I've done. I've withdrawn all my bitcoins out of online wallets and exchanges. It is safer to have it in your control. Just in case.

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