What should owners with BTC on Exchange do before Aug 1st?

[Netnox]

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.

So according to you, the chances of a split are quite low. A lot relieved to hear that. So if a split happens, will we have enough time to move our funds? Right now I am keeping my coins in a Blockchain.info wallet. I want to know whether I have enough time to move these coins to a desktop wallet, in case a split happens on August 1.

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[btcprospecter]

So if it does split what will happen. Will there be two types of bitcoin. One pre August and another post August 1? Will there be different prices for each? Or will everything crumble? What wallets are safe?

[peter0425]

So if it does split what will happen. Will there be two types of bitcoin. One pre August and another post August 1? Will there be different prices for each? Or will everything crumble? What wallets are safe?

There is a chance of split but I'm hoping that it will not happen because we are going to see 2 coins. Of course since there are 2 coins then each will have a different price. It will not crumble but will become a little messy. It is better to hold your coins which you have the control of your private keys like Bitcoin core or Electrum.

Here, read the link below by Theymos:

https://bitcointalk.org/index.php?topic=2017191.0
https://bitcointalk.org/index.php?topic=2012799.0

[pdpanzer]

So if it does split what will happen. Will there be two types of bitcoin. One pre August and another post August 1? Will there be different prices for each? Or will everything crumble? What wallets are safe?

Follow the link, it explains all you questions. Electrum or bread wallet are fine. 1 day before Aug 1st is fine. Don't transact ANYTHING before reading after Aug. 3-4, check if here's a split of any meaningful sort. Await instructions / utilities on how to get to any sides that may have been created. If you transact and there is a split you may end with that coin that your wallet uses.

Read the linked post. It's miraculously very focused on what to do and options.

[Qunenin]

Again August 1st is nothing but a soft fork and is not going to be any issue to any person. However exchanges that have less Integrity than others may use this opportunity and the fear that's been created by this opportunity to steal money from its clients. The fact is it's not stealing they put their money there and being Bitcoin there's not a whole lot than anyone can do.

[virasog]

The larger exchanges may do something as far as holding the accounts or not allowing withdrawals not allowing deposits but smaller exchanges unless well-known websites May simply wait until August 2nd take everyone's money and leave and claim that there was this issue with that.
I also fear if the onwers of the exchange may block deposits / withdraw of BTC just before the August 1 .

[Vishnu.Reang]

The larger exchanges may do something as far as holding the accounts or not allowing withdrawals not allowing deposits but smaller exchanges unless well-known websites May simply wait until August 2nd take everyone's money and leave and claim that there was this issue with that.

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.

[noobinscrypt]

if i had substantial btc, i would have a certain % in alts, a % in fiat, and a % in btc that I would keep on a ledger nano or other hard ware wallet

[ViceOfBTC21]

Have control over this BTC (use public keys for storage that you can actually access it with private key). Use local wallet for this (not online). This is safest option. Just don't send your BTC by July 31st.

[mikelee22378]

Would exodus be a safe wallet to store BTC?

[ViceOfBTC21]

Would exodus be a safe wallet to store BTC?

If this wallet allows you to control the keys, yes. But if you are worried, move to good old Electrum or sell if you are worried about losing investment.

[mikelee22378]

Would exodus be a safe wallet to store BTC?

If this wallet allows you to control the keys, yes. But if you are worried, move to good old Electrum or sell if you are worried about losing investment.

Controlling keys? I have 12 phrase keys for this wallet, does this mean I control these keys?

[ViceOfBTC21]

Would exodus be a safe wallet to store BTC?

If this wallet allows you to control the keys, yes. But if you are worried, move to good old Electrum or sell if you are worried about losing investment.

Controlling keys? I have 12 phrase keys for this wallet, does this mean I control these keys?

Yes, it's just mnemonic. Read about BIP32.

[ladydark]

First you should know that when a hark fork occurs and a coin splits into two chains,the exchanges suspends withdrawal for 24 to 48 hours.Then only you would be able to withdraw your bitcoins.So i advice you to withdraw all your bitcoins and store them in a wallet in your pc.Don't do any transactions during august 1.If you follow these steps,then you need not have to worry about your bitcoins.

[Kakmakr]

A blow by blow help guide is available here : https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/ and if you are a real beginner then you should look at this :

https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/ Both of these explain the impact that different options would have on miners and users and what they

should do to prepare themselves.

Recap :

1. Control your private keys well before August 1st.

2. To be on the safe side, avoid any transactions a day or two before, on, and shortly after August 1st. (How “shortly after” depends on what happens; it could take weeks.)

3. If there are still two (or more) chains when the dust settles, split your coins into different wallets.

[Mpamaegbu]

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 .

The sentence in bold is the most valuable advice I have read sinçe this August 1 Bitcoin split panic started. Again, I think it isn't a good idea to leave one's Bitcoin in the exchange at this time. It's not for fear of the split but because a rogue exchange may use this as an excuse to say it was hacked. For safe wallets, Electrum and Armory come up in several online articles as safe wallets. So, those who seek now know what to download.

Exchangers Position:
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/
https://www.okcoin.com/t-423.html

I wouldn't trust Polo. Its support system has turned unresponsive lately. They don't respond to complaints anymore. I have two unresolved complaints with them now over a week. Polo may claim not to be responsible if eventually anything bad happens to funds.

[xbiv2]

Exchangers Position:
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/
https://www.okcoin.com/t-423.html

[audaciousbeing]

What any reasonable exchange site should do is what others are doing if it does not want to be faced with series of scam accusations thread pre or post August 1 and the best way to approach it is to release a statement to that effect in other to calm their clients then suspend activities hours preceding and succeeding the August 1 issue then come out with a position of how the want to handle to fall out that might happen in consonance with what others are doing as well.

[Wintersoldier]

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.

Some updates had been posted on this forum and the same thing to do is to get ready for the possibilities. There is a big factor of changes on the upcoming hard fork on August 1st but we do not really now what actual changes may happened or will happened on bitcoin before and after August first so it is better to be ready and always look for updates for changes and development on that specific happenings. And you may also leave and have a better option for you bitcoin on your trusted wallet. It better to be safe and ready.

[posternat]

The fact is there is a going to be an issue but the fear that's been created by the people on this forum and the Furious been created by the general Society out there about Bitcoin in August 1st maybe the perfect excuse for a site to steal from its clients. Just be calm as there will be no hardfork but still keep your money out of online wallets and exchanges.