"Where to park my Bitcoin before 1. August possible hardfork?" (Total Newb)

[Roccker]

Hi there!

I am such a newb, i did hardly ever even send any bitcoin.

So, everybody says i should move my bitcoin away from exchange. To a wallet. So i surely get also the coins from the new Chain that is possibly created.

Now even with this simple thing, i am unsure of myself.
I imagine making some small stupid mistake and losing my life savings.

What is an easy solution for dummies?

Thanks a lot

[Despacito]

Bittrex announced that they will lock the bitcoin wallets so that the funds will be in safe in case of a chain split. We have to trust them now.

If we don't prefer to use online wallets and exchanges, we can set up electrum to be in safe. Maybe bitcoin core works too. That's all I know so far.

[European Central Bank]

the safest option is a hardware wallet like a trezor or ledger nano s but it looks like they're having serious supply problems so you may not get one in time.

in the event of a new chain the most convenient option is a paper wallet as that gives you access to your raw private keys that you can feed into the bitcoin cash wallet.

here's a couple of guides -  http://www.coindesk.com/information/paper-wallet-tutorial/

https://99bitcoins.com/create-99-9-secure-bitcoin-paper-wallet/

if you're not too confident about that then choose a wallet that has stated they'll support both chains. i'm not sure which ones are yet.

[Roccker]

Thanks!


Ok, a paper wallet seems not supereasy to do. Especially the 'secure' variation.
And if i lose the paper all is lost.

Of course, that's bitcoin, no professional money-keeper keeps your money but yourself.

Was thinking of an online wallet provider. Is there something like that.
Ok, Bittrex. Could use this as a wallet.

[charlescoin]

There isn't going to be a hardfork, segwit was a planned softfork and the community has reached consensus on it so there can't be a chain split.

Either way any major exchange would grant you both coins in the event of a chain split.

[Roccker]

So, if they do their Bitcoin Cash - thing, every Bitcoin holder also gets the same amount in Bitcoin Cash, is that right? (eg one has 10 bitcoin, they create bitcoin cash, then you also have 10 bitcoin cash?)


Cool - did they say that publicly?
If not i'll guess i'll just ask bitstamp - or can anyone link me to anything where they say it

[cakravothy]

Bittrex announced that they will lock the bitcoin wallets so that the funds will be in safe in case of a chain split. We have to trust them now.

If we don't prefer to use online wallets and exchanges, we can set up electrum to be in safe. Maybe bitcoin core works too. That's all I know so far.

online wallet and exchange wallet is not safe about hardfork

if have hardware wallet sample trezor is very good, if have not hardware wallet is good use dekstop wallet sample electrum
and don't forget save youre private key


but iam ask, if use online wallet but support private key, is safe or not

[steelboy]

Thanks!


Ok, a paper wallet seems not supereasy to do. Especially the 'secure' variation.
And if i lose the paper all is lost.

Of course, that's bitcoin, no professional money-keeper keeps your money but yourself.

Was thinking of an online wallet provider. Is there something like that.
Ok, Bittrex. Could use this as a wallet.

It's th easiest thing in the world to do.

Go to bitaddress.org, download the program, close browser, turn wifi off, open browser, open program and make a wallet.

With regards to losing the paper, make three copies, cut them in half and hide them. Never put two opposite halves in the same place.

[kriptotr]

You can download electrum to your smart phone and it will be safe. The forum moderators also write electrum in the safe wallets list. If they make fork, electrum will take care of it.

[MNDan]

Dash coin.

[DaMut]

So, if they do their Bitcoin Cash - thing, every Bitcoin holder also gets the same amount in Bitcoin Cash, is that right? (eg one has 10 bitcoin, they create bitcoin cash, then you also have 10 bitcoin cash?)


Cool - did they say that publicly?
If not i'll guess i'll just ask bitstamp - or can anyone link me to anything where they say it

in my opinion,never trust your money to any exchanger or whatever they called it,
you need to hold it by yourself using offline wallet such ass (trezor,electrum) any other offline wallets,
because you need to have your private keys.
if you trusting your money to any exchanger you don't have the private keys and the consequence would be bad if something goes wrong.
or you can use web wallet (blockchain),but i hardly recommend that because many phising website you can find when you tried to log in.
and will lead you to clipboard viruses,but it's safe place because if you send your money in there you'll have your private keys on you own.
not like other site.

[farhaan]

Hi there!

I am such a newb, i did hardly ever even send any bitcoin.

So, everybody says i should move my bitcoin away from exchange. To a wallet. So i surely get also the coins from the new Chain that is possibly created.

Now even with this simple thing, i am unsure of myself.
I imagine making some small stupid mistake and losing my life savings.

What is an easy solution for dummies?

Thanks a lot

It would be safe for you to withdraw your bitcoins from your exchange account to your wallet in your pc.That would be safe for you.This should be done because most exchanges might suspend deposits and withdrawals for 48 hours during hard fork.

[SmartIphone]

Bittrex announced that they will lock the bitcoin wallets so that the funds will be in safe in case of a chain split. We have to trust them now.

If we don't prefer to use online wallets and exchanges, we can set up electrum to be in safe. Maybe bitcoin core works too. That's all I know so far.

I have two options in my mind:
The first one is to hold the bitcoins in desktop wallet (I'm using the electrum wallet)
And the second one is to send to an exchange and convert/exchange them to altcoins to a coin that I think will not change value a lot or the one that I think will not get dumped(which is very hard to predict)
Others plan?

[Roccker]

Thanks!

I still have to look into it, but electrum wallet for computer desktop seems to be the most interesting option for me right now.

I will not buy change bitcoins for altcoins alone for the reason that this is would trigger tax / taxation.

[Catmony]

Yes electrum is good and easy wallet to use and is also safe during split.

The most important thing is that you should have private key of those bitcoin addresses where you will put your coins during that date.

Alternative to electrum can be jaxx wallet or you can simply make one paper wallet from bitaddress.org

[kokojie]

You can withdraw to electrum to be safe, just don't make any transactions right after Aug 1st.

But tbh there isn't going to be much support for an alt hardfork of Bitcoin. It'll die out shortly just like the 5-6 attempts before it did.

Alternatively you can put it on an exchange that has promised to honor forks.

[Roccker]

Ok.

Downloaded electrom.
Chose 2factor authentification wallet. From trustedcoin. You have to pay a bit for that, ok.

So now i have a paper at home with a code, and the wallet is encrypted with another code,
and i have 2 factor authentification with phone.
So if i lose phone also everything is lost


Guess i will send bc at the 30th


And using the bcc will be another more or less complicated matter, ok ok

[2double0]

Bittrex announced that they will lock the bitcoin wallets so that the funds will be in safe in case of a chain split. We have to trust them now.

If we don't prefer to use online wallets and exchanges, we can set up electrum to be in safe. Maybe bitcoin core works too. That's all I know so far.

Keeping your coins in an exchange whether Bittrex or any is like cutting off the nose to spite the face, and not a choice at all.
I would prefer to have them in Core itself or should use paper wallets and store them there as they can be trusted in the worst cases just like the OP did.

Ok.

Downloaded electrom.
Chose 2factor authentification wallet. From trustedcoin. You have to pay a bit for that, ok.

So now i have a paper at home with a code, and the wallet is encrypted with another code,
and i have 2 factor authentification with phone.
So if i lose phone also everything is lost


Guess i will send bc at the 30th


And using the bcc will be another more or less complicated matter, ok ok

No need to send your btc anywhere, I would say wait after 29th because the chain will itself become complicated and moving your coins means putting ourselves in danger. Waiting is the best thing and you will also need your phone of course if 2FA is enabled.

[BitcoinNewsMagazine]

You really should have ordered a Trezor when there was still time for it to arrive before August 1. Too late now.

[2double0]

You really should have ordered a Trezor when there was still time for it to arrive before August 1. Too late now.

Is a Trezor really needed here? For some, it may be somewhat expensive which is why they might not have gone for it.
They can still save their coins offline if they want to and save themselves from the dilemma that is being created by miners.