Bitrrex to handle the chain split

[maokoto]

Great, another exchange handling the split (I have read of poloniex doing so too). Best for users that are not very techy or just do not want to bother messing around and sending their coins to and fro. Is good to know.

[Pettuh4]

Great, another exchange handling the split (I have read of poloniex doing so too). Best for users that are not very techy or just do not want to bother messing around and sending their coins to and fro. Is good to know.

Well if they are indeed true then it erases all the fears and we can move forward in the right direction after August 1. Many people are afraid of waking up to find out their bitcoins are now worthless or are Altcoins and so if these major exchanges are going to handle it this way then it's all the best for everyone.

[Iranus]

If anything there's probably less chance of being hacked with your coins on bittrex than on your own computer wallet. Better security, particularly if you use two step authentication.

Are you insane?  Mt. Gox and Cryptsy have already proven that exchanges are not trustworthy.  Regulations for altcoin exchanges haven't got better, and exchanges have a terrible history of being incompetent and/or running off with their users' funds.

I'm 100% certain that the coins in my TREZOR, with my seed in a bank deposit box and buried in a safe location, with passphrase protections for different parts of my funds and several hidden wallets, with the protection of a PIN which gets exponentially tougher to guess as an attacker tries, are much more secure than Bittrex.  

A promise to "try their best" is no guarantee that they will follow through, either.

why the freeze so early? this is the only exchange that's doing this at this point isn't it?

They've given up on it.  Read my above post.

[Pajulapoiss]

Bittrex has resumed deposits and withdrawals.

If you look at your Bittrex account, you will see that next to the BTC deposit and withdraw buttons there is some information telling you that they will now require 6 confirmations to credit your transaction due to network disruption.

I have like 80% value spread to different altcoins, that are in my bittrex wallet.

What would be the safest way to go forward?

Altcoins are irrelevant.  The chain splits that happen in altcoins are not related to what happens in BTC.

Or are my funds safe even If I just keep them on my bittrex wallet as they are?

Altcoins are exactly as safe as they've been the rest of the time that they were on Bittrex.  When not trading you should always keep your coins off exchanges, but I don't see how an event in BTC affects your altcoins.

If anything there's probably less chance of being hacked with your coins on bittrex than on your own computer wallet. Better security, particularly if you use two step authentication.

Thanks to everyone who replied.

About 2FA, what happens when I lose my android device
I use for second authentication? or somehow else happens to it..

I've read some people have locked themselves out that way, and that there's some problems with the Google's 2FA system.

[Omega Weapon]

I did not wanted to make  new thread for  this and posted it on other thread but from the look of it no one bother reading the posts . So  maybe this will work .. New thread ^^

Bitrrex stated that they will credit both chains with coins if split happen . That what they claim they will do . So i guess there is no reason to worry if you have your BTC there they will do the job for you !

You do not understand, the exchanges may say they will do it and they may honor that promise, but at the end of the day you are relying on a third party to do your job, bitcoin is a way to have complete control over our funds, if you are letting someone else do this then you don’t have total and absolute control over your bitcoin that is the point and the reason why you must do this yourself.

[secdark]

It is already late for me some of my BTC is locked on Bittrex but since they announcement that they will handle the split chain if it happened made me not worry . From what I understand if chain split happens they will credit coins on both chains .

Well im lucky now that I just withdraw my btc in bittrex and store it in my wallet . I just got it in time last sunday and they close it in 3pm so I just send it. Now if you are locked or your btc is locked in bittrex then you should trust your bitcoin in bittrx because they can do the rest to keep your bitcoin

[skyline247]

I have like 80% value spread to different altcoins, that are in my bittrex wallet.

What would be the safest way to go forward?

Should I trade everything to btc and send it to private wallet?

Or are my funds safe even If I just keep them on my bittrex wallet as they are?

What would you do? Why?

- It is already too late for you to move your BTC from Bittrex they disabled deposit/withdraw for BTC .

- I have provided the link for Bittrex announcement and according to it you should be  safe ( But I am Not taking responsibilities it is up to you to trade your BTC or not  ) .

- What I will do is selling my alts and keep them as BTC if split happen I will get coins in both chains if no split happen there is big chance that BTC will move up a lot .  

Yet another example of why you should never store Bitcoin on a 3rd party exchange/wallet.

The safest way to store your Bitcoin is in a PAPER WALLET. Have you ever held a dollar bill? Guess what, that is paper money. A Bitcoin paper wallet is essentially the same.

Have you lost over 20 BTC before? It is not a good feeling. Only keep Bitcoins on exchanges if you plan on trading them.

[khufuking]

You do not understand, the exchanges may say they will do it and they may honor that promise, but at the end of the day you are relying on a third party to do your job, bitcoin is a way to have complete control over our funds, if you are letting someone else do this then you don’t have total and absolute control over your bitcoin that is the point and the reason why you must do this yourself.

  I totally agree . I made this post when Bittrex disabled withdrawing of BTC but since they enabled it back I withdraw my remaining balance and now it is safe on my electrum wallet . I will edit the main post to include that info .

[Prodigan786]

I dint take any chance neither i dont want to withdraw the fund holding in Bittrex simply i converted as altcoins like ethereeum and Waves and aslo planning to buy some more from my wallet holdings.

[SmartIphone]

I have like 80% value spread to different altcoins, that are in my bittrex wallet.

What would be the safest way to go forward?

Should I trade everything to btc and send it to private wallet?

Or are my funds safe even If I just keep them on my bittrex wallet as they are?

What would you do? Why?

- It is already too late for you to move your BTC from Bittrex they disabled deposit/withdraw for BTC .

- I have provided the link for Bittrex announcement and according to it you should be  safe ( But I am Not taking responsibilities it is up to you to trade your BTC or not  ) .

- What I will do is selling my alts and keep them as BTC if split happen I will get coins in both chains if no split happen there is big chance that BTC will move up a lot . 

How long after the 1st August will we be able to start using bitcoin as normal like now (a week ahead)
I'm thinking to exchange the bitcoins to another altcoins in Bittrex for a week or two then exchange back to bitcoin but I'm afraid if the price of bitcoin will be higher so I will get less bitcoin that I had.
What would the best idea in this case?

[khufuking]

How long after the 1st August will we be able to start using bitcoin as normal like now (a week ahead)
I'm thinking to exchange the bitcoins to another altcoins in Bittrex for a week or two then exchange back to bitcoin but I'm afraid if the price of bitcoin will be higher so I will get less bitcoin that I had.
What would the best idea in this case?

To be honest I see no point in exchange my BTC to any alt . If I exchange my BTC into any alts now I will lose 2 opportunities  at 1 August which is
( 1- A chance for a free airdrop in the event an alt coin born . 2- A chance of the BTC price get higher after August ends )  .

[SmartIphone]

How long after the 1st August will we be able to start using bitcoin as normal like now (a week ahead)
I'm thinking to exchange the bitcoins to another altcoins in Bittrex for a week or two then exchange back to bitcoin but I'm afraid if the price of bitcoin will be higher so I will get less bitcoin that I had.
What would the best idea in this case?

To be honest I see no point in exchange my BTC to any alt . If I exchange my BTC into any alts now I will lose 2 opportunities  at 1 August which is
( 1- A chance for a free airdrop in the event an alt coin born . 2- A chance of the BTC price get higher after August ends )  .

What do you mean with the free airdrop? Do you think new altcoins will use as a reference the firxt block on 1st August?? And then distribute their coins?
I have to exchange the bitcoins in the first week of August so I dont know if it is safe to exchsnge now or waiting for the 1st August or maybe a few days after and then exchange to altcoins?

[costina]

I did not wanted to make  new thread for  this and posted it on other thread but from the look of it no one bother reading the posts . So  maybe this will work .. New thread ^^

Bitrrex stated that they will credit both chains with coins if split happen . That what they claim they will do . So i guess there is no reason to worry if you have your BTC there they will do the job for you !

You do not understand, the exchanges may say they will do it and they may honor that promise, but at the end of the day you are relying on a third party to do your job, bitcoin is a way to have complete control over our funds, if you are letting someone else do this then you don’t have total and absolute control over your bitcoin that is the point and the reason why you must do this yourself.

However, when holding Bitcoin on exchange can helps me create still can create order buy/sell if have some bloodbath in this time. Although, when do that I agree give exchange permission control my Bitcoin.

[khufuking]

What do you mean with the free airdrop? Do you think new altcoins will use as a reference the firxt block on 1st August?? And then distribute their coins?
I have to exchange the bitcoins in the first week of August so I dont know if it is safe to exchsnge now or waiting for the 1st August or maybe a few days after and then exchange to altcoins?

I am talking about BCC here is a link to  give you more understanding read the second post of it  . https://bitcointalk.org/index.php?topic=2017191.0

Also I recommend reading this thread https://bitcointalk.org/index.php?topic=2012799.440

[aoluain]

would I be presumptions in thinking that all the exchanges
are going to be handling a possible chain split?

[inthelongrun]

I have like 80% value spread to different altcoins, that are in my bittrex wallet.

What would be the safest way to go forward?

Should I trade everything to btc and send it to private wallet?

Or are my funds safe even If I just keep them on my bittrex wallet as they are?

What would you do? Why?

I think alts are not a problem right now. Do not worry. Just hold them as they are and wait for this turmoil to cool down. That's what I'm doing also. I am avoiding bitcoin exchanges. I remain with my alts. Their price will be affected of course but their safety will remain good. When the smoke goes down, these will all rise again.

[Pajulapoiss]

I have like 80% value spread to different altcoins, that are in my bittrex wallet.

What would be the safest way to go forward?

Should I trade everything to btc and send it to private wallet?

Or are my funds safe even If I just keep them on my bittrex wallet as they are?

What would you do? Why?

I think alts are not a problem right now. Do not worry. Just hold them as they are and wait for this turmoil to cool down. That's what I'm doing also. I am avoiding bitcoin exchanges. I remain with my alts. Their price will be affected of course but their safety will remain good. When the smoke goes down, these will all rise again.

Yea, thanks! I was starting to get a bit worried when I suddenly realized 1. Aug is not far away.  I reached out to a friend,  asking for advice, and posted here as well.
He also suggested "hodl & relax"  It's always a good idea to ask around when you're not sure or feeling panicky or FUD. I would have claimed quite a few real losses if I had traded alts back to btc, now it's just imaginary losses, and there's a good chance I will still end up with a hefty profit.

[pearlmen]

I did not wanted to make  new thread for  this and posted it on other thread but from the look of it no one bother reading the posts . So  maybe this will work .. New thread ^^

Bitrrex stated that they will credit both chains with coins if split happen . That what they claim they will do . So i guess there is no reason to worry if you have your BTC there they will do the job for you !



Edit : The withdrawing is back on bittrex . And I did withdraw my remaining coins .

The major outcry about you moving your coins to where you can control it is not because of sites like bitrex but the ones that will see that as an opportunity to get themselves rich by going offline and never come back online due to the proposed chain split and that could mean loss of large amount of wealth to individuals. Also, because no one is sure the many variants of bitcoin we will be having and exchange sites might not have a consensus as to which one to accept so, they can pick based on subjective reasons and then derecognise the others.

[Kumo77]

Nice. I am glad that I chose this company.

So far I have been really happy using their exchange, fast and easy to understand.

[Yatsan]

The bitcoin will not have a coin splitting anymore so I think that news is not gonna happen anymore but aside form that the segwit is 80% agreed by the miners all around the world so I think bitcoin will have a burst this year interms of price so it's better to hold as many as the bitcoin you can month before the segwit.