Question in regards to upcoming fork

[player514]

Hey everyone.

I have an imported wallet on blockchain.info. I use blockchain because of the ease of use and whatnot. I'm not 100% versed in bitcoin.

Anyway, I have access to my private key and I keep my bitcoin on this wallet that shows up as an imported wallet. Is there anything I should do to prep for August 1st?

[jk_14]

As long as you are the only person with access to the private keys you're fine.

You may want to think about whether or not you want to pull your Bitcoins out (e.g. transfer into Fiat or Alt) or if you want to keep them in though.

It is unclear whether the price of Bitcoin will drop, remain constant or start climbing. There's a chance that BTC+BTCC combined could drop below the current value of BTC. Similarly there is a chance that the combined value of both coins will stay the same or go up after the fork. Most people seem to be "HODL" on the real BTC and dump on the BTCC and if their sentiments are true (and not market manipulation), then the price of BTC would remain stable, while the price of BTCC would quickly drop into oblivion.

I would thus recommend doing your own research on potential price movements and then decide on your own which route you'd like to go.

Generally speaking you are fine as long as you and only you have access to your private keys to your Bitcoin holding wallet though.

[achow101]

You should stop using blockchain.info and instead use a desktop wallet like Electrum. Besides the fact that you are not necessarily the only person who can access your private keys with blockchain.info, IIRC blockchain.info won't have anything for supporting Bitcoin Cash so you won't be able to spend those if you wanted to.

[jk_14]

You should stop using blockchain.info and instead use a desktop wallet like Electrum. Besides the fact that you are not necessarily the only person who can access your private keys with blockchain.info, IIRC blockchain.info won't have anything for supporting Bitcoin Cash so you won't be able to spend those if you wanted to.

Is a Wallet like Jaxx.io appropriate or do I need to use Electrum or Core?

[achow101]

Is a Wallet like Jaxx.io appropriate or do I need to use Electrum or Core?

I don't think jaxx will have anything to support BCC, so if you want to be able to spend those, you should use a wallet that does or a wallet that has a fork that will. Personally, I recommend that you use Electrum or Core, and if you want to spend the BCC, you can easily use Electron Cash (fork of Electrum) and Bitcoin ABC (fork of Bitcoin Core). Since those two software are forks, you can use the same datadir or just copy your wallet file to the datadir that you are using for those software and be able to immediately spend the BCC coins.

[jk_14]

Is a Wallet like Jaxx.io appropriate or do I need to use Electrum or Core?

I don't think jaxx will have anything to support BCC, so if you want to be able to spend those, you should use a wallet that does or a wallet that has a fork that will. Personally, I recommend that you use Electrum or Core, and if you want to spend the BCC, you can easily use Electron Cash (fork of Electrum) and Bitcoin ABC (fork of Bitcoin Core). Since those two software are forks, you can use the same datadir or just copy your wallet file to the datadir that you are using for those software and be able to immediately spend the BCC coins.

This helps a lot, thanks!

[player514]

You should stop using blockchain.info and instead use a desktop wallet like Electrum. Besides the fact that you are not necessarily the only person who can access your private keys with blockchain.info, IIRC blockchain.info won't have anything for supporting Bitcoin Cash so you won't be able to spend those if you wanted to.

I was actually looking into moving over to electrum. However, I'm kinda unsure how to work through it. Should I just import my private key or make a new wallet and send all of my BTC there? I assume the latter will tack fees on.

[achow101]

I was actually looking into moving over to electrum. However, I'm kinda unsure how to work through it. Should I just import my private key or make a new wallet and send all of my BTC there? I assume the latter will tack fees on.

Get an address from Electrum and send your Bitcoin to that address. Yes it will cost transaction fees, but you will have to pay those fees later anyways when you want to spend your Bitcoin. You can pay a very low transaction fee and just wait a while for it to confirm.

[player514]

I was actually looking into moving over to electrum. However, I'm kinda unsure how to work through it. Should I just import my private key or make a new wallet and send all of my BTC there? I assume the latter will tack fees on.

Get an address from Electrum and send your Bitcoin to that address. Yes it will cost transaction fees, but you will have to pay those fees later anyways when you want to spend your Bitcoin. You can pay a very low transaction fee and just wait a while for it to confirm.

Thank you so much for your advice. I just pushed a majority of my BTC to my new electrum wallet. I'm keeping just a little on my blockchain.info account because that's the address that a lot of customers of mine  have/know. Hopefully I'll be able to slowly make a change to being completely on electrum!

[jk_14]

I was actually looking into moving over to electrum. However, I'm kinda unsure how to work through it. Should I just import my private key or make a new wallet and send all of my BTC there? I assume the latter will tack fees on.

Get an address from Electrum and send your Bitcoin to that address. Yes it will cost transaction fees, but you will have to pay those fees later anyways when you want to spend your Bitcoin. You can pay a very low transaction fee and just wait a while for it to confirm.

Thank you so much for your advice. I just pushed a majority of my BTC to my new electrum wallet. I'm keeping just a little on my blockchain.info account because that's the address that a lot of customers of mine  have/know. Hopefully I'll be able to slowly make a change to being completely on electrum!

I don't know what type of customers you have, e.g. in what way you communicate with them. But you could just sign a message from your old address that states that you are moving from your old address to the new Electrum one.
Of course, if you have to reach out to every customer individually this might be difficult depending on the amount of customers that you have...