What will happen to my BTC in 3 different places on Aug 1st?

[GabryRox]

So, I thought I had a grasp on this hard fork situation but just spent the last 2 hours reading here and elsewhere and now I'm more confused than ever... i think lol!

Here's my situation... I don't have a ton of BTC... essentially about 3 total spread in 3 diff locations... but even with that moderate amount, I am trying to avoid risk and try not to leave any freebies on the table, assuming those 2 don't conflict.

Here is my understanding of each place i hold BTC on, although certainly not sure so any advice would be appreciated:

- 1 BTC on Coinbase - Coinbase has stated that they will not support Bitcoin Cash. So, if I leave my 1 BTC on Coinbase as of Aug 1st, I will still have 1 BTC after the fork there, but will not be "rewarded" any Bitcoin Cash, correct?

- 1 BTC on Bittrex - Bittrex appears to be supportinf Bitcoin Cash, so does this mean that if I keep my 1 BTC on Bittrex as of Aug 1st, I will then have 1 BTC and 1 Bitcoin Cash token after the hard-fork?

- 1 BTC on my Ledger Nano-S USB cold wallet - I am unclear what will happen with this. I see some people recommending moving most of current BTC holdings onto a cold wallet so you can "control" your balances but it is not clear to me what the real benefit of this is.  Is there concern that something's going to go wrong and BTC balances on exchanges could be inaccessible for long periods of time?  Also, if my understanding of Bitcoin cash "rewards" is correct, wouldnt storing  BTC on a cold wallet mean forgoing any such reward?

Thanks for any suggestions!

[jambola2]

It isn't a 'reward' per se.

A better way to imagine it is that everyone currently owns "keys" (private keys) that open various vaults (addresses) which contain their Bitcoin.

When Bitcoin Cash is created, the creators of Bitcoin cash are essentially going to create a copy of every existing vault, but the new vaults will have Bitcoin Cash in them instead of Bitcoin. This means that if you have a vault key, you can now open your vault that has Bitcoin, but you can also open the vault which has Bitcoin Cash.

If you have access to the private key, you can open both vaults, and hence you have both Bitcoin and Bitcoin Cash.
If you don't have access to the private key, but the website says they'll give you both, you still get both.
If you don't have access to the private key, and the website says they won't support Bitcoin Cash, you lose out on a bunch of Bitcoin Cash.

You can't really ever trust websites who hold your Bitcoin to stick to their word, so ideally, you're going to keep all your Bitcoin on private keys that you control, so that you're guaranteed the ability to use both forks.

[gueorguiev]

Well it depends on what you want to do come august 1st. If you want to get 3 BCC, then move all your BTC to Bitrex or another Exchange you trust that supports BCC. If you want to just be safe, then move all your BTC to your ledger nano and wait out the fork, regardless of your choice you should consider moving any of your assets off of Coinbase unless you're doing trading on a daily basis.

[GabryRox]

Thanks for both of your replies, I really appreciate it!  Totally agree with moving assets off of Coinbase... I've been moving in that direction recently but it makes even more sense now as there is no apparent benefit to keeping any BTC there for this event.  I am going to move .5 BTC over to my Bittrex account and .5 onto my Nano... hedging my bets lol.

[NamedUser]

So basically you've ignored every single thread, website and person you've talked to and made this thread about leaving bitcoins on multiple exchanges.

Why not just, you know, own your own bitcoins and make your own decisions?! If you don't have your private keys (or you aren't the only person with them) you don't own any bitcoins.

[LouVandetta]

Remember, there might be replay attacks, if your main objective is to get Bitcoin Cash.
So be careful what you wish for.

Coinbase and bittrex already made their statements.
That bittrex will support it but not coinbase.

In coinbase case, yes, your bitcoin will remain the same.

[Sadlife]

Your bitcoin doesn't really leave the blockchain but rather what you have is not bitcoins but only private keys that's why many people call them private keys not bitcoin because it is only an address ot key to access your bitcoins.

If you have bitcoin from 3 different wallet. If one web wallet said they will not support BCC then you will get any coins from it.
If your other web wallet said that they will support bitcoin then you are mot likely receive them.
It is better to use cold wallets to control your own money cause you might never know if this wallet providers will be trustworthy.

[GabryRox]

Thanks Lou... my main objective is not to obtain BCH, but I'm OK with leaving half of my whopping 3 coins on Bittrex just to see what happens with it and having my other 1.5 on my Nano.  This is kind of a last minute "fix" since l thought BIP91 would be implemented, avoiding this hard-fork that now seems immanent.  I'm comfortable with this current set-up... just hoping that BTC prices don't bottom out as a result of the fork.

[gueorguiev]

Thanks Lou... my main objective is not to obtain BCH, but I'm OK with leaving half of my whopping 3 coins on Bittrex just to see what happens with it and having my other 1.5 on my Nano.  This is kind of a last minute "fix" since l thought BIP91 would be implemented, avoiding this hard-fork that now seems immanent.  I'm comfortable with this current set-up... just hoping that BTC prices don't bottom out as a result of the fork.

As much as it seem like a hard fork and is labeled that way its more of an altcoin announcement then anything else in my opinion, it just has ties to Bitcoin more than other coins like Litecoin, so its initial release would have more of an effect on the price then usual id think. Just be careful if you plan on doing any BTC to BCC trading.

[~Bitcoin~]

Thanks Lou... my main objective is not to obtain BCH, but I'm OK with leaving half of my whopping 3 coins on Bittrex just to see what happens with it and having my other 1.5 on my Nano.  This is kind of a last minute "fix" since l thought BIP91 would be implemented, avoiding this hard-fork that now seems immanent.  I'm comfortable with this current set-up... just hoping that BTC prices don't bottom out as a result of the fork.

You can expect a small correction in bitcoin's price after split because there are many traders who are just holding bitcoin to get free BCC. They will dump both BTC and BCC to cashout profit and might buy them back after correction.

I might do the same but it depends on how things will go afterwards.

[YIz]

Thanks Lou... my main objective is not to obtain BCH, but I'm OK with leaving half of my whopping 3 coins on Bittrex just to see what happens with it and having my other 1.5 on my Nano.  This is kind of a last minute "fix" since l thought BIP91 would be implemented, avoiding this hard-fork that now seems immanent.  I'm comfortable with this current set-up... just hoping that BTC prices don't bottom out as a result of the fork.

You can expect a small correction in bitcoin's price after split because there are many traders who are just holding bitcoin to get free BCC. They will dump both BTC and BCC to cashout profit and might buy them back after correction.

I might do the same but it depends on how things will go afterwards.

Yeah, I expect the same thing, a correction in bitcoin price and altcoins rising. BCC will see heavy dumps in the first days.

[CyberKuro]

Thanks for both of your replies, I really appreciate it!  Totally agree with moving assets off of Coinbase... I've been moving in that direction recently but it makes even more sense now as there is no apparent benefit to keeping any BTC there for this event.  I am going to move .5 BTC over to my Bittrex account and .5 onto my Nano... hedging my bets lol.

Thanks Lou... my main objective is not to obtain BCH, but I'm OK with leaving half of my whopping 3 coins on Bittrex just to see what happens with it and having my other 1.5 on my Nano.  This is kind of a last minute "fix" since l thought BIP91 would be implemented, avoiding this hard-fork that now seems immanent.  I'm comfortable with this current set-up... just hoping that BTC prices don't bottom out as a result of the fork.

So, you have removed bitcoin from coinbase into bittrex and nano? Why move to bittrex if you're not aim for bch?
But remember about chain split, I am not sure about BIP141 and BIP148. But I am sure we are safe as long as could export private keys.
With Ledger Nano S, secrets like private keys are never exposed but I assume it is still safe on August 1^st
Bitcoin price will drop back after fork but may not drop below $2000 I guess.

[Reid]

Why didnt you just keep it all in your cold wallet?
What is really the purpose of dividing your bitcoins into different wallet sites and even 1 in a tradig site.
You are just risking it for tge purpose of getting a BCC. You say it is not your goal but you have mentioned everything in your first post with Bittrex supporting BCC and having 1 of it because you deposited 1 bitcoin.
Safety or greed? What is it that you want?

[gueorguiev]

Why didnt you just keep it all in your cold wallet?
What is really the purpose of dividing your bitcoins into different wallet sites and even 1 in a tradig site.
You are just risking it for tge purpose of getting a BCC. You say it is not your goal but you have mentioned everything in your first post with Bittrex supporting BCC and having 1 of it because you deposited 1 bitcoin.
Safety or greed? What is it that you want?

He is trying to do both. He's seems comfortable enough and willing to take the risk and leave half his coins on Bitrex but mitigating it by keeping the other half of them on his ledger nano.