Where to store BTC during the upcomming forks?

[davecrypto]

Hi,

I just want to ask where it will be the best to store the BTC during the fork to get the same amount of the new currency.

Would it work with a simple wallet in electrum? Would you prefer to store it on Bittrex/Kraken to be able to get fast transactions?

I really don't want to miss that opportunity so I want to have everything setup the best way possible.

Thanks.

[mocacinno]

Hi,

I just want to ask where it will be the best to store the BTC during the fork to get the same amount of the new currency.

Would it work with a simple wallet in electrum? Would you prefer to store it on Bittrex/Kraken to be able to get fast transactions?

I really don't want to miss that opportunity so I want to have everything setup the best way possible.

Thanks.

I'd always recommend to hold your BTC in a local wallet. You maximise your possibility's and minimise the risks by being the only one in controll of your private keys.

If you have a small amount of BTC, an encrypted desktop wallet like electrum or core on a clean pc is sufficient. If you hold a lot of BTC, i'd recommand a hardware wallet, an airgapped pc or a paper wallet.

[davecrypto]

Hi,

I just want to ask where it will be the best to store the BTC during the fork to get the same amount of the new currency.

Would it work with a simple wallet in electrum? Would you prefer to store it on Bittrex/Kraken to be able to get fast transactions?

I really don't want to miss that opportunity so I want to have everything setup the best way possible.

Thanks.

I'd always recommend to hold your BTC in a local wallet. You maximise your possibility's and minimise the risks by being the only one in controll of your private keys.

If you have a small amount of BTC, an encrypted desktop wallet like electrum or core on a clean pc is sufficient. If you hold a lot of BTC, i'd recommand a hardware wallet, an airgapped pc or a paper wallet.

Thanks, so I will get the free fork money even when I store it on an offline wallet? How does it work then?

[mocacinno]

Hi,

I just want to ask where it will be the best to store the BTC during the fork to get the same amount of the new currency.

Would it work with a simple wallet in electrum? Would you prefer to store it on Bittrex/Kraken to be able to get fast transactions?

I really don't want to miss that opportunity so I want to have everything setup the best way possible.

Thanks.

I'd always recommend to hold your BTC in a local wallet. You maximise your possibility's and minimise the risks by being the only one in controll of your private keys.

If you have a small amount of BTC, an encrypted desktop wallet like electrum or core on a clean pc is sufficient. If you hold a lot of BTC, i'd recommand a hardware wallet, an airgapped pc or a paper wallet.

Thanks, so I will get the free fork money even when I store it on an offline wallet? How does it work then?

A wallet does not physically hold any bitcoins. If you own 1 bitcoin, it means there is at least one unspent output with a value of 1 BTC from a transaction that funds an address whose private key you posses, that is included in the blockchain (the decentral ledger stored on all node's disks).
When a hard fork occurs, it just means that the old data in the decentral ledger will exist on both the original BTC's ledger (database) and the fork's ledger. This old data contains the transaction whose unspent output can be spent by the owner of the private key in your wallet. It does not matter if this private key is encryped and stored on a hardware wallet, in a wallet file on your local disk, or bip38 encrypted and printed on a piece of paper. All those private keys can be used to create a signature to spend the unspent outputs stored in both ledgers (the original ledger and the one of the fork).

If you put your funds on an online wallet, they have access to your private keys (and a lot of times, you don't have access to your private keys). This means it's up to the exchange to either do nothing, steal your funds or credit your funds. If you hold your own private keys, it's completely up to you what you'll do.

[Wipro]

Hi,

I just want to ask where it will be the best to store the BTC during the fork to get the same amount of the new currency.

Would it work with a simple wallet in electrum? Would you prefer to store it on Bittrex/Kraken to be able to get fast transactions?

I really don't want to miss that opportunity so I want to have everything setup the best way possible.

Thanks.

All the wallet providers will be freeze your wallet for certain days. This is how it is been done by last time when the segwit 2x activation takes place in August 1st. I think we have to face the same situation this time as well.
However, you will get the notification from your wallet provider when you sends the bitcoin or receive it from the online wallet. Keep watch the price movement and these news to avoid the needy situations without money.

[TheCoinFinder]

Never think about storing your bitcoins on exchanges like bittrex, kraken during fork.
You will not get forked coin on any exchange as most of them don't support these coins.
It is better if you can move your bitcoins to online wallets such as blockchain.info or any other wallet that is able to separate your new coins later.

[davecrypto]

thanks for the answers.

Never think about storing your bitcoins on exchanges like bittrex, kraken during fork.
You will not get forked coin on any exchange as most of them don't support these coins.
It is better if you can move your bitcoins to online wallets such as blockchain.info or any other wallet that is able to separate your new coins later.

...I have mine stored on electrum wallet at the moment. Would it work that way?

[mocacinno]

thanks for the answers.

Never think about storing your bitcoins on exchanges like bittrex, kraken during fork.
You will not get forked coin on any exchange as most of them don't support these coins.
It is better if you can move your bitcoins to online wallets such as blockchain.info or any other wallet that is able to separate your new coins later.

...I have mine stored on electrum wallet at the moment. Would it work that way?

yes,

Electrum allows you to export your private keys, so you can import them into the forked coin's wallet after the fork... Do be carefull about a replay attack!

[davecrypto]

thanks for the answers.

Never think about storing your bitcoins on exchanges like bittrex, kraken during fork.
You will not get forked coin on any exchange as most of them don't support these coins.
It is better if you can move your bitcoins to online wallets such as blockchain.info or any other wallet that is able to separate your new coins later.

...I have mine stored on electrum wallet at the moment. Would it work that way?

yes,

Electrum allows you to export your private keys, so you can import them into the forked coin's wallet after the fork... Do be carefull about a replay attack!

great. Well I already heard about the replay attack. how can I prevent that ... also I would be interested how the attackers are doing that?

[mocacinno]

thanks for the answers.

Never think about storing your bitcoins on exchanges like bittrex, kraken during fork.
You will not get forked coin on any exchange as most of them don't support these coins.
It is better if you can move your bitcoins to online wallets such as blockchain.info or any other wallet that is able to separate your new coins later.

...I have mine stored on electrum wallet at the moment. Would it work that way?

yes,

Electrum allows you to export your private keys, so you can import them into the forked coin's wallet after the fork... Do be carefull about a replay attack!

great. Well I already heard about the replay attack. how can I prevent that ... also I would be interested how the attackers are doing that?

Create a new wallet on each chain, empty out your old wallets on each chain by spending all unspent outputs and funding a new address generated by your new wallet.
Once you're sure that you now have all your funds properly stored on a new wallet whose addresses were not generated before the fork, you can spend your unspent outputs safely on each chain

I actually created a graph to illustrate this the previous time i participated in a discussion about replay protection

[zypa]

I have read on some forums that this fork will not be the same as BCC but with a chance to lose value. Do you think the story of BCC will repeat itself?

[futurebitcoins]

I have read on some forums that this fork will not be the same as BCC but with a chance to lose value. Do you think the story of BCC will repeat itself?

A chance to lose value means which coin? Bitcoin value or Bitcoin gold value?

[MMysterious]

The last time a fork happened I just stored my Bitcoins on Bittrex but with 2fa of course because we can never tell these hackers. But I only have a little amount of Bitcoin on an exchange site though, most of them are secured in an offline wallet.

[tiggytomb]

Keeping your coins in your wallet with you private key is always best but with what happened last time it seemed that Bittrex was the best place if you were looking to dump your coins straight away, they were open for trading ahead of most other exchanges.  Best to check their announcements on the situation, I haven't seen anything by Bittrex yet.

[Mustion]

Usually to make every perfectly security , you should hold at your local wallet on the computer. But in my case, i will keep my BTC on Poloniex.com. Cause they won't swallow our BTG ( Bitcoin Gold). They will just add it into our BTG balance ( of course it's depend on how much Bitcoin you have on Bitcoin balance). Trust poloniex is not a sin but there is still risky if you do that cause you don't have the private key for security.

[FrueGreads]

Things worked well last time with exchanges, but I think it's a big risk to store bitcoins at addresses from which you don't control you private keys. I think your best option is to keep your coins in a wallet, like Electrum (since you mentioned it, and it's a good wallet). This way you know for sure that you can do to your coins whatever you want, and no one can decide for you. There is also no risk of not getting that alt coin from the fork.

[Flagship11]

Cold storage, or any place but an exchange!

[davecrypto]

Thanks everyone for the answers. That was very helpful.

I'm still curious about the Reply attack, because some advised its users in case of a fork not to issue transactions before the dust settles.

If I do not share my privatekeys to anyone and transfer 1 BTC from my wallet to another wallet that belongs to me, the attacker would only be able to send the exact same amount to the exact same address from the BTG blockchain. So the Attacker would need to generate the same recieving address as my BTC revieing address is, which won't be possible at all!?

So how is there any danger? ...attackers can't take your own money, they just could send it to some wallet that they don't own themselves.

[cryptoalfs76]

Hi,

I just want to ask where it will be the best to store the BTC during the fork to get the same amount of the new currency.

Would it work with a simple wallet in electrum? Would you prefer to store it on Bittrex/Kraken to be able to get fast transactions?

I really don't want to miss that opportunity so I want to have everything setup the best way possible.

Thanks.

During the first upcoming forks, i only stored my bitcoin into my wallet in coins.ph.i feel comfortable in my wallet that my bitcoin is  in safe and secured because we have two identification  private key before you can open the wallet and its not easy to hack  or scam because the system is shielded from the thief or hacker.

[thorvald]

I store all of my BTC in a Trezor hardware wallet. They support every legit fork.

Bitcoin Gold support will be enabled on Monday: https://twitter.com/CryptoAirdrops/status/931608419664039936