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Tszunami98 (OP)
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October 13, 2017, 04:07:55 AM |
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I was watching and reading all about the upcoming forks and where to store your btc during them.
I was wondering if ( i know the asnwer of this question but i wanna duble check with the comunity) is it ok to store btc at freebitco.in during the forks to be safe about your coins. I have read their policy about that and i believe it is the safest bet.
What do you think guys?
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pooya87
Legendary
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Activity: 3668
Merit: 11103
Crypto Swap Exchange
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October 13, 2017, 04:20:08 AM |
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it doesn't matter, during, before, after forks, you should always "store" your coins in cold storage https://en.bitcoin.it/wiki/Cold_storageanything else is a risky move, and when you leave it with a third party (freebitco.in for example) you are taking a much bigger risk because you are giving up control on your money and that is a risky move. but if you end up doing it anyways, they will most probably credit your airdrops as they have promised. |
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Halcyon Days
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October 13, 2017, 04:32:42 AM |
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If possible, you should avoid storing your coins in a online exchange, but use your own cold storage or desktop wallet. By doing so, it is guaranteed, that you have access to your coins and especially forked coins later on.
A online exchange can decide, if they want to support a forked coin or not. Usually if it is big enough, it is very likely that they are going to support them; however, if they decide not to support it, there is no way to get access to your forked coins. Furthermore, ofentimes, there are major delays in distributing the forked coin. If you are going to use an online wallet, make sure that they annouced to support your coin.
Good luck!
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Gabz999
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October 13, 2017, 04:36:42 AM |
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As they mention above, yeah! Cold storage is the best storage for storing your bitcoin. It is the safest thing that you can do, we can not garuntee those online and web wallets any time they can go down. Although you can use online wallets but don't put a lot of coins there just a little amount that you need.
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piloder
Legendary
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Activity: 966
Merit: 1006
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October 13, 2017, 04:41:31 AM |
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Move your bitcoin to either paper wallet or wallet like electrum where you will have full control over your bitcoins (you hold private key).
Its not better to store your bitcoin in exchanges during fork, take an example of coinbase they haven't credited their user's balance with bitcoin cash till now after august fork.
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Emoclaw
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October 13, 2017, 05:03:19 AM |
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I don't have a hardware wallet yet. Would I be wise to move my bitcoin out of Jaxx into another wallet, even though I do hold the private keys? I don't think they have added support for bitcoin cash yet.
Move them wherever you want, as long as you have exclusive control over the private keys of that wallet. It doesn't matter if you use a hardware wallet, Electrum, Jaxx, Bitcoin Core etc. They don't necessarily need to add support for the other forks, you just have to import your private keys to the other forks' wallet software to claim them. |
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BrewMaster
Legendary
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Activity: 2128
Merit: 1293
There is trouble abrewing
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October 13, 2017, 05:04:08 AM |
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...is it ok to store btc at freebitco.in during the forks to be safe about your coins. ...
i have not used that site much, but i think they don't allow you to withdraw the fork coins. for example if bitcoin gold happens, they won't allow you to withdraw bitcoin gold, but you can convert it to bitcoin and withdraw bitcoin. and the price is what they set it to be so you may not get the best rate. that may not be what some people want, they may want to have the freedom of choosing when to sell and at what price. |
There is a FOMO brewing...
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denetci
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October 13, 2017, 05:09:54 AM |
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i prefer ledger nano s to store my bitcoins. it is fast and secure. i recommend that product
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IamAltcoinfan
Full Member
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Activity: 476
Merit: 103
homt.net
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October 13, 2017, 05:10:14 AM |
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In august fork I sold most of my holdings and some I kept it in blockchain.info till now I dint try to claim bcc because of lots of fraud activity I Dont trust any app to give my private key. This time any well known exchanges like bittrex supports please let us know . I am not having hardware wallet even I can’t buy now.
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Singbatak
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October 13, 2017, 05:24:43 AM |
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At Coinomi I entrusted my Bitcoins in the first fork. And I was not disappointed because I received BCC equivalent of the Bitcoins I hold. So here's the safe Bitcoins store in 2nd Fork. If you would like to know more you will find Coinomi Wallet at the Google Play store and you create an account. Just save your private key so you can recover your wallet again
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Tszunami98 (OP)
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October 14, 2017, 07:31:13 AM |
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Hei, thanks for your responses guys. After reading all your responses i have finally decided to move my btc on Electrum wallet to maximize the safety. The thing that convinced me was that i might not recieve btc gold. Thank you again to all of you....i might come back after the fork asking how to claim me new coins  |
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sydcrypt
Newbie
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Activity: 39
Merit: 0
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October 14, 2017, 07:37:38 AM |
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Cold storage wallets are the safest. Among online wallets exchanges such as Bitrex and Birfinex have already announded they would safely support the hard fork.
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nesterpu
Jr. Member
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Activity: 59
Merit: 10
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October 14, 2017, 07:56:32 AM |
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I was watching and reading all about the upcoming forks and where to store your btc during them.
I was wondering if ( i know the asnwer of this question but i wanna duble check with the comunity) is it ok to store btc at freebitco.in during the forks to be safe about your coins. I have read their policy about that and i believe it is the safest bet.
What do you think guys?
The rule is what man does and nothing is certain at the present time. Everything can happen and you always have to accept it. You can see btc-e as a good example. |
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yishak
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October 14, 2017, 08:13:04 AM |
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The best place to store your bitcoins would be in a cold storage wallet. But if you rather use online wallets then you have to read news regarding whether the online wallet which you gonna store your bitcoins on will support the upcoming fork or not. But you have to choose a wallet carefully , I once stored my bitcoins in a xapo wallet before the bitcoin cash fork and even though they said they will support bitcoin cash I haven't received my bcc upto this day . So be careful which wallet you will choose or go with cold storage.
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bitart
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October 14, 2017, 08:14:26 AM |
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Hei, thanks for your responses guys. After reading all your responses i have finally decided to move my btc on Electrum wallet to maximize the safety. The thing that convinced me was that i might not recieve btc gold. Thank you again to all of you....i might come back after the fork asking how to claim me new coins It's OK that you will store your coins in a safe wallet but don't forget that you should'n hurry claiming the new coins, because of lack of the replay protection. If you haven't read about it yet, you should do a quick google about it. The most important thing about that is that you should move your real bitcoins somewhere in a different and secure wallet, before you start to deal (claim) your new coins. This is how you can ensure that if you move the new coins to exchange or to somewhere else, possibly fraudulent users can't move your original bitcoins from your original wallet parallel. |
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TheQuin
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October 14, 2017, 08:30:44 AM |
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...is it ok to store btc at freebitco.in during the forks to be safe about your coins. ...
i have not used that site much, but i think they don't allow you to withdraw the fork coins. for example if bitcoin gold happens, they won't allow you to withdraw bitcoin gold, but you can convert it to bitcoin and withdraw bitcoin. and the price is what they set it to be so you may not get the best rate. that may not be what some people want, they may want to have the freedom of choosing when to sell and at what price. That's not what they say in their official statement or what happened with the last fork. They allowed a period of about a month for people to withdraw BCH from the site if they didn't want to convert it there. HARD FORK POLICY
Bitcoin has 2 hard forks planned in the near future - "Bitcoin Gold" and "Bitcoin Segwit 2x". As we have done with the "Bitcoin Cash" hard fork in the past, we shall support withdrawals of all hard fork coins as long as they are viable - ie. have wallet support, a working blockchain and straightforward redemption policies. The "Bitcoin Gold" hard fork currently does not seem to be a viable fork - since they have not given any information about the fork on their website (btcgpu.org) and have no supported wallets yet. If there are no wallets that support it, we shall not be able to make "Bitcoin Gold" available for withdrawals. If however, there is wallet support for "Bitcoin Gold" before the hard fork date and the block number for the fork is announced in advance, we shall make it available for withdrawal.
We shall be supporting the "Bitcoin Segwit 2x" fork since it already has a working wallet and has announced the block number when the hard fork will happen. If a majority of miners switch to "Bitcoin Segwit 2x" and it has the chain with the most Proof-of-Work, we shall make it our primary coin and "Bitcoin Core" coins will be made available for withdrawal to your own wallets, otherwise "Bitcoin Core" shall remain our primary coin and "Bitcoin Segwit 2x" coins will be made available for withdrawal to your own wallets. In either case, users will receive coins in both the majority and minority chain equivalent to the balance that they had on the website prior to the hard fork.
We shall be pausing deposits and withdrawals temporarily before the "Bitcoin Segwit 2x" hard fork until a clear winner has emerged. Everything else on the website will function as usual. The fork is scheduled to happen at around the middle of November. We shall give advance notice of when deposits and withdrawals will be paused before the fork date.
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ged00u
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October 14, 2017, 10:27:20 AM |
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Electrum is the number one choice here. You can use the bitcoin core, too but it is too heavy to the computer since it requires us to download the whole blockchain to the computer. Unless you are a developer or someone who wants to learn about the blockchain, it is not necessary to download the Core. The important thing you need to remember in this hard fork is that you have to hold your private key. If you do not have your private key, it means that you will not able to access your bitcoin and receive extra bitcoin gold after the fork. Therefore, I believe that holding bitcoin in electrum wallet is the best choice since it gives us all of the thing we want such as private keys
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solarion
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October 14, 2017, 10:38:22 AM |
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Electrum is the number one choice here. You can use the bitcoin core, too but it is too heavy to the computer since it requires us to download the whole blockchain to the computer. Unless you are a developer or someone who wants to learn about the blockchain, it is not necessary to download the Core. The important thing you need to remember in this hard fork is that you have to hold your private key. If you do not have your private key, it means that you will not able to access your bitcoin and receive extra bitcoin gold after the fork. Therefore, I believe that holding bitcoin in electrum wallet is the best choice since it gives us all of the thing we want such as private keys
Early time to now bitcoincore is the one of the best wallet in desktop series. I have multibit and electrum wallet to save my bitcoins now. What ever the wallet you use it does not matter but you have keep your wallet's private key safely and wallet.dat file in your desktop or any hardware you have. Bitcoin gold can be good amount after the hard fork but the price value will decrease like happen with the BCH. |
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batang_bitcoin
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October 14, 2017, 10:39:40 AM |
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Hei, thanks for your responses guys. After reading all your responses i have finally decided to move my btc on Electrum wallet to maximize the safety. The thing that convinced me was that i might not recieve btc gold. Thank you again to all of you....i might come back after the fork asking how to claim me new coins Electrum is a safe wallet and when the fork of Bitcoin Cash happened I restored most of my web wallet funds and put it there. Because it's a wallet that supports the recent fork. And I haven't read if electrum will support bitcoin gold but for sure it will have a statement before the fork that we can export our private keys in able to claim our free bitcoin golds. Let's all together wait for that update for claiming our bitcoin gold. |
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hatshepsut93
Legendary
Offline
Activity: 3038
Merit: 2162
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October 14, 2017, 10:45:46 AM |
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Your choices can be broken into two options - store it online and get your forks sorted out for you - no need to install any software, import keys or seeds, etc., as long as your online service will support both chains after the fork, and if you are storing them on exchange, you might be able to trade your coins asap. Or you can store it offline and be sure that your coins won't get lost for whatever reason or stolen. So, the answer to your question would be to answer what are you valuing more - convenience or security?
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