Coinbase upcoming Bitcoin Forks Alert!

[Mr.Scott]

We wanted to give you an update on two upcoming Bitcoin forks—Bitcoin Segwit2x and Bitcoin Gold. You can read more about what a digital currency fork is here and see our prior update here.

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.

Bitcoin Segwit2x

The Bitcoin Segwit2x fork is projected to take place on November 16th and will result in two bitcoin blockchains. Following the fork, Coinbase will continue referring to the current bitcoin blockchain as Bitcoin and the forked blockchain as Bitcoin2x.

Any customer with a Bitcoin balance on Coinbase at the time of the fork will be credited with an equal amount of the Bitcoin2x asset on the Bitcoin2x blockchain. No action is required—we will automatically credit your account. So, if you have 5 Bitcoin stored on Coinbase before the fork; you will have 5 Bitcoin and 5 Bitcoin2x following the event.

For more information about Bitcoin2x please see our FAQ page and our blog post for a detailed timeline of events.

Bitcoin Gold

The Bitcoin Gold fork occurred on October 23rd. Information about this fork has been limited and there are concerns about its security and stability. As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time. If the blockchain proves to be secure and valuable, Coinbase may choose to support it.

For more information about Bitcoin Gold please see our FAQ page.

Over the coming weeks, we will keep you updated on this event through our blog, status page and twitter.

Thank you,
Coinbase Team

Have been received this message from Coinbase. Guys let me know what's your though. Is it safe to HOLD bitcoin on coinbase during Segwit2x?

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[wdnj]

We wanted to give you an update on two upcoming Bitcoin forks—Bitcoin Segwit2x and Bitcoin Gold. You can read more about what a digital currency fork is here and see our prior update here.

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.

Bitcoin Segwit2x

The Bitcoin Segwit2x fork is projected to take place on November 16th and will result in two bitcoin blockchains. Following the fork, Coinbase will continue referring to the current bitcoin blockchain as Bitcoin and the forked blockchain as Bitcoin2x.

Any customer with a Bitcoin balance on Coinbase at the time of the fork will be credited with an equal amount of the Bitcoin2x asset on the Bitcoin2x blockchain. No action is required—we will automatically credit your account. So, if you have 5 Bitcoin stored on Coinbase before the fork; you will have 5 Bitcoin and 5 Bitcoin2x following the event.

For more information about Bitcoin2x please see our FAQ page and our blog post for a detailed timeline of events.

Have been received this message from Coinbase. Guys let me know what's your though. Is it safe to HOLD bitcoin on coinbase during Segwit2x?

I've got this email as well and I can say that you don't have to worry about this because the Segwit2x is goigng to happen next month ( to be exactly 3 weeks from now) and you have the option to withdraw all your coins or to leave there.
About bitcoin cash I worry because they still haven't released these coins to their users even though the fork has happened a long time ago.
I believe that it is safe to leave there, but it is safer to have your own private key and manage YOURSELF you own money which is much better.

[Capazoolo]

i use blochchain,info they not support any new things

[mobnepal]

I will never hold any penny in coinbase or xapo like wallets specially during hardfork. Paper wallet or electrum like light weight wallets are great during fork as they will give you access to your private key which later on you can use to claim any forked coin for free.

Blockchain.info wallet might also work but you have to go through tricky way to get your private key to claim forked coin.

[TryNinja]

Holding in a online wallet it's never the best option, but in this case it's enought to receive your fork coins.

That's everything you need to know:

Any customer with a Bitcoin balance on Coinbase at the time of the fork will be credited with an equal amount of the Bitcoin2x asset on the Bitcoin2x blockchain. No action is required—we will automatically credit your account. So, if you have 5 Bitcoin stored on Coinbase before the fork; you will have 5 Bitcoin and 5 Bitcoin2x following the event.

i use blochchain,info they not support any new things

Congratz on not reading the thread

[JanpriX]

Received mine as well even though my account to them has been empty since the beginning.  I don't why they didn't close it due to inactivity. Well, I'm still glad that they are announcing important notices few days before the event itself. This will help people to make decision correctly regarding where they will store their BTC during the fork. We should expect others to follow and announce their stand on the matter regarding forks ahead of us.

[crairezx20]

I receive this email too but the problem about their announcement they have no plan to support bitcoin gold so if you holding bitcoins there during bitcoin gold fork you need to wait for coinbase to support bitcoin gold.. because you don't have any choice unlike you have fully control your bitcoin wallet.. that i think much more good idea to save your own bitcoin to your bitcoin wallet(_electrum) that you can backup seeds and private keys..
So that you can get your bitcoin gold with your own way  ..

[magneto]

No. It is not safe to hold any sort of coin in any centralized bitcoin storage service in the midst of a fork, especially such a big fork like segwit2x. You are handing over rights to your coins and they can make whatever decision they want with your coins.

Instead, withdraw your coin to an address that you control. That way, you have full control.

Don't forget that Coinbase has not even distributed BCC coins yet.

[Potato Chips]

This is the official announcement from Coinbase, there nothing to worry about that. Simply, If you hold BTC in Coinbase at the time these forks happen, they will credit the same amount of each coin. You get the new coin for free, just sell it once you get it.

But i think we should worry about the fact that they also did the same on august first regarding BCH. They made it seem like they'll credit their users asap but they did not. Instead they delayed it for months. Users can't still claim their BCH until now, coinbase said it'll be credit next year. So If you're planning to sell it don't ever store them on coinbase as its highly possible they will just hold it for a long time until the price falls.

[squatter]

This is the official announcement from Coinbase, there nothing to worry about that. Simply, If you hold BTC in Coinbase at the time these forks happen, they will credit the same amount of each coin. You get the new coin for free, just sell it once you get it.

But i think we should worry about the fact that they also did the same on august first regarding BCH. They made it seem like they'll credit their users asap but they did not. Instead they delayed it for months. Users can't still claim their BCH until now, coinbase said it'll be credit next year. So If you're planning to sell it don't ever store them on coinbase as its highly possible they will just hold it for a long time until the price falls.

My recollection is that they weren't deceptive about the Bitcoin Cash situation. To be fair, the BCH launch was super rushed, and the developers barely implemented replay protection in time for the launch. And I don't really think Coinbase acted as if they would credit users immediately.

This situation is different, though. The BTC1 repository hasn't even changed since August, and is unlikely to change at this point. And Coinbase officially said that they expect to have withdrawals operating smoothly for both coins "within a few days." I don't think they said anything like that with BCH. Coinbase wants B2X to succeed, so they won't make it difficult for users to withdraw it.

[dunfida]

This is the official announcement from Coinbase, there nothing to worry about that. Simply, If you hold BTC in Coinbase at the time these forks happen, they will credit the same amount of each coin. You get the new coin for free, just sell it once you get it.

But i think we should worry about the fact that they also did the same on august first regarding BCH. They made it seem like they'll credit their users asap but they did not. Instead they delayed it for months. Users can't still claim their BCH until now, coinbase said it'll be credit next year. So If you're planning to sell it don't ever store them on coinbase as its highly possible they will just hold it for a long time until the price falls.

My recollection is that they weren't deceptive about the Bitcoin Cash situation. To be fair, the BCH launch was super rushed, and the developers barely implemented replay protection in time for the launch. And I don't really think Coinbase acted as if they would credit users immediately.

This situation is different, though. The BTC1 repository hasn't even changed since August, and is unlikely to change at this point. And Coinbase officially said that they expect to have withdrawals operating smoothly for both coins "within a few days." I don't think they said anything like that with BCH. Coinbase wants B2X to succeed, so they won't make it difficult for users to withdraw it.

It would really be different into this upcoming 2x fork which it wont happen the same thing on those time on BCH. For now Coinbase is somehow ready already for this upcoming fork.It would really depend on a certain user if he would decide to hold up coins on the exchange site wallet and wait for the fork and I do bet those people who do have still issues with BCH will surely withdrawn their funds to more reliable wallet which they do have the full control.

[richardsNY]

It would really depend on a certain user if he would decide to hold up coins on the exchange site wallet and wait for the fork and I do bet those people who do have still issues with BCH will surely withdrawn their funds to more reliable wallet which they do have the full control.

Coinbase is a large business, where if they happen to finally hand out people their split value, there could be weeks or months before it actually happens -- by that time the price has likely tanked hard. If people by now still don't understand that they should hold their coins offline under their own control, then I don't think they will ever understand it. From there I believe that people will just keep making the same mistake over and over again. It's funny that these people account for the majority of the complainers afterwards, and that while they have no right to complain at all. Let them do whatever they want, it's just themselves that they severely limit....

[jorneyflair]

Thanks for the post!

Coinbase is still yet to distribute bitcoin cash to their customers though and even though they have promised that this time they will indeed distribute the 2x coins, it doesn't mean that they can't delay this by a few days/weeks which could mean you lose out on lots of profits.

Just saying, the best option is still to just have the coins in your own wallet.

[Granxis]

Coinbase has already told me that it will give you as much coin as the Bitcoin in the wallet, but I'm waiting for the same news from BlockChain.info.

[BitHodler]

Coinbase has already told me that it will give you as much coin as the Bitcoin in the wallet, but I'm waiting for the same news from BlockChain.info.

Instead of waiting for services to hand you your chain split coins, you can also just send all your coins to a desktop/mobile client that you control. From there you can choose whatever exchange that allows deposits to dump on.

I never understand why people always prefer to go the hard way, while things are so insanely easy. Never let yourself depend on a third party when it comes to your coins, that's the most important thing.

People constantly say that with Bitcoin you control everything, bla bla bla, but what are these thoughts worth if you yourself constantly make use of third party wallet services? It makes no sense to me.