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Author Topic: Hardware wallet - Claiming forked currencies  (Read 381 times)
betelgeuse14
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December 01, 2017, 04:24:09 AM
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I'm considering purchasing a hardware wallet for my cryptos (ledger or trezor) and was wondering how one might claim a forked crypto if these devices don't provide the private keys or add support for it. Let's say bitcoin forks in the future, and for whatever reason ledger/trezor decides not to support it. How do I claim the new currency in this case?

One option might be to generate private keys using tools and then claim them on another wallet that does support the new currency. Thoughts?
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DronICO
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December 01, 2017, 04:40:58 AM
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I'm considering purchasing a hardware wallet for my cryptos (ledger or trezor) and was wondering how one might claim a forked crypto if these devices don't provide the private keys or add support for it. Let's say bitcoin forks in the future, and for whatever reason ledger/trezor decides not to support it. How do I claim the new currency in this case?

One option might be to generate private keys using tools and then claim them on another wallet that does support the new currency. Thoughts?
Usually they support all forks which have any market adoption and value. If a community think some fork solves a specific issue of original coin then everyone will adopt it incl hardware wallets. In case a new coin is just a specular tool to make devs richer, you always can restore your private keys using your mnemonic phrase and upload it to another wallet.
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December 06, 2017, 09:01:30 PM
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There are quite a few reasons for ledger/trezor not to support every forked shitcoin, but thats a different story.
With ledger/trezor you will always be able to claim your coins by importing the BIP39 mnemonic seed (12/24 word phrase) into another compatible wallet,
and use the generated private keys to 'claim' your forked coins in their appropriate wallet.

But this should be done carefully. After typing your seed into your pc you should regard your wallet as compromised.
So to be on the safe side, first send your BTC to a new wallet, then import your old priv keys to the fork-coin-wallet software.

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December 06, 2017, 11:24:14 PM
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There are quite a few reasons for ledger/trezor not to support every forked shitcoin, but thats a different story.
With ledger/trezor you will always be able to claim your coins by importing the BIP39 mnemonic seed (12/24 word phrase) into another compatible wallet,
and use the generated private keys to 'claim' your forked coins in their appropriate wallet.

But this should be done carefully. After typing your seed into your pc you should regard your wallet as compromised.
So to be on the safe side, first send your BTC to a new wallet, then import your old priv keys to the fork-coin-wallet software.

Important note that if a coin doesn't plan on supporting replay protection (like Segwit2x was about to) then sending your BTC out of your wallet first without splitting it would result in the loss of your other coins at worst, and at best you just moved both coins to a different address.

ThePunisher49X
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December 06, 2017, 11:57:38 PM
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Don't think about getting a hardware wallet just for the sake of getting these forked coins.
That is screwed up logic right there.

Just use your cell phone and download iconomi wallet and follow their instructions on how to sweep your wallet where you had the bitcoins on and insert the private key in there.
They explain how to do it step by step and anybody can do it.

Don't be lazy and just rely on a hardware wallet to solve all your problems.

Use some elbow grease pal!
jerry0
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December 07, 2017, 05:41:26 AM
 #6

is it easier/harder to claim the forked coins with electrum or nano ledger s?
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December 07, 2017, 05:45:26 AM
 #7

is it easier/harder to claim the forked coins with electrum or nano ledger s?
Electrum will not directly provide you with an interface to use coins from forks. The Nano S probably will, given that the coin is of high enough value and enough people want it.

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