Everyone has an opinion about the upcoming Bitcoin split happening (as far as we know) on August 1. However, most people don't have tons of time to read and study WTF is going on with Bitcoin's upcoming fork.
People on Facebook have been asking me about specific third-party Bitcoin wallets and their stance on Bitcoin Cash, BCC, which is set to fork from Bitcoin, BTC.
The main issue is this: if you don't have your private keys, you won't get coins in both currencies (BTC and BCC). This means you will lose out on money. So, people get confused if they even have their private keys.
HERE IS WHAT I KNOW FOR SURE
IF YOUR BITCOIN IS ON COINBASE, YOU WILL NOT GET BITCOIN CASH COINS.
YOU NEED TO MOVE YOUR BITCOIN OFF COINBASE RIGHT NOW IN ORDER TO GET BITCOIN CASH. YOUR BTC WILL BE FINE, BUT YOU WON'T GET AN EQUAL AMOUNT OF BCC IF YOU LEAVE IT IN COINBASE.
Here's the Coinbase stance:
To ensure the safety of customers’ funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork. If:
(a) you wish to access your coins on the UAHF chain, or
(b) you want to ensure you can access your funds immediately while the UAHF/UASF forks are happening,
you should withdraw your BTC from Coinbase to an external wallet address under your control by July 31.
Is there any risk to simply leaving my BTC in Coinbase during this event?
No, there is no risk to your existing funds. Leaving BTC in your Coinbase wallet will not change anything about your BTC. However, you should move your BTC off Coinbase if you would like access to coins on the new UAHF chain.
Further reading on Coinbase info regarding Bitcoin split: https://support.coinbase.com/customer/portal/articles/2844217-uahf-uasf-faq
THE NEXT QUESTION: WHERE SHOULD I MOVE MY BITCOIN TO?
I am moving my Bitcoin to my Trezor because I just read from the Trezor blog that they will be honoring both BTC and BCC. This means that those who have Bitcoin on the Trezor will have coins from both chains. I read that Ledger Nano S is also a good place to move your Bitcoin to during this time.
Trezor states:
As this is a chain-split, Bitcoin Cash will share its entire transaction history with Bitcoin up until the point of the split, with the history diverging after the split. This means that for whatever amount of bitcoins you had before the split, you will end up having that same amount of Bitcoin Cash. Moreover, as Bitcoin and Bitcoin Cash essentially become two separate currencies, they will be independent of each other. You will be able to spend your bitcoin cash without spending bitcoin.
This article assumes you own your private keys. With TREZOR, your private keys are in the safest place possible — in your device and nowhere else.
Further reading on Trezor from official blog: https://blog.trezor.io/bitcoin-cash-hard-fork-chain-split-safe-guide-abbe3e9c553f
If you don't have a Trezor, I have heard that the Electrum wallet is a good one to use, and that you have control of your private keys. If someone has a link to the electrum wallet, and experience with this, please comment below. Also, from Exodus wallet's Twitter, they stated that they will not support Bitcoin Cash! I like Exodus, but I am not happy with their stance. What are your thoughts on this?
Anyone know the easiest Bitcoin wallet that controls private keys? What should newbies switch to?
Thanks and Happy Forking,
Stellabelle
I have little ideas about crypto currency, i am glad to start learning. Thanks for sharing @stellabelle
paper wallets are easy and free. free tutorials on youtube.
thanks for the info, sounds like something I need to check out.
I use bitaddress to create off-line randomly generated paper wallets
https://www.bitaddress.org/bitaddress.org-v3.3.0-SHA256-dec17c07685e1870960903d8f58090475b25af946fe95a734f88408cef4aa194.htmldress
but if you lose it it's gone....unless if you made digital image of it?
Just print out like 3 papers, 1 in your Wallet, 1 home and 1 in your car!
Done
For the record, that does create 3 times the chance of it being stolen.
Use a basic cypher (every 3rd letter, etc)
Most people in public doesn't know WTF is that QR code if they get it in their hand anyway
Or you could make the paper wallet and sweep the private keys immediately into mycelium or other similar wallet. That creates a second digital copy.
Can you tell me what paper wallet are you using for BTC?
good advice!
I did the same but using USDT and Litecoin, really good topic to save our money and BTC
Don't you want to double ur BTC?
You think it's going to double? Want to buy some bitcoins at $4000 a pop? I'll sell you all you like at that price.
Not in value but in the amount of total BTC
Hi, I'm from 1 month in the future. So, about that price deal....
I have most of my Bitcoin on paper wallets, some at blockchain.info and a little at Coinbase.
Anyone here know if blockchain.info might be as much of a problem as Coinbase might be?
Just moved things now! Thanks for the heads up.
Yes! We need to get the word out to our fellow Steemizens! I have mine on my Exodus wallet right now but will probably change over to trezor. Thanks for bringing this to attention.
"Exodus will not support Bitcoin Cash (BCC). Fortunately, you control the keys, so export and do what you'd like:"
Exodus Twitter: https://twitter.com/exodus_io?lang=en
This article includes a list of the exchanges that will or won't split your BTC for you:
Why the $BCC Fork Will Cause a Short Squeeze in Bitcoin That Affects You
yes, good info, thank you!
I read that Exodus wallet will NOT support Bitcoin Cash coins, but they state that you control your private keys. It's not really too clear what this means....
Thanks for this. I was under the impression that Exodus would be safe.
I just read the comments attached to the tweet and it looks like you'll get BCC but not within Exodus.
thank you for the advise... it really helps
thoughts on electrum @stellabelle
Trezor is the best purse.
The article describes in detail the steps of setting up the wallet:
https://cryptototem.com/trezor-wallet/
Nice work. Thanks to the guys from CryptoTotem.
I'll pass this info on to my husband rightaway. He's heavily invested in cryptocurrency: bitcoins, antshares and status network tokens as far as I know. Thanks for the advice @stellabelle!
I don't like coinbase at all.. only had peoblems with it so I never use it. Best way to store your btc is by a cold wallet like trezor! It is great it will work for BCC as well.
Thanks for the input on wallets! I've been doing quite the research myself.
What I find most interesting is that even Coinbase, although it actually says the word wallet in their description on the App Store, is not a true wallet in the sense of controlling the keys.
Obviously, that makes a huge difference...as we are seeing here now.
Yes, and I have stopped using Coinbase altogether! Centralized systems are really bad, I'm learning. I switched to just using the BitPay gateway for US dollars, but even with that Bitcoin wallet, I removed them. It's hard figuring out what is what right now.
Good...
Wow!!!
dejo mi voto espero el tuyo saludos! y gracias por el blog
Resteemed I was going to thank you today.. still will haha .. I needed to move mine and waited to the last minute to figure out how.. I reviewed your post about your school and found bit pay .. and am doing it today.. later I will get a hard wallet.. I plan to do your school through steemit ... driving up to your school later on when Mike is in town.. it is 3 hours for me to drive one way.. Thanks for all your help :) I will link my post later today to this one.
Hey I am not sure that the Bitpay wallet will give you Bitcoin Cash.
too late haha! oh well whatever I have it pending ..better in bit pay than coinbase.. I ran out of time to get it somewhere else other than cash in the bank.. I just did a post @stellabelle with a link to your school post...
further reading: https://steemit.com/bitcoin/@belerophon/why-bitcoin-will-soar-to-new-highs-on-august-1st-and-how-to-profit-from-it
Thank you!
I was thinking about this and hearing it from you confirms it! Thank you for always sharing great info! You are the momma bird of #steemit keeping us safe!
I think it is safer to buy other stable crypto like VIVA, USDT or HERO. Because your way, you keep your bitcoin but you don't know what will be their value at the end of the fork.
@stellabelle - My bitcoin investments are modest compared to a lot of top Steemians. However, I would still like to protect them and have the option of either BTC or BCC. Therefore, I have started researching off-line wallets too. Am not sure yet if they will support BTC and BCC. Meanwhile, I will explore the method suggested by you.. Thanks for the heads up. It May save Bitcoin options of maṅy Steemians.
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Thanks @stellabelle for the advice but I already sold all of mine. !
cheers!!
Hoping for the best! Wish some miracle happens so that the split is averted and the rift between rivals fades away. Fingers crossed!
I need a trezor or a ledger too!
how much did you pay for your Trezor?
$99
Ledger Nanos are cheaper
So if bitcoin crashes before august 1st should i buy some with usdt and transfer to paper wallet or at this point hust wait for it all to blowover.
So are Coinbase just pocketing the extra Bitcoin cash for themselves? Have I understood this right? Very shady...
Be careful when you're sending to a new wallet!
Also, Coinbase is very slow right now in transferring BTC (because EVERYONE must be doing it ...). My transfer has been Pending for quite a while...
I get that BCC is Bitcoin Cash but I'm lost with the BTC :/ and I've yet to learn the in's and out's of how to even get started with exchanging steem to bitcoin to real cash in hand but that's a long way off I'm sure so lots of time for me to learn and actually grasp the concept :) thanks for sharing
It is true that whatever you put into an exchange or something like coinbase in some perspective your coins are 'no longer yours' as they are out of your control. You no longer have the private keys nor any control of that amount in the exchange and if the exchange randomly disappears or decides to disable their wallet like Poloniex then all your crypto is gone.
That is why it is always good to use a hard wallet or a paper wallet rather than keeping your money in an exchange. Trezor is a great one to use.
You may think it will save you time if you don't have to transfer between your wallet and an exchange and that if you have invested in multiple coins it is easier just to leave it in one place, however, with the recent freeze in bitcoin trading it is best to get your money out.
Hopefully this post will save some peoples crypto @stellabelle! :)
Thank you @stellabelle for explaining this to us.
I read about CoinBase one week ago but it looked like nothing serious and I didn't bother myself to double check the info.
Now i'm really worry about.
Thank you for the warning and solution
Do you know is it safe top use Kraken wallet for?
I hope Bitcoin be fine after 3 august)
Hey @stellabelle ! finally caught you on a recent post. just wanted to mention, you may not remember but you posted in a reddit thread about 12 months ago about Steemit. It was actually what initially got me to take the jump in after reading up on it for a few days. Been here for 2-3 days and already addicted haha. You seem to be doing really well though!
It's too bad that the Ledger Nanon S is still backordered. It's very difficult to get one of these wallets on short notice.
@stellabelle thanks for this post. I wanted to do this anyways.
Electrum is pretty stinking easy. Just use a strong password and keep your seed words safe.
Have you seen my Bunghole? My people; we are without Bungholes...
Someone is getting all tech savvy and technical... I use exodus for variety and I have Bitcoin in the vault at Coinbase, the waiting time and fees attached does make much sense to move in my case, so I plan to grind it out... I sure like to get my airdrop of Bitcoin Cash, see how it goes and probably dump it... I heard Bitcoin Cash is an extension of China Communist Party as they push for a bigger hand deeper foot in the market... I be on the sidelines watching this one as both exodus and coinbase put themselves out of the Bitcoin Cash gamble
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I moved mine to my Ledgerwallet yesterday :)
And I learned from another Steemian that the AirBitz wallet is safe, too.