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Ask HN: I have Bitcoin in Coinbase, what should I do before the forks?

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11–20 of 41 posts

Re: Ask HN: I have Bitcoin in Coinbase, what should I do before the forks?

#11

I moved mine to my own wallet on Electrum https://electrum.org/#home

This is where I store my bitcoin. Is there anything I need to do or be concerned about with this fork for users who keep their bitcoin local?

As a side note, does anyone have a suggested wallet for storing ether?

Re: Ask HN: I have Bitcoin in Coinbase, what should I do before the forks?

#14

Move it to a hardware wallet. "What happens to your bitcoins in case of a chain-split?" https://blog.trezor.io/trezor-advisory-uasf-chain-split-fork...

Having purchased two in the past couple of months, if you select the rush option (18 euros I think), you get it in 3-5 days (to US - other side of ocean probably faster) as opposed to getting it next month sometime due to demand.

Re: Ask HN: I have Bitcoin in Coinbase, what should I do before the forks?

#15
post #8

I cannot find it on-line - but I have received a following message from Coinbase ( ): """ Dear Coinbase Customer, The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its ass…

That's odd. Coinbase was part of the New York Agreement[0], which are the group supporting the UAHF.

Both this email and the blog post make it sound as if Coinbase support the Core side, i.e. the UASF.

Can someone explain what I'm missing?

[0] https://medium.com/@DCGco/bitcoin-scaling-agreement-at-conse...

Re: Ask HN: I have Bitcoin in Coinbase, what should I do before the forks?

#16
post #8

I cannot find it on-line - but I have received a following message from Coinbase ( ): """ Dear Coinbase Customer, The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its ass…

Seems the implication is that if UAHF forks Coinbase (potentially) owns your UAHF coin. I wonder if and how the legal waters of this will be tested.

Re: Ask HN: I have Bitcoin in Coinbase, what should I do before the forks?

#19

You don't have bitcoin on Coinbase you have an entry in a database that says Coinbase owes you X amount of bitcoins. Yes it's a little more complicated than that but the analogy still stands. Coinbase is a hosted wallet with no key control meaning that you do not have any control over the transactions of that wallet. The other aspect of Coinbase is a nice interface for the GDAX exchange with about double the fees. In…

What is a good way to create a personal bitcoin wallet?

p.s. I studied computer science, am reasonably fluent in computer security, but not a crypto or bitcoin expert.

Re: Ask HN: I have Bitcoin in Coinbase, what should I do before the forks?

#20

You don't have bitcoin on Coinbase you have an entry in a database that says Coinbase owes you X amount of bitcoins. Yes it's a little more complicated than that but the analogy still stands. Coinbase is a hosted wallet with no key control meaning that you do not have any control over the transactions of that wallet. The other aspect of Coinbase is a nice interface for the GDAX exchange with about double the fees. In…

What is a good way to create a personal bitcoin wallet? p.s. I studied computer science, am reasonably fluent in computer security, but not a crypto or bitcoin expert.

https://bitcoin.org/en/choose-your-wallet

Some self-education links at the bottom as well.

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