Bitcoin, Bitcoin Cash and Coinbase.
I've recently bought £310 of BTC through Coinbase but on their site they state that they will not be supporting Bitcoin Cash after the fork on the 1st of August.
I've been trying to get some information on whether to get my BTC out of Coinbase into a private wallet with exportable keys and it does seem like it's a bit of a no brainer but my question is, if I move my BTC into a private wallet before the fork and then the fork happens, how to I get my Bitcoin Cash which supposedly will come into existence out of nowhere.
Also, if I do manage to sort out the Bitcoin Cash thing what do people think the future of Bitcoin Cash will be? Is it something I should hang on to or should I convert it into BTC as soon as I can?
Thanks in advance
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I trade on Coinbase, Poloniex AND Bitfinex. Of those I believe Bitfinex is the only one that is going to support Bitcoin Cash (BCH rather than BCC). I'm going to keep my BTC on their exchange so I will receive the tokens automatically :) I would hold any BCH coins just in case the price goes through the roof in a year or two. Look at Ether/Classic- ETC is trading at $14.50 today...
Thanks for the reply. I'm going to get my BTC out into a private wallet today.
Coinbase is one of the few really anti-BCC. Just have your coins anywhere else.
There are several other exchanges offering to split the coins for you. Including Bittrex, Kraken,OKex, Huobi and several more: https://www.reddit.com/r/btc/comments/6q13lj/bitcoin_cash_bcc_now_supported_by_12_exchanges/
There is a small chance Jaxx will also support it, you need to check their twitter and also HW wallets Ledger and TREZOR both support it.
I was thinking of downloading the Electrum Wallet and keeping my BTC there as although the exchanges are probably safe the BTC still technically isn't mine while it is on there and if the exchange goes bust or offline I would not be able to retreive my BTC.
To be safe effectively you have 24 hours before the bitcoin cash hard fork takes place at 12:20 p.m. UTC to get it off of Coinbase. You can not wait until the last minute because Coinbase is freezing all BTC transactions around Aug 1st because of the fork. So send to your private wallet no later than like 23:00 UTC Jul 30th.
On a second point as you get more comfortable in the crypto world I would avoid Coinbase. I have left them and not looked back. Many reasons won't go into here.
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I have my Bitcoin in Electrum and I plan on following this advice from Electrum themselves https://electrum.org/bcc.txt
Hope it helps.
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Thanks for that. I'm moving my BTC to Electrum wallet today.
I'd tell you "naaaah, its a bad coin, just sell it to me" But, that will likely not happen anyways :) Just hold onto it, I belive you'de more likely to regret letting it go, than not, contrary to the popular belief ;)