I noticed that many of my friends are still keeping their Bitcoin in Coinbase
I noticed that many of my friends are still keeping their Bitcoin in Coinbase.
Bitcoin will have a fork in a few days, it's nothing major, just a new alt coin will be born and will be called Bitcoin Cash [similar to what happened with Bitcoin Plus, Bitcoin Dark and few other forks]
The reason why you should move your Bitcoin away from Coinbase is simple. It's not about security or anything bad with Coinbase, just that they will not support the forked coin, meaning that if your Bitcoin is stored elsewhere, you might benefit from getting the same amount of Bitcoin Cash ...for free.
Make sure it's in a wallet that you own the private keys to.
This is what happens in a case of a fork. You get the same amount of coins on both blockchains.
So, that needs to end the debate about IF or WHY we advise NOT to store your coins on Coinbase during the fork.
Hope that makes it less confusing....
SOURCES: https://coinbase.com
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@steemlinks That is why I am really appreciating Bittrex' commitment to support a fork and return value to their customers.
yup same here! thanks @chefcryptoshark
Amen! 🙏
The golden rule always is to store your own coins and never rely on an exchange to keep it safe. If security isn't an incentive, hopefully, free cash will be.
Never hold a large amount on an exchange. They control the private keys therefore they control your money.
Do you think Exodus will support the fork and give two equal quantities of the new coin? Probably not. Will Exodus magically have another alt coin category in my wallet? Will they just honor that until they get around to adding a new alt coin? All seems a bit far fetched
Was a bit far fetched. Could only manage to round up about .5 of a bitcoin. But transferred it to bittrex for FOMO.
yep.. took all my BTC out of coinbase.... cool
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