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RE: Which Wallet is Good, Jaxx or Exodus?

in #cryptocurrency7 years ago

Just a heads up, I've heard that in the possible upcoming "Hard Fork" for Bitcoin, there is a question of "private key control" when using hard wallet. It seems that if there is indeed a hard fork, the entity that controls the private key will receive the duplicate currency.

If my understanding is correct, the following is true:

Say for example I hold 1 Bitcoin at Coinbase, or some other exchange — they control the private key and after the fork, I will have 1 Bitcoin. (Not sure yet how it would be decided if I had old or new coin.)

Alternately for example, I hold 1 Bitcoin on a hot wallet such as Exodus or Jaxx — where I control the private key, in this case after the fork I will have 2 Bitcoin – one old and one new.

It's my understanding that hard walets fall in the first category. Therefore, any Bitcoins held on a hard wallet on August 1 (assuming the hard fork) would lose you the benefit of a second coin.

Finally, I believe this is a fairly date specific issue and using a hard wallet before and after that date should not create an issue.

DISCLAIMER: I'm fairly new to the space, and will happily stand corrected if anyone would care to point out any possible fallacies in my assertions.