Bitcoin

[RyanWeb]

Its my understanding that:

@Kadabra storing them in electrum is fine. You don't have to "take them offline" you just need to move them to a wallet where you have full control of them (access to the private key). Using Electrum or Exodus is fine for this.

Simply put: @KasinoKing whats happening is, Bitcoin needs to be made faster for real world use. While it works now for online use, to buy a cup of coffee would take to many seconds for a transaction to go through. In order to fix this, they need to make Bitcoin faster, but there are two different ideas on how to achieve this. One group wants to go with plan A, the other wants to go with plan B. There is a deadline to make a decision by Aug 1, and if one isn't reached, Bitcoin could be split into two coins (one following plan A, and the other going with plan B).

Because there is a chance it could fork into two different coins, each online exchange (coinbase, and others) can choose what Bitcoin plan they want to follow (A or B). If you store the coins yourself, you can make the choice on your own (and follow the coin worth the most).

 

[Kadabra]

Its my understanding that:

@Kadabra storing them in electrum is fine. You don't have to "take them offline" you just need to move them to a wallet where you have full control of them (access to the private key). Using Electrum or Exodus is fine for this.

Because there is a chance it could fork into two different coins, each online exchange (coinbase, and others) can choose what Bitcoin plan they want to follow (A or B). If you store the coins yourself, you can make the choice on your own (and follow the coin worth the most).

Can you explain the second part. Since Electrum also have a choice which to follow no? From what I've read they are pro the current change.

@KasinoKing On a bigger scale, since we were forced to dealing with BTC, I think each one of us needs to make a choice what he wants to do with that. There are few options:
@Gooner solution: bitcoin as payment method only: transfer into normal currency the moment he gets it so minimize the vlactuations.
@slotplayer: into bitcoin for the long run. keeps the earnings in btc.
@RyanWeb @LandofOz : used the opportunity to become active traders.
or any option in between.

In either case, I think you should decide what is your way (as we all), otherwise it might come up very costly.

 

[RyanWeb]

@Kadabra The dev of Electrum explains here: http://docs.electrum.org/en/latest/hardfork.html

While he personally supports Segregated Witness, his software will allow the user to decide what to do if a fork occurs. As long as you hold the private keys (which desktop wallets allow), you are in full control of your Bitcoin.

 

[RyanWeb]

If anyone is currently holding Bitcoin in an online exchange / online wallet (anything ran by a company), be sure to know their position on what they plan to do if a fork occurs. They may not follow the most popular (valuable) chain.

"Customers who wish to access both blockchains at the time of the hard fork should withdraw their BTC from Coinbase since we cannot guarantee what will happen during the hard fork or when this access may be available."

"Customers should take note that they will not be able to withdraw bitcoin from or deposit bitcoin to Coinbase for a period of up to 24 hours or more following the fork. In the event of a hard fork of the Bitcoin protocol, Coinbase may suspend the ability to buy or sell on our platform during this time." - https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-904dea08ac5f

 

[Kadabra]

@Kadabra The dev of Electrum explains here: http://docs.electrum.org/en/latest/hardfork.html

While he personally supports Segregated Witness, his software will allow the user to decide what to do if a fork occurs. As long as you hold the private keys (which desktop wallets allow), you are in full control of your Bitcoin.

somehow can't find it actually. Where do i find it in Electrum?

 

[RyanWeb]

somehow can't find it actually. Where do i find it in Electrum?

Where do you find what? The private keys? "Wallet > Private Keys > Export" However you would only need those as a last resort if you needed to move your funds to another wallet because this one had issues.

This will give you some insight to how the wallet works and its security measures http://docs.electrum.org/en/latest/faq.html

First thing I read before deciding to use this wallet

 

[Kadabra]

yes, read that before. But had to reinstall the wallet due to phone crush with the two factor authentication - tried using the 12 word seed but it didn't work out.

 

[TheGooner]

But had to reinstall the wallet due to phone crush with the two factor authentication - tried using the 12 word seed but it didn't work out.

Then you don't have the correct 12 word key saved.

This function is not random and it's the basis for the account keys AND crypto-tokens /encryption blockchains - if you have the 12 words then you can re-install the wallet using them.

EDIT :
Unless you've tried using a different wallet that uses a different encryption variant - in which case the 12 key words are not compatible across different schemes.

 

[RyanWeb]

Agreed, the 12 word seed doesn't change. It is unique to you and your wallet. Make sure you spell everything correctly and as long as you wrote it down correctly, it will work.


You can also use electrum on multiple devices. I have the same wallet installed on my PC and phone, as well as the portable version on a USB stick for extra backup

 

[frankcolt]

Bitcoin going on serious run right now (7:15) - if I had gotten paid 3 hours ago instead of 1/2 hour I would have been up 260.00 per bitcoin

 

[frankcolt]

As soon as I wrote above it just dived

 

[PROFRBcom]

As soon as I wrote above it just dived

I'm perfectly happy with the $2,500 range for bitcoins. It could stay here forever and that'd suit me just fine!

 

[RyanWeb]

Anyone at this point really regretting selling their bitcoin? As of right now its hit an ATH today of $3,421

I pulled out a good amount at 2600 just two days ago and, it kinda hurts! More so than when the value drops on its own.

 

[KasinoKing]

Anyone at this point really regretting selling their bitcoin? As of right now its hit an ATH today of $3,421

I pulled out a good amount at 2600 just two days ago and, it kinda hurts! More so than when the value drops on its own.

I REALLY regret selling xx Btc in April when they were at $1,200 - even though that was a lot more than the value when I got them

Now I'm sitting on just under 5 coins which now = $17,000.
But the value when received was only $9,965...
So it's hard to be disappointed - if operators had paid me by Neteller instead of Bitcoin I would have faced fees - not $1,000's of free profit!

KK

 

[abc]

LOL I sold 100+ coins at $600, Then sold more at $1800 and a few in the mid 2s.. Have no bitcoin at all right now and kicking myself

 

[LandofOz]

I sold most of mine when they were around $400. Damn shame !!

 

[slotplayer]

I still have all mine and been buying Etherum the last few weeks. I also just spent the last 2 hours claiming the BCH (Bitcoin Cash).

 

[RyanWeb]

Yes, I did claim BCH a few days ago (value looks good today, around $350 again) and got a few free coins out of it. That did feel pretty good! I have a few BTC worth of ETH as well...

 

[RyanWeb]

I still have all mine and been buying Etherum the last few weeks. I also just spent the last 2 hours claiming the BCH (Bitcoin Cash).

Are you keeping your BCH or exchanging it for BTC/ETH? I traded mine in for Bitcoin.

 

[slotplayer]

Are you keeping your BCH or exchanging it for BTC/ETH? I traded mine in for Bitcoin.

I was planning on keeping it for now and just will keep an eye on it. I still have to get verified at another exchange since coinbase is out.

My BCH is still unconfirmed. How long did it take yours to confirm?