What’s Your Wallet?

[sinewave3]

Mostly been using mobile wallets like BRD, toast, and the official Coinbase app.

Been reading up on private keys and how when a hard fork happens you need to “own” your keys in a wallet to get the benefits of the fork.

I know some of the hardware wallets can do this, like Trezor, Ledger nano, etc. Anyone go the paper wallet route?

Looks like a legit guide here: https://www.coindesk.com/information/paper-wallet-tutorial/

 

[MindlessWork]

And then the question is how you load funds into your paper wallet? Buy coin on some exchange and then transfer to your paper wallet address? I could keep a backup of the wallet's keys and address on a USB stick. Another good idea is an app that securely holds your wallet data on a mobile device.

 

[sinewave3]

And then the question is how you load funds into your paper wallet? Buy coin on some exchange and then transfer to your paper wallet address? I could keep a backup of the wallet's keys and address on a USB stick. Another good idea is an app that securely holds your wallet data on a mobile device.

Yes, they work just like a standard wallet for transferring. Backup is always a good idea, but some people like a paper one because they can’t be hacked electronically only physically compromised.

Just doing some research. When bitcoin cash forked off bitcoin, people who held their BTC in a wallet where they had their private (spend) keys they got an equal amount of BCH when the hard fork happened. For free. Look at the price of bitcoin cash now!

Been reading about up on some potential upcoming forks and trying to figure out how it would work to take advantage.

 

[Serono]

Yes, they work just like a standard wallet for transferring. Backup is always a good idea, but some people like a paper one because they can’t be hacked electronically only physically compromised.

Just doing some research. When bitcoin cash forked off bitcoin, people who held their BTC in a wallet where they had their private (spend) keys they got an equal amount of BCH when the hard fork happened. For free. Look at the price of bitcoin cash now!

Been reading about up on some potential upcoming forks and trying to figure out how it would work to take advantage.

The thing is you need it to be a contentious hard fork. Not every hard fork creates a new coin. In a lot of cases the old chain just dies.

Secondly it has to be a fork in which the coin created actually has some merit, that it doesn't die immediately.

The initial fork from BTC by BCH was at a time when crypto had a ton of momentum, and it was backed by some MAJOR players in the crypto space. So it got a lot of major traction that a lot of other forks don't get. Not many forks turn out to be anywhere near as lucrative, and you can't really try and "invest" solely based on coins you think will fork.

I personally prefer a trezor/ledger to a paper wallet.

 

[Demondosage]

Until it's cash it's all fake to me

 

[sinewave3]

The thing is you need it to be a contentious hard fork. Not every hard fork creates a new coin. In a lot of cases the old chain just dies.

Secondly it has to be a fork in which the coin created actually has some merit, that it doesn't die immediately.

The initial fork from BTC by BCH was at a time when crypto had a ton of momentum, and it was backed by some MAJOR players in the crypto space. So it got a lot of major traction that a lot of other forks don't get. Not many forks turn out to be anywhere near as lucrative, and you can't really try and "invest" solely based on coins you think will fork.

I personally prefer a trezor/ledger to a paper wallet.

Good points, thanks. Read that Monero and some others hard forked recently to stop big ASIC miners from taking over, but no new coin/blockchain/etc.

On the other hand, bitcoin cash IS supposed to make a new blockchain and token when they hard fork later this month. The new one will be bitcoin cash ABC. Just trying to see if it makes sense to get in now.

 

[sinewave3]

Until it's cash it's all fake to me

Well, most cash is fake these days anyway: it’s primarily ones and zeros in everyone’s accounts, just a few percent are actual paper money...

 

[Serono]

Good points, thanks. Read that Monero and some others hard forked recently to stop big ASIC miners from taking over, but no new coin/blockchain/etc.

On the other hand, bitcoin cash IS supposed to make a new blockchain and token when they hard fork later this month. The new one will be bitcoin cash ABC. Just trying to see if it makes sense to get in now.

Yes there is going to be another contentious hard fork of BCH. And it might not be a bad idea to have some original BCH to get the new coin as both sides are backed by fairly heavy players. So odds are, that both will have some staying power.