PSA: You don't own your coins unless you have the private keys

[PhilDark]

This seems to be the apt time for everyone to know this important piece of info. I hope everyone already knows this.

If your coins are on a site like coinbase / Kraken / localbitcoins - you don't own your coins. The exchange owns them.

In a few days there is going to be changes made (Two of the most popular scaling proposals available today — BIP148 and SegWit2x — both intend to trigger Segregated Witness (“SegWit”) activation within a month, which means that the protocol upgrade could be live within two. - if anyone is wondering). To best explain it : miners are going to take their approach of choice to keep the transaction fee under control due to the block size being pretty low. Its a complex issue but if the best thing for you to do until all this settles is to move your coins to your own control.

How?

1. Paper wallet
2. Hardware wallets (ledger etc)
3. Mycelium / blockchain.info etc

Why?

Once the changes happen there would be a split. If your coins are on the exchange you would have no control on which side you want to choose. If you have the private keys (your coins in your control) you can choose the side you want to take.

I will post more once everything settles.

[Fliest_aladdin]

Can you make a tutorial for coinbase on taking control of coins

[PhilDark]

Can you make a tutorial for coinbase on taking control of coins

You will need to create a new wallet at blockchain.info or https://wallet.mycelium.com/ and transfer your coins to the wallet you just created.

[TrustSeller]

So, On Blockchain its all safe?

[Sinister]

I use a wallet called jax, its safe

[Buziness]

Please list all safe self-controlled wallets.

[Reum]

I use a wallet called jax, its safe

Did you hear about what happened?

[Sinister]

Did you hear about what happened?

No, what happened?

[TheMrParadigm]

Thx for the PSA. Thoughts on Exodus ?

[Reum]

No, what happened?

Huge exploit with jaxx.
https://cointelegraph.com/news/jaxx-...k-funds-thefts

[mobster1221]

is bittrex a safe wallet?

[Reum]

is bittrex a safe wallet?

That's an exchange (good one too btw), not a wallet, so no.

[mobster1221]

That's an exchange (good one too btw), not a wallet, so no.

So where should i move my bitcoins before the fork on august 1st?

[Sinister]

Huge exploit with jaxx.
https://cointelegraph.com/news/jaxx-...k-funds-thefts

Fuck, time to look for a new wallet.

[Hibana]

electrum best wallet