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Pretty easy. Pull all of your coins into a wallet you control (like bitcoin-core, running on your own computer), and then just ride through the storm. For some
by Taek 9y ago
Pretty easy. Pull all of your coins into a wallet you control (like bitcoin-core, running on your own computer), and then just ride through the storm. For some amount of time, there may be 2 or 3 versions of Bitcoin that are active, but if you use this strategy you'll own all of your coins on all the versions.
So, as long as the combined value of every version is approximately around the value of the original version, you haven't lost any money.
Then, wait for the dust to settle, sell the coins for the versions you don't like, buy coins for the versions you do like, and then resume using Bitcoin like you had originally.
The altcoin market is pretty upside down right now, even more than Bitcoin is. It's probably less safe to move to an alt than it is to just ride through the bitcoin storm.
- wereHamster 9y agoI have a few coins in a copay wallet, which is a BIP32 wallet. Does that mean that wallet is under my control and my coins are safe?
- Taek 9y agoIf you are the only one with access to the secret key, then you control the coins. If someone else has the secret key (or keys), then they control the coins. I believe copay is okay from a brief glance, but I honestly can't tell if they give the keys to Bitpay for backup or not. The safest wallet is bitcoin-core, though there are plenty of reasonably safe options.
- wereHamster 9y agoI used bitcoin-core before, but I wanted to switch to a more light-weight wallet, and one which is based on BIP32. At that time copay looked like the best option. And because it's BIP32, I should be able to transfer the wallet to another compatible implementation without any problems.