Scaling Proposals Impact on Exchanges

[GreyWyvern]

Most of the main exchanges have released documentation on how they're going to handle the switch. It's looking more and more like nothing exciting will happen, which is a relief to all investors. But who knows???

Supposedly a small number of miners will stick with "Bitcoin Classic" on August 1st, but most will go with SegWit2x. I think most exchanges plan to service only the SegWit2x branch. At least that's what Coinbase is going to do. This means that you will lose all coins on any other branch that may (or may not) split off.

IF THERE IS A SPLIT: If you have a lot of BTC at an exchange, it might be a good thing to send them to a wallet you control. That way, after the split you will eventually have access to both coins. You might have to wait until new wallet software is made, but as long as you have your private keys, they will work on both chains.

[GreyWyvern]

It can be possible exchange will be freezing all transaction of days?

Coinbase will be suspending transactions on July 31st. The situation during the activation may be chaotic and sent BTC may disappear, so they aren't taking the chance. Several other exchanges are probably doing the same thing.

[patrickcoin]

For safe side, we must transfer our coins in wallet that provide full control of private key with backup of same

[Hienrich]

SegWit2x, BIP148 or BItcoin unlimited whosoever get activated but will they affect the Bitcoin exchanges if yes than how?

By the way, as far as I know, BIP148 is the USAF to activate Segwit2x. BIP148 is not a scaling solution, it is to be used to activate Segwit.

But anyways, if 1 or 2 splits do occur, then the Bitcoin stored on exchanges would definitely be affected. Most exchanges have released papers on how they will combat the split. These can be found on each exchange’s respective site. If you do have any Bitcoin on an exchange, I would strongly urge you to transfer them to wallets like Electrum or a hardware wallet. This will give you access to all your private keys and thus, all your coin.

If this post was helpful, give me a reputation point on my profile. Thanks.

[Hienrich]

Most of the main exchanges have released documentation on how they're going to handle the switch. It's looking more and more like nothing exciting will happen, which is a relief to all investors. But who knows???

Supposedly a small number of miners will stick with "Bitcoin Classic" on August 1st, but most will go with SegWit2x. I think most exchanges plan to service only the SegWit2x branch. At least that's what Coinbase is going to do. This means that you will lose all coins on any other branch that may (or may not) split off.

IF THERE IS A SPLIT: If you have a lot of BTC at an exchange, it might be a good thing to send them to a wallet you control. That way, after the split you will eventually have access to both coins. You might have to wait until new wallet software is made, but as long as you have your private keys, they will work on both chains.

It can be possible exchange will be freezing all transaction of days?

Yes, such an event may occur. I know that Coinbase will suspend all transactions from July 31st as was stated by GreyWyvern. I think – not 100% sure – that Poloniex is going to do the same. Probably safer, as coins can be lost when BIP148 is activated if they are not at rest – ie they may be lost if they are being sent on a pending transaction. It is best that you move coins at least on the 29th of July if you are using Coinbase.

If this post was helpful, give me a reputation point. Thanks