Is the bitcoin.com Wallet a better place than Coinbase re: Aug 1st split?

[willywasasalesman]

Hi

I'm relatively new to Bitcoin and this is my first post here, so apologies if this has been covered elsewhere. I searched this forum but found no answer, so here goes…

I currently have a small amount if Bitcoin in Coinbase. While I don't fully understand what might happen on August 1 or the implications, I have read that Coinbase will not offer it's users both BTC and BCC if (when?) a split happens.

I also have a Bitcoin.com Wallet that exists only on my computer, with a private key. Can somebody explain in plain English what will happen to this private wallet on August 1st if I transfer my BTC into it before that date? Will I suddenly have a BTC and BCC balance? Will I have to download new Bitcoin.com wallet software to see both currencies? Or should I dump all my BTC into Coinbase's Litecoin or Ethereum wallets until after Aug 1st?

I understand there's probably a billion threads on what to do about the probable split, but my question is entirely about the split in relation to Coinbase and the Bitcoin.com Wallet app.

Thank you!

[konozulu]

I was wondering the same thing. It looks like bitcoin.com wallet for iOS keeps the BTC/Keys on your phone. It sure is easy to use. It looks like a relatively new program, so that has me a tad worried.

[willywasasalesman]

I have an iPhone with Touch ID, so I'm not worried too much about that. I can always delete the app if I feel otherwise. I actually set it up initially on my Mac though, which has encrypted drives.

[willywasasalesman]

Apologies if the question was unclear. When I say SAFER PLACE, please note I'm not talking about SECURITY. I understand the potential security issues of having a private key. My question was relating to the Aug 1st split and if I could potentially lose out / get screwed by having my BTC in Coinbase vs a private wallet.

-- UPDATE: Changed the title of the main thread to address this.

[GreyWyvern]

Yes, you should transfer your BTC to a private wallet before Aug 1st.

Coinbase has not said whether or not they will provide their customers with an equal amount of BCC once (if) the chain split happens, so it's wise to assume they won't.

If you control BTC in a private wallet to which you hold the private keys (the 12-word backup phrase you wrote down means you have the private key) then you will eventually get access to both BTC and BCC because that private key will be valid for the same number of coins on both chains. All you would need to do is wait until new wallet software is created that can handle both types of coins.

If you have 2 BTC before Aug 1st, you will have 2 BTC AND 2 BCC (using a different wallet but same private key) after the split.

[willywasasalesman]

Thank you! That's a very clear explanation.

Just so I'm clear on this, what you're saying is…

(1) The private key I made using the bitcoin.com Wallet app will effectively be for TWO wallets after August 1st? i.e. BTC and BCC?

(2) If there's a separate BCC wallet app I can download, I can use that same private key I made originally for BTC and see my newly created BCC money?

(3) Strong possibly of a bitcoin.com Wallet (or other party) that will support both currencies as two separate wallets

[GreyWyvern]

(1) The private key I made using the bitcoin.com Wallet app will effectively be for TWO wallets after August 1st? i.e. BTC and BCC?

Technically the private keys will be for two "blockchains," but yes, different wallet software will be needed to access the new coin.

(2) If there's a separate BCC wallet app I can download, I can use that same private key I made originally for BTC and see my newly created BCC money?

Yes!

(3) Strong possibly of a bitcoin.com Wallet (or other party) that will support both currencies as two separate wallets

This is definitely a matter of "when", not "if." If not Bitcoin.com, then some other wallet app-maker will do so eventually.

[willywasasalesman]

Awesome, thank you.