Re:Bitcoin Cash Soars to $700, Coinbase Customers Threaten t...
by shpongled on Wednesday August 02, 2017 @12:07PM
(#14911713)
Yes, Coinbase would control the private keys for any bitcoin stored there. So the issue is most likely that Coinbase hold's the majority of it's digital currencies in cold storage - essentially stored on air-gapped computers.
To redeem your bitcoin cash (BCH), you have to import your private keys into a new bitcoin cash wallet, and then transfer them. If you do not transfer your BTC to a new wallet before importing your private keys to the BCH wallet, a malicious wallet could then have access to both your BCH and BTC.
With replay protection, the solution is to move your BTC to a new wallet, then import the old private keys (with a balance of 0 BTC, but still has BCH associated) to the BCH wallet.
Hopefully you can see all of the failure points here. I have coins stored in cold storage and haven't yet bothered to claim any BCH due to the hassle, and lack of exchanges where you can sell it.
To redeem your bitcoin cash (BCH), you have to import your private keys into a new bitcoin cash wallet, and then transfer them. If you do not transfer your BTC to a new wallet before importing your private keys to the BCH wallet, a malicious wallet could then have access to both your BCH and BTC. With replay protection, the solution is to move your BTC to a new wallet, then import the old private keys (with a balance of 0 BTC, but still has BCH associated) to the BCH wallet.
Hopefully you can see all of the failure points here. I have coins stored in cold storage and haven't yet bothered to claim any BCH due to the hassle, and lack of exchanges where you can sell it.