The Bitcoin Thread

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Why is it that of my BTC is on luno i wont get the fork.. but if its in a wallet i will.. why is this? Im so confused
 
Zulfi said:
This too.. would it?
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I remember readings somewhere that it might not be worth it since you will get a 1:1 ratio and if we have a small amount of btc, then we will get a small amount of the fork which may be lower than the transfer fees and also it might be stuck on that exchange since exchanges have a minimum withdraw amount.

So if we do transfer it now for the fork, there is no guarantee that the transfer will be processed in time and if we will be in the green at the end of the day. But on the other hand this new coin may shoot up in the next few years and then we will only see green
 
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It will not be worth spending $20 (or whatever amount) on fees to get a coin worth R2 or how will the coin's value be determined?
 
It won't be worth the fees of transferring to a wallet and then back to Luno for only ±R7300 of BTC. If sBTC is worth $200/cBTC then you'll have less than R100 worth of mBTC after the fork.
 
Zulfi said:
Why is it that of my BTC is on luno i wont get the fork.. but if its in a wallet i will.. why is this? Im so confused
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To support the fork, the wallet host would need to download, store and maintain the blockchain of the new fork. Not only that but there would also be some coding required to accommodate this. Sometimes exchanges / wallets might not see the feasibility in this and therefore would not support the coin.
 
Thanks. I decided im not going to to a panic transfer for nothing. Hopefully Luno allows people to claim their new fork coins similar to that of the BCH fork that happened a while back
 
Zulfi said:
Why is it that of my BTC is on luno i wont get the fork.. but if its in a wallet i will.. why is this? Im so confused
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The bitcoin belongs to whoever holds the private keys connected to the account. If you keep your bitcoin on an exchange like luno then they hold the private key whereas if you keep it on your own device then you hold the private key. After a fork, in order to claim the new forked currency you need the private key. If you keep your btc on Luno, then, since luno holds the private key for your account, only they can claim the new currency. If they choose to support the new currency then you will get your new super bitcoin or whatever the new fork is - if they choose not to support it you don't get it...
 
Nadir said:
Thanks. I decided im not going to to a panic transfer for nothing. Hopefully Luno allows people to claim their new fork coins similar to that of the BCH fork that happened a while back
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Did luno allow the users to claim the BCH fork?
 
acidrain said:
To support the fork, the wallet host would need to download, store and maintain the blockchain of the new fork. Not only that but there would also be some coding required to accommodate this. Sometimes exchanges / wallets might not see the feasibility in this and therefore would not support the coin.
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Thanks
 
HunterNW said:
Would be good to see the 250K barrier broken. That will cause a major buy in, and offcourse - a drop ;)
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I want to get in before R250k, just waiting for my cash. From R250k it will have momentum.
 
A noob question. On Luno if I want to move my BTC to a private wallet what are the steps to follow and what are the fees ?
 
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