Coinbase Accounts to Ledger Nano S Wallet?

Bitcoin Questions and AnswersCategory: QuestionsCoinbase Accounts to Ledger Nano S Wallet?

Duane Zanon asked 2 years ago

I just received my Ledger Nano S Wallet in the Mail today.  Should I transfer all my Coinbase Account Balances to this Wallet before the SegWit2x Fork or Leave my Accounts on Coinbase alone for the Time Being??

1 Answers
Steven Hay answered 2 years ago

Hey Duane,
Well, the advantage of leaving your bitcoins on Coinbase is that you’ll be able to trade your B2X coins just as soon as Coinbase organises the coinsplit and opens the relevant market. The downside is that it’s always risky to leave coins on an exchange and if there are big problems with Replay Protection and the like, anything could happen with Coinbase… They probably won’t screw up – and if they do, they should be insured up to a point – but who knows?
The advantage of having your bitcoins in the Ledger wallet is that they’ll be safer. It will probably take longer to safely split off your B2X coins and if you want to send them somewhere for trading, you’ll need to wait for a Replay Protection solution to do it safely… Otherwise you might accidentally send your bitcoins as well… So the downside here is that you might not be able to sell B2X coins early, so you might get a worse price. No one knows what the B2X price will do in future though…
The situation is very, very messy. Quite frankly, the S2X people should be ashamed for causing all this chaos – I’m certain that people are going to lose money due to all this nonsense. Stay safe!

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.