THIS WAS POSTED BY PHIL GEIGER ON X.
Every bitcoiner, especially if you got in in 2018 or later, should take 2 minutes and read this.
From Phil:
Here are the steps I have used to safely sell several forks of bitcoin - even ones with replay risks - from singlesig cold storage. It's important to follow the order of operations carefully.
These views are my own and this is for educational purposes only. This guide is recommended for people with intermediate knowledge of self-custody. It is not recommended for self-custody beginners. Follow this guide at your own risk, and consult with an expert before attempting on your own.
Before the fork:
1. Securely generate a brand new seed phrase using a hardware wallet. Name this FORK Wallet.
2. Move the bitcoin into FORK Wallet. The old wallet (PRE-FORK wallet) is now empty of BTC, but keep all the old seed phrases secure because they will be used again later.
3. Keep the bitcoin secure in FORK wallet until the fork.
After the fork (FORK wallet now secures forkbitcoin and real bitcoin):
4. Move the real bitcoin from FORK Wallet back into PRE-FORK Wallet. Wait until the transaction is confirmed. The seed phrase generated for FORK wallet is now empty of real BTC.
WARNING: Confirm that all the BTC is back and secure in PRE-FORK wallet before continuing.
5. Take FORK Wallet seed phrase and load it into wallet software that can sign a Forkbitcoin transaction. The FORK wallet seed phrase is now COMPROMISED, and should not be used for real bitcoin ever again. I write "compromised" on this seed phrase and file the seed phrase away.
6. Move the Forkbitcoin to an exchange that accepts it and wait for confirmations (this could take a while).
7. Sell Forkbitcoin for real bitcoin. Withdraw the real bitcoin into PRE-FORK Wallet, and enjoy!
Check with a tax advisor about your local tax laws. Happy fork collecting!
Every bitcoiner, especially if you got in in 2018 or later, should take 2 minutes and read this.
From Phil:
Here are the steps I have used to safely sell several forks of bitcoin - even ones with replay risks - from singlesig cold storage. It's important to follow the order of operations carefully.
These views are my own and this is for educational purposes only. This guide is recommended for people with intermediate knowledge of self-custody. It is not recommended for self-custody beginners. Follow this guide at your own risk, and consult with an expert before attempting on your own.
Before the fork:
1. Securely generate a brand new seed phrase using a hardware wallet. Name this FORK Wallet.
2. Move the bitcoin into FORK Wallet. The old wallet (PRE-FORK wallet) is now empty of BTC, but keep all the old seed phrases secure because they will be used again later.
3. Keep the bitcoin secure in FORK wallet until the fork.
After the fork (FORK wallet now secures forkbitcoin and real bitcoin):
4. Move the real bitcoin from FORK Wallet back into PRE-FORK Wallet. Wait until the transaction is confirmed. The seed phrase generated for FORK wallet is now empty of real BTC.
WARNING: Confirm that all the BTC is back and secure in PRE-FORK wallet before continuing.
5. Take FORK Wallet seed phrase and load it into wallet software that can sign a Forkbitcoin transaction. The FORK wallet seed phrase is now COMPROMISED, and should not be used for real bitcoin ever again. I write "compromised" on this seed phrase and file the seed phrase away.
6. Move the Forkbitcoin to an exchange that accepts it and wait for confirmations (this could take a while).
7. Sell Forkbitcoin for real bitcoin. Withdraw the real bitcoin into PRE-FORK Wallet, and enjoy!
Check with a tax advisor about your local tax laws. Happy fork collecting!
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