STEEMIT GIRL HALO ~ List Of BTC Wallets That You Do and Don't Own Your Private Keys With

Posted July, 25 2017

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So I have been doing some research on a post I made earlier with questions on BTC wallets that will support BCC (Bitcoin Cash) and here is what I have found out I hope this helps anyone needing answers.

SOURCE

There many types of bitcoin wallets, but for the sake of this discussion, we can effectively split them into two main categories: custodial and non-custodial. “Custodial” services are wallets where the user’s public and private keys are held on their behalf by a third-party service. “Non-custodial” are wallets where the user holds all the keys themselves.

Note: if your wallet started up by showing you a string of 12-24 random words, or mentions a “wallet seed” in the settings, that’s one sign it’s a non-custodial wallet — the keys are all yours.

Due to the nature of Bitcoin, the custodian of a given wallet’s keys is essentially its owner, so when a user opens an account with say, Coinbase, they are entrusting the control of their wallet and all funds contained therein to that company.

If a Third-Party Company Holds Your Keys

These custodial companies trade on the strength of their reputation, so it’s counter-intuitive for them to intentionally do things to hurt their relationship with their customers, but as a user, you are still outsourcing your hard fork-related decisions to them. If for example, the custodial service only chooses to support one chain, then their users will lose out on any potential gains or losses from the other chain.

The same goes for multi-signature wallets like BitGo, where users hold one or more keys but the company also has one. It will be up to those services to decide what to support.

Earlier this year, Coinbase said it would only support one version of Bitcoin, and that users who wanted to access both chains after a split should move their coins elsewhere. BitGo has said it will support multiple chains — if there is sufficient user demand.

Another note: if your coins are on an exchange, then you don’t have the keys. So it will be up to the exchange to decide whether to support both chains or not. This has happened in the past, when Ethereum forked into Ethereum (ETH) and Ethereum Classic (ETC). Some exchanges gave their users both coins… and some didn’t.

If you’re not sure which type of wallet you’re currently using, then this article was meant for you. Bitsonline also has a more detailed guide for some mobile wallet options.

Types of Bitcoin Wallets: Quick Guide

Wallet	User Has Full Control	Type
Airbitz	✔ Yes	Mobile
Armory	✔ Yes	Desktop
Bitgo	No	Web
Bitpanda	No	Web
Blockchain.info	✔ Yes	Web and Mobile
Breadwallet	✔ Yes	Mobile
Circle	No	Web and Mobile
Coinapult	No	Web
Coinbase	No	Web and Mobile
Copay	✔ Yes	Desktop and Mobile
Electrum	✔ Yes	Desktop and Mobile
GreenAddress	✔ Yes	Web and Mobile
Jaxx	✔ Yes	Mobile
KeepKey	✔ Yes	Hardware
Ledger	✔ Yes	Hardware
Multibit	✔ Yes	Desktop
Mycelium	✔ Yes	Desktop and Mobile
Spectrocoin	No	Web and Mobile
Trezor	✔ Yes	Hardware
Uphold	No	Web and Mobile
Xapo	No	Web and Mobile

What to Do After a Hard Fork

In the event of a hard fork, the amount of bitcoin under your control will not magically double. Instead, you will have balances in two separate cryptocurrencies. (Some people are calling this the “148 Bitcoin” and the “Legacy Bitcoin,” respectively). To complicate things further, there could potentially even be a third “BitcoinABC” after August 4th.

If you don’t spend any of your coins during the first few days of August, you’ll own coins on at least two of those chains. It’s recommended you wait until the dust has settled before attempting to send your coins anywhere.

You will most likely need to download or update your existing wallet software in order to access the separated chains, since for all intents and purposes, they will be different currencies.

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Now I did not use one of these I downloaded one from http://Bitcoin.com and I believe it is also one that I will own my private keys because of what the article said.

Note: if your wallet started up by showing you a string of 12-24 random words, or mentions a “wallet seed” in the settings, that’s one sign it’s a non-custodial wallet — the keys are all yours.

So in short if your wallet is not listed above with a ✔ Yes under user has full control or if your wallet is not on the list and it did not start up by showing you a string of 12-24 random words then you will not receive your free BCC (Bitcoin Cash).

EDIT: After seeing a comment from @theghost1980 I went and downloaded a Exodus Wallet and I believe this wallet will work as well, I like this wallet best :)

If I AM WRONG ON ANYTHING IN THIS POST, SOMEONE PLEASE CORRECT ME