Bitcoin hard fork: Trezor shows why it is the best wallet solution for Bitcoin users

  • No action required for Trezor users
  • Both coins (if split occurs) will be supported
  • No security is compromised

Dealing with the Bitcoin hard fork using a Trezor wallet is a no-brainer. {More reading on the possible split here}

The safest place for an event such as the possible bitcoin hard fork, even a chain split – Saotoshi Labs

In their article back in February 2016 about the Core/Classic hard fork possibility, they explained that at the time of hard fork, they would provide users with two separate wallets, a core-wallet and a classic-wallet. Since then, they we have implemented multi-currency support in TREZOR Wallet, so a separation at the domain level is no longer be necessary. Should Bitcoin Unlimited (BTU) split away and be implemented in TREZOR Wallet, it would be provided as another option in the currency selector.

Therefore, in terms of the security of your coins, a little has changed — no action is required from you & your coins remain safe. You will not magically lose coins because of a fork. – SatoshiLabs

Re-cap: What is the Bitcoin hard fork Trezor solution for ?

bitcoin hard fork trezor road sign

Everyone within the Bitcoin network is currently adhering to a set of rules, laid out by Bitcoin Core. Citing alleged limitations, a competing group, Bitcoin Unlimited, has proposed a change to the rules. The change is, however, incompatible with the current Bitcoin and would therefore create a “new coin,” while carrying over the entire transaction history of the currency.

Under normal circumstances, a change of rules would only occur if the whole network would agree on the new rules. Only one coin would emerge, causing no problem. However, as this split is caused by the very disagreement on the rules, initiated by Bitcoin Unlimited, it is very unlikely that Bitcoin Core would give in and would move to Unlimited. As a result, at the moment of the split, there would be two coins, each adhering to their own rules (also known as: Contentious Hard Fork).

So I will have both Bitcoin Core and Bitcoin Unlimited coins?

Yes. If, at the time of the fork, you own a certain amount of bitcoins, after the fork you will hold the same amount in BTC and BTU (doubling the amount). After the fork, these coins will be incompatible. They will effectively become separate currencies.

(Note that: double the amount ≠ double the value)

How safe are my coins?

TREZOR holds your private keys, which are used to sign transactions. Having these keys makes you the true owner of the coins — only the one who possesses the keys can spend the coins. With the hard fork, the ownership of the keys does not change. On the contrary, you will gain additional coins, controlling both the keys of Bitcoin and Bitcoin Unlimited.