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By striking a balance between efficiency and security, SPV wallets provide a practical solution for everyday cryptocurrency users, offering the necessary security measures without the complexity and resource requirements of full node wallets.
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Wallets using multi-signature setups may not be immediately affected, as long as the majority of participants agree on the chain to follow.
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wallets generate addresses and private keys from a single seed. They can often switch to the new chain if they update to the compatible version, remaining functional on both chains post-fork.
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Wallets: Wallets where users control their private keys, such as hardware wallets (e.g., Ledger, Trezor) and software wallets (e.g., Electrum, MyEtherWallet), usually remain unaffected. Users can choose which chain to support by selecting the appropriate software update.
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Cold wallets store private keys offline, making them immune to network changes during a hard fork. Since these wallets aren’t connected to the internet, they aren’t automatically affected by the fork and can later be connected to claim tokens on either chain.
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Multi-currency wallets are designed to support multiple blockchains. When a hard fork occurs, these wallets can often easily support both versions of the blockchain, allowing users to manage their assets on both the original and the new chain without issue
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Users control their private keys in non-custodial wallets, meaning they own the underlying assets regardless of what happens during the fork. As long as they have their private keys or seed phrases, they can access both chains after the fork if they choose.
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