The first few blocks of Bitcoin Cash are uninformed off the chain. As an owners of the original BTC, you’re also an owners of Bitcoin Cash. Today, we’re training you what it means to be a Bitcoin Cash owner.
Bitcoin Cash launched on Aug 1. The banking is using the tickers BCC or, in some cases to equivocate difficulty with Bitcoin Connect, it’s using the ticker BCH.
If you reason bitcoin at 12:20pm UTC on August 1, you should have an homogeneous volume of BCH attributed to your Bitcoin private key. Assuming, of course, you followed everyone’s instructions and defended control of your private keys by relocating your bitcoin off an exchange.
Even if your bitcoins were stranded on an exchange, you might still be means to explain your Bitcoin Cash. Some exchanges announced support for Bitcoin Cash, while others did not.
So how do you spin your Bitcoin Cash into something you can indeed use? Obviously, this is a very liquid situation, and nobody knows what the destiny will hold. This routine also involves a lot of risks, and there are no guarantees BCH or BTC will be value anything in the future.
How to Claim, Send, Receive Spend Bitcoin Cash?
Got it? Good. Now, let’s look at your options.
You Don’t Need to Do Anything
I consider the immeasurable infancy of users will allow to the “hold” strategy. Most users will be ideally occur to keep control of their private keys, then wait for the dirt to settle. If your bitcoin is stored in your possess wallet, and you keep control of your private keys, then it’s ideally fine to continue holding your bitcoin and watchful to see what happens.
If you don’t caring about Bitcoin Cash, and want to continue using Bitcoin, then you can continue doing so as normal. Nothing really altered for hardcore BTC users.
What about those who caring about BCH and want to reason onto their Bitcoin Cash? keep reading.
It’s Not Easy or Safe to Claim your BCH Right Now
It’s Aug 1, and we live in an capricious time for bitcoin’s future. Right now, it’s not protected or easy to explain your BCH. The routine of claiming your BCH requires some technical know-how, and those who aren’t clever could incidentally display their private keys while attempting to explain their BCH.
Exposing your private keys is an apparent emanate – but maybe not for the reasons you think. If your private keys are exposed, then you could reason your BCH in your wallet as normal while somebody is spending the homogeneous volume in BTC.
As our friends at BitcoinMagazine succinctly explained it,
“You almost positively mount to remove much more from losing your BTC than you mount to benefit from, say, offering your BCH fast.”
At this point, it’s a unsure routine – generally since your BCH isn’t going anywhere, and the markets have remained comparatively fast for now.
How to Claim your Bitcoin Cash
If you’re fine with the risk of Bitcoin Cash, then here are the ways to explain your BCH:
Use a Full Node Wallet
The best way to explain your BCH is to use a full node wallet like Bitcoin Core or Bitcoin Knots. Unlike a light wallet, you’ll need to download all 125+ GB of the bitcoin blockchain to run these clients. After installing the full node wallet, you can use it to store your private keys in a dedicated folder on your mechanism called wallet.dat (ideally, you encrypted that wallet with a passphrase). You can make a backup of your private keys using the menu in your wallet.
After doing this, you can explain your Bitcoin Cash by importing the backup of your private keys into a Bitcoin Cash full node. Bitcoin ABC is your best choice right now. It’s a full node wallet designed privately for Bitcoin Cash.
We already gave you warnings up above, but here are some more. Bitcoin ABC is new program that was grown in a brief duration of time. It didn’t go through the same counterpart examination routine as normal bitcoin upgrades. It also hasn’t been tested by a lot of users. That means there’s risk when giving the program your private keys.
Another problem is that Bitcoin Core and Bitcoin ABC might be exclusive with one another. Experts suggest that you don’t implement the two node clients on the same computer.
Use a Splitting Tool
NBitcoin developer Nicolas Dorier combined a bursting apparatus permitting you to separate your BTC from your BCH. You can find that bursting apparatus on Github.
This choice is only for those with technical believe and simple programming knowledge. You’ll need to work in the authority line of your OS to use this bursting tool.
Alternatively, outward of the program world, you can always use a paper wallet to store your bitcoin – regardless of either you’re using BTC or BCH.
Electrum is one of the few wallets that support approach imports of your private key. Electrum has a BCH chronicle called Electron Cash that supports this function. However, even their central website warns you opposite using it with largest amounts of BCH. It also discourages users from using Electrum and Electron Cash at the same time on the same computer.
If you select the paper wallet option, pierce your BTC from your paper wallet to a new bitcoin residence with a new private pivotal (like a new paper wallet) before relocating forward. So even if the Electron Cash wallet glitches and steals your private keys, your repairs should be limited, because the private keys don’t reason any BTC.
Hardware wallets might be the easiest and safest way to entrance your BCH. I’m not going to get into all of the details, but both Ledger and Trezor have published good tutorials on how to conduct BCH in your hardware wallet.
You can perspective Trezor’s educational for handling BCH on your hardware wallet here.
You can perspective Ledger’s educational for handling BCH on your hardware wallet here.
Digital Bitbox is another renouned hardware wallet. They’ve published a FAQ for how to entrance your BCH from your Digital Bitbox wallet. However, they still suggest using Electron Cash.
Meanwhile, KeepKey has not nonetheless announced support for BCH at this time, nonetheless you can keep an eye on their blog for the latest updates.
Wait for Other Wallets to Announce Support
If your bitcoin is reason in any other wallet, then you can still explain your BCH – you just might want to wait for the wallet to strictly support it – or for good central BCH wallets to emerge.
Most wallets use a liberation phrase, which means you can redeem your private keys from anywhere. If your bitcoin is reason in a wallet right now, and you have the liberation phrase, then you can implement a BCH wallet and use that liberation word to explain your BCH.
How to Use or Sell your BCH
So you’ve claimed your BCH and it’s sitting in your wallet. What should you do now?
You can use your BCH just like you would use any altcoin. You can trade it on an sell that supports BCH trading, spend it, or pierce it between wallets.
There are some risks with exchanging BCH. First, since your addresses for BTC and BCH are identical, you’re divulgence your BCH and BTC addresses by promulgation your BCH to an exchange. This can reason supportive information about your wallet – like your stream land and your past/future transactions. It can also uncover whom you’ve transacted with. Right now, you can’t sell BCH but giving up your data. You’re exposing your keys no matter what you do.
Spending from a BCH or BTC residence doesn’t exhibit your private key. But it does exhibit your open key. This isn’t that big of a deal. However, it strips divided one covering of confidence from your bitcoin account, and might be a concern.
One final emanate is that when you’re relocating BCH to or from an exchange, you’ll need to use BCH software, and there’s no BCH program right now that’s been reliable as fast or safe.
All of these issues can raise the hazard of replay attacks, where someone can radically take your money.
Bitcoin Cash Conclusion
Ultimately, if you reason your private keys, you can omit all above. You can continue holding bitcoin. You can wait for the dirt to settle, wait for the BCH program to improve, and wait for the marketplace to find the right price. There’s a lot of risk concerned in Bitcoin Cash at the moment.
Of course, where some see risk, others see opportunity. Your BTC/BCH is your money, and I’m not going to tell you how to spend it. Feel giveaway to do whatever you like.
At this point, BCH trade is risky, complicated, and unrewarding. However, that might change in the future. Stay tuned. We’re vital in engaging times for bitcoin.
Article source: https://bitcoinexchangeguide.com/how-to-claim-bitcoin-cash/