Bitcoin Cash (sometimes referred to every bit Bcash, together with generally using the tickers BCH or BCC) launched today. Although no block has been mined on the Bitcoin Cash chain, this could hap at whatever moment. Anyone who held bitcoin at 12:20 p.m. UTC volition together with so own got an equivalent amount of BCH attributed to their Bitcoin mortal keys.
In our beginner’s guide to surviving the BIP 148 split, which was afterwards updated to also embrace the Bitcoin Cash launch, nosotros explained how to secure your mortal keys so you lot could endure sure to access your BCH. At the fourth dimension of writing that article, much was soundless uncertain nearly how this final result would play out.
Much is soundless uncertain, but inwards anticipation of the starting fourth dimension BCH block beingness mined, this article explains how you lot tin claim — together with potentially role — your BCH, insofar every bit it is possible at this betoken inwards time.
Author’s note: If you lot desire to play the BTC/BCH markets every bit before long every bit possible, together with you lot are fine alongside taking risks and/or you lot genuinely know what you lot are doing, this article is in all likelihood non for you lot — it’s a beginner’s guide.
Please note: This is but advice, based on our best agreement of the electrical flow situation. Everything is soundless rattling uncertain together with dependent area to change: Be extremely careful!
Take Your Time
It should starting fourth dimension endure noted that if you lot don’t tending nearly BCH at all, you lot don’t quest to practice a thing. You tin but croak along using bitcoin every bit you lot ever have. Moreover, if you lot ever modify your heed (and don’t lose your Bitcoin mortal keys inwards the meantime), you lot tin soundless claim your BCH at whatever betoken inwards the future.
Likewise, if you lot desire to concur on to your BCH long-term, you lot also don’t quest to practice anything correct now. You tin croak along using BTC every bit if cypher happened; but brand sure to never lose your mortal keys.
Now let’s assume you lot practice tending nearly BCH, at to the lowest degree plenty to desire to sell your share.
If you lot followed the advice outlined inwards our beginner’s guide, the expert intelligence is that you lot should endure inwards total command of your Bitcoin mortal keys. This way you lot directly concur BTC every bit good every bit BCH.
The bad intelligence is that it’s non necessarily slow or prophylactic to claim your BCH straight away. If you lot are non careful, you lot may accidentally expose your mortal keys piece claiming your BCH. And because these are the same mortal keys that secure your BTC, this could Pb to your BTC beingness stolen. Needless to say, you lot desire to avoid this! You almost for sure stand upward to lose much to a greater extent than from losing your BTC than you lot stand upward to make from, say, selling your BCH fast.
Therefore, you lot are going to desire to own got your fourth dimension together with brand sure you lot sympathise what you lot are doing good plenty to practice it without exposing your mortal keys. Your BCH isn’t going anywhere. And fifty-fifty this article may comprise accidental errors …
Claim Your Coins
In our previous beginner’s guide, nosotros explained how to secure your mortal keys together with recommended dissimilar wallet options. Here, you lot tin find, per option, how to claim your BCH (once it’s possible ...).
Full Node Wallet
Our starting fourth dimension recommendation was to role a total node wallet, similar Bitcoin Core or Bitcoin Knots. These wallets shop your mortal keys inwards a dedicated folder on your computer, called “wallet.dat” (hopefully encrypted alongside a passphrase). You tin brand a backup of your mortal keys using the carte du jour inwards your wallet. Once you’ve done this, you lot should endure able to import this backup into a Bitcoin Cash total node, similar Bitcoin ABC.
However, to endure on the prophylactic side at this betoken inwards time, nosotros are non fully comfortable recommending whatever Bitcoin Cash software. It is all rattling new, developed inside a curt timeframe, together with the peer review done on all this software has in all likelihood non been every bit extensive every bit it unremarkably is inside the Bitcoin space. It is so in all likelihood wise to non import your mortal keys inwards such software correct away; instead, aspect to run across if at that topographic point are whatever reports of problems.
Furthermore, or so Bitcoin Cash total node wallet software, similar Bitcoin ABC, conflict alongside Bitcoin software, such every bit Bitcoin Core. It is so non recommended to install a Bitcoin Cash total node wallet on the same computer. Instead, it’s best to install it on a completely dissimilar computer. It is on this estimator that you lot tin import your wallet backup together with own got access to your BCH.
If you lot are non precisely a beginner, at that topographic point is ane alternative option. NBitcoin developer Nicolas Dorier created a splitting tool, which allows you lot to separate your BTC from your BCH. However, this tool requires you lot to function inwards the command employment of your operating system; if you lot know how to practice this, you lot in all likelihood don’t quest this article.
Paper Wallet
Our 2nd recommendation was to role a newspaper wallet. The advice was given inwards the context of storing your coins long-term inwards particular. But if you lot desire to access your BCH, of course of pedagogy you lot tin practice this correct away.
Unfortunately, however, non many wallets genuinely back upward straight importing your mortal key(s) — together with less so for BCH. One wallet that does allow for this selection is Electrum. Therefore, the BCH version of Electrum, dubbed “Electron Cash,” should allow you lot to practice this, too.
However, Electrum itself has issued an official warning concerning Electron Cash. Electron Cash is non properly vetted together with so non guaranteed to function every bit advertised. This is a big risk, together with nosotros recommend against using it for now. This may modify inwards the future.
That said, if you lot practice direct to opt for this solution (at your ain risk!), brand sure to at to the lowest degree own got 2 additional precautions. First, run the software on a dissimilar estimator every bit the estimator you lot run Electrum on, if you lot already run Electrum. (In fact, it’s in all likelihood best to role it on a dissimilar estimator than the ane where you lot concur whatever bitcoins or whatever other sensitive data, for that matter.)
And second, motility the BTC from your newspaper wallet to a novel Bitcoin address, alongside a novel mortal commutation (like a novel newspaper wallet) earlier you lot practice anything else. That way, fifty-fifty if the Electron Cash wallet manages to bag your mortal keys, the impairment should endure limited: these mortal keys won’t concur whatever BTC anymore. (Make sure non to transportation BTC to this address later on either, though.)
Hardware Wallet
Our 3rd recommendation was to role a hardware wallet, every bit listed on bitcoin.org. Two of these hardware wallets inwards particular, Trezor together with Ledger, own got gone through the endeavor of offering you lot access to your BCH. So if you lot own got ane of these wallets, you’re inwards luck: this is in all likelihood the safest manner to access your BCH.
Ledger has published a weblog postal service explaining how to access your BCH, which you lot tin notice here.
Trezor has also published a weblog postal service on how to claim your BCH, which you lot tin notice here.
The 3rd hardware wallet, Digital Bitbox, has also published an FAQ on how to access your BCH. However, banking enterprise complaint that this wallet recommends using Electron Cash, which is non guaranteed to endure secure. See the to a higher house department on newspaper wallets for to a greater extent than details.
One other hardware wallet, KeepKey, has also published a weblog postal service on Bitcoin Cash. At the fourth dimension of writing, it seems you lot won’t endure able to access your BCH quite yet; croak along an midpoint on their blog for updates.
Other Bitcoin.org Wallets
If you lot didn’t own got these iii recommendations, mayhap you lot used ane of the other wallets listed on bitcoin.org.
Once again, whichever of these wallets you lot used, your BCH should endure prophylactic together with there’s no rush to claim them. But genuinely beingness able to claim them may differ a fleck from wallet to wallet.
Most wallets role a recovery phrase. This phrase essentially holds your BTC mortal keys, together with so also your BCH mortal keys. As such, you lot should endure able to access your BCH yesteryear inserting this phrase into a dedicated BCH wallet.
However, at this betoken inwards fourth dimension at that topographic point are no BCH wallets available yet that enable this together with which nosotros tin confidently recommend using. If BCH becomes somewhat of a success over time, this volition in all likelihood change. It’s in all likelihood best to but aspect until this is the case. (If it ever becomes the case.)
Until then, you lot tin but croak along using BTC without worrying nearly your BCH.
Other (Non-bitcoin.org) Wallets, Exchanges, etc.
If you lot did non follow our advice, together with instead stored your BTC inwards whatever other wallet, or on an exchange, or anywhere else, you lot may or may non soundless endure able to claim your BCH. In this case, you’ll own got to figure out for yourself whether this is the instance or not, together with how to practice so.
Using (or Selling) Your BCH
Once you lot own got claimed your BCH, you lot tin directly role it nevertheless you lot please. Just similar whatever other (alt)coin, you lot could for illustration sell it for BTC, or mayhap pass it somewhere, or motility it to or so other wallet, etc.
However, at that topographic point are soundless iii factors to croak along inwards heed earlier doing so.
The starting fourth dimension constituent is privacy. Your addresses are identical for BTC together with BCH. This way that whenever you lot pass your BCH (for example, to transportation them to an exchange), you lot practice non alone reveal your BCH addresses but also your BTC addresses. This tin inwards plow reveal a lot nearly your electrical flow holdings every bit good every bit your yesteryear together with futurity transactions, together with tin yesteryear extension fifty-fifty reveal such information nearly people or entities you lot own got transacted with. Make sure you lot are comfortable alongside giving upward this information if you lot are going to transportation your BCH to an commutation or anywhere else. (There may endure to a greater extent than privacy-friendly options for selling your BCH for BTC inwards the nigh future, but these aren’t cook yet.)
The 2nd constituent is security. When you lot pass from a BCH (or BTC) address, you lot practice non reveal your mortal key, but you lot practice reveal your world commutation (which is non the same every bit your Bitcoin address). This strips away ane layer of security, fifty-fifty for your BTC (or BCH) addresses. It shouldn’t hateful (and hopefully doesn’t mean) that your BTC are insecure correct now, but at that topographic point is an increased endangerment that your BTC aren’t secure at or so fourth dimension inwards the (far) future. It is so best to motility your BTC to a novel address at or so point.
The 3rd constituent was already mentioned but bears repeating: if you’re using insecure software to claim your BCH, your BTC may endure at risk. This is why it’s in all likelihood best to motility your BTC to a novel address earlier you lot fifty-fifty start meddling alongside BCH. That way, if you lot practice mess upward alongside insecure software, you lot hopefully don’t lose your BTC. (Though banking enterprise complaint that this doesn’t necessarily concur upward if you lot transportation your BTC to a novel address from the same seed. You may so fifty-fifty desire to practice a whole novel wallet alongside a novel seed.)
Additionally, if you lot motility your BTC to ane of your ain addresses earlier touching BCH, you lot cut back the endangerment of replay attacks — but every bit mentioned, if all goes good this shouldn’t endure a constituent inwards the starting fourth dimension place.
So, to Recap …
1. You don’t own got to practice anything if you lot don’t desire to. If your mortal keys are secure, your funds are secure. But if you lot practice desire to role your BCH inwards whatever way, starting fourth dimension motility your BTC to a novel address that you lot control, or fifty-fifty an address generated from a whole novel seed. (But don’t lose your former mortal keys or seed: these soundless concur your BCH!)
2. To endure on the prophylactic side, don’t rush to claim your BCH. You (almost certainly) stand upward to lose to a greater extent than if you lot accidentally expose your BTC mortal keys than if you lot own got your fourth dimension to brand sure you lot know what you’re doing.
3. Once you lot know what you’re doing, motility your BCH either to a novel address you lot command or mayhap to an commutation to sell, or whatever it is you lot desire to practice alongside your “free money.”
This article volition endure updated every bit the intelligence develops.
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