- August 2, 2017
- Posted by: Bitcoin Center NYC
- Category: The Latest Bitcoin News
Yesterday, August 1st, the Bitcoin Blockchain experienced a hard fork, as we reported on in our last article. This fork brought with it a new form of cryptocurrency in the form of Bitcoin Cash (BCH).
Everyone who has bitcoin in their wallet from before the fork automatically has the same amount in Bitcoin Cash. The problem lies in that one is currently not able to use an ordinary bitcoin wallet with Bitcoin Cash as of now. Because of this, we will be giving you step-by-step instruction on how to claim your Bitcoin Cash.
Firstly, you must have had you Bitcoin in a wallet which has private keys that you control before the fork on August 1 at 12:20:00am. Wallets like the Coinbase or most other hosted wallets do not have keys that are controlled by the user.
Full-node wallets like Bitcoin Core or Bitcoin Knots work the best for this. You should consider moving your Bitcoin into another wallet, possibly generated from a completely new seed, so that you do not lose your Bitcoin. Then you should be able to find a dedicated folder on your computer where your private keys are stored. You should be able to make a backup of this folder in your wallet, and import the wallet’s information into a wallet that supports Bitcoin Cash, like Bitcoin ABC.
Once you have claimed your Bitcoin Cash, you can use it just like any other alt coin, although you will have to find an exchange that accepts it if you want trade it. As of now the most notable exchanges that are trading BCH are Kraken, Bittrex, HitBTC, ViaBTC, Bitfinex, and YoBit.
Overall, if you want to use your BCH (a “replay attack”) you should consider first moving your Bitcoin into another wallet and then use your old wallet for your Bitcoin Cash.
In short, do what you want with your BCH.