How to Claim Your Bitcoin Cash and Sell it for Bitcoin (TREZOR, Ledger, Electrum)

How to Claim Your Bitcoin Cash and Sell it for Bitcoin (TREZOR, Ledger, Electrum)

Warning: this guide exposes the exact method the author used to claim free Bitcoin CasH and exchange it for Bitcoin on the 2nd of August. While every reasonable effort has been made to ensure accomplish and accurate information, the author can’t ensure a successful outcome for those following this method.

Waiting for better documented methods and more familiar exchanges to suggest BCH deposits is the safer play in this situation. However, as more people figure out how to sell their coins, profitability may well decrease.

Bitcoin Cash – The Beginning

Table of Contents

Bitcoin Cash (aka Bcash, BCH or BCC) forked off from Bitcoin on the 1st of August and its launch has proven rather rocky. Three days later, only two exchanges are supporting Bcash deposits – and its price has crashed on both.

It still takes relatively a lot of time to get Bcash transactions into the blockchain and that’s due to the high difficulty of mining. Bcash forked with the same mining difficulty as Bitcoin but only a petite fraction (around 5%) of its hashrate. Bcash’s very first (or genesis block) took around seven hours to be found.

The difficulty adjustment process was meant to compensate for this, reducing difficulty to a level more adequate for Bcash’s low hashrate within a few blocks. However, miners from “ Genesis Block, ” an aptly named, high-tech hostel in Hong Kong, evidently began mining Bcash for joy and marketing purposes.

The hostel’s extra, unexpected hashpower greatly delayed Bcash’s difficulty adjustment process. As a result, Bcash blocks remain slow, albeit difficulty has since adjusted to about ¼ of Bitcoin’s. You can use this Bitcoin Cash block explorer to see the status of the current blocks (take a look at the bottom).

Free Bitcoin Cash for Bitcoiners

If you held any bitcoin in a individual wallet (or on certain exchange wallets listed here) then congrats, you own an equal amount of Bcash too!

If you wish to sell your Bcash, there are two things you need to do, in the following order:

1) Split you Bitcoin into Bitcoin Cash

If your BTC was held on one of the exchanges listed, the exchange will have taken care of this process for you. When you log in, you should see a BCH (or possibly, “BCC”) balance in a fresh exchange wallet, in addition to your regular BTC wallet. The amounts in both wallets should match, assuming you haven’t made any latest trades or transactions.

If your bitcoins were held in a private wallet, you’ll have to split them yourself. We cover splitting for Ledger, TREZOR and for the Electrum software wallet. Note that the general procedure used for Electrum is applicable to other software wallets, albeit the precise steps will vary.

Two) Sell your Bitcoin Cash on an exchange

For those whose bitcoins were held on an exchange which split BCH from BTC and offers a market in BCH trading, you’re already done – sell your BCH whenever you feel like it.

Everyone else will have to determine inbetween the three exchanges presently accepting BCH deposits; HitBTC, ViaBTC and Bittrex. I used HitBTC for two good reasons:

  1. HitBTC requires only two confirmations before deposited BCH are credited to your account and made available for trading purposes. As Bcash blocks are still very slow (up to eight hours delay), this could be a real time saver. By contrast, it emerges other exchanges requires twenty confirmations before approving any withdrawals.
  2. HitBTC offers a quick and effortless registration, which requires only an email address to finish.

Keep in mind that because HitBTC is one of the only exchanges permitting to actually deposit BCH many people are selling it on the platform which causes the exchange rate to be lower than on other platforms.

Before going any further make sure you have a backup of your wallet at arm. Using any of these methods without a back could result in total loss of your coins. DO NOT Proceed WITHOUT A BACKUP!

Splitting your Bitcoins in a Ledger Nano S

Splitting with ledger is a fairly elementary process but not an intuitive one, make sure to go after these exact steps:

Step one – Back up your Ledger wallet

Via the process you will need to update your firmware, this will wipe all of the data from your device. Make sure to have a back up before moving forward or you will lose all of your coins.

Step two – Update your Ledger Firmware

Download the Ledger Manager for chrome, go to “Firmwares” on the left forearm side and click on “Install”. You will then be prompted to confirm this act on your device. Once the update is accomplish you will need to import your wallet from your seed phrase. The accomplish steps to this process can be found here.

Once you have a firmware version that is 1.Three.1 and above, you can budge on to step Three.

Step three – Download the Bitcoin Cash App

Inwards the Ledger Manager, go to “application” and download the Bitcoin Cash app (2nd from the top).

Step four – Create a separate Bitcoin Cash wallet on your Ledger

If you had Bitcoins before the fork, Ledger now splits those Bitcoins into BTC and BCH but keeps them on the same wallet. It’s recommended to use a separate (aka split) wallet to manage your BCH. This step isn’t mandatory but is advised. If you wish to skip this step stir straight to step 6.

Connect your ledger and select “Bitcoin Cash” from the available options on the device. The following screen will open:

Select “Bitcoin Cash”. The following screen will ask if you want to access the main wallet (BTC and BCH combined) or the split wallet (Only BCH). Select “split”.

Go to “receive” and generate a BCH address. You will later send your Main wallet’s BCH to this address. Once you have your BCH address budge to step Five.

Step five – Send your BCH from your main wallet to your split wallet

This wallet holds your freshly formed BCH along with your BTC. It’s now time to send them to your split wallet.

Go to “send” and send your BCH to your split wallet address which you’ve retrieved on step Four.

Step six – Send your BCH to an exchange

You can now go to “Settings” – “Blockchains” and log back into your split wallet. You will need to wait for a fresh BCH block to be mined until you can see that your transaction is confirmed. Once it’s confirmed you can send your BCH into an exchange or hold on to them.

For the official ledger guide click here.

Splitting your Bitcoins in TREZOR

Due to only having a week to prepare for the launch of the final version of Bcash code, Trezor’s wallet does not presently support BCH (albeit they’re working on a fix). It is however possible to use an online implement by TREZOR in order to split your BCH and at the same time send it to a BCH address.

Accurately review Trezor’s guide to this process and check their Twitter and subreddit for any updates. Sometimes the implement is offline and recently some bugs were found in it.

Step 1 – Visit the beta version of Trezor wallet. You should use Google Chrome to access the wallet; the author was incapable to finish the process using Firefox or a clean install thereof.

Make sure that you’re on the beta site: https://beta-wallet.trezor.io

The reason for visiting the beta Trezor wallet is that it enables you to update your Trezor’s firmware to the latest, beta version (1.Five.1). Particularly if you haven’t performed this process before, you should probe Trezor’s guide to firmware updates.

Step Two – Be certain you have a backup of your seed phrase and update your firmware. This is done as goes after:

Step Trio – Go to the Coin Splitting Instrument. Click on “Connect with TREZOR”. Reconnect your device and come in the PIN as usual.

Step Four – Select the account you want to split BCH from and come in an address to send the BCH to. It is possible to come in the exchange funding address directly in this stage (see below how to get a deposit address for HitBTC).

Splitting your Bitcoins in Electrum

If you have an Electrum Bitcoin wallet, we suggest you go after this excellent guide put together by the Electrum developers. In case that any of this doesn’t make finish sense to you, please don’t use this method it’s pretty risky.

Here’s a TL;DR version of it:

Step 1 – Write down all of your Bitcoin addresses that had Bitcoins in them during the fork.

Step Two – Go to WalletPrivate KeysExport and write down only the keys that are related to the addresses you’ve found in step 1.

Step Trio – Budge all of your Bitcoins to a fresh Electrum wallet (create a fresh wallet through filefresh/restore). You’re doing this so that if any of the private keys you exported are compromised in some way, your Bitcoins will be in a fresh address with a different private key.

Step Four – ON A DIFFERENT COMPUTER install the Electron Cash wallet. Here’s the reason why it needs to be on a different machine:

Step Five – Import your private keys into Electron Cash. Once done you can use your fresh coins via that wallet.

Splitting your coins in Exodus

The following process was supplied by one of our users and not tested by us. Use it with caution. In any case of uncertainly please contact Exodus support (they are VERY helpful and prompt to react):

Step 1 – download the latest version of the Exodus desktop wallet from the Exodus website.

Step Two Create your account on Hitbtc as already stated in the article and get your BCC address.

Step Three– Install the Exodus wallet and click on “Help” menu on the left panel. Scroll down to the menu items on the right and click on the menu called “How do I claim my bitcoin cash (BCH)”.

Step four – Keep your BCC address (that you got from Hitbtc) handy and go after the instructions. It will calculate the amount of BTC that was in the Exodus wallet before 1st August two thousand seventeen and ask you the BCC address where you want to transfer the BCC.

Step Five – Inject the BCC address and transfer. It might take 2-4hrs for the transfer to take place.

To convert the BCC to BTC and transfer it back to your Exodus wallet and proceed following this article.

Splitting in Blockchain.info and Other Software Wallets

Update: around October two thousand seventeen Blockchain.info will add Bitcoin Cash support and you will automatically be able to see your Bitcoin Cash balance. More info can be found here.

On old Blockchain.info wallets Login and then go to Settings > Addresses on the left.

Then find your address that has your BTC balance (which held BTC at the time of the 8/1 fork) and click on More Options, then Private Keys. After that just go after the same sequence as in the Electrum guide.

In the fresh version of Blockchain.info you should go to security – wallet recovery phrase and write down your twelve word seed. After that just go after the same sequence as in the Electrum guide.

Here’s a good movie about Getting you BCH from software wallets:

The order of sequence laid out in the Electrum guide will be safe for any software wallet, as far as we know. The major point to keep in mind is that you must generate a fresh wallet (not just a fresh address), send your bitcoins to the fresh wallet, and only then is it safe to export the private key of your old wallet into your Bcash wallet. If you’re hesitant how to accomplish any of these steps, it’s best to wait for a detailed guide for your specific wallet.

Selling your coins on HitBTC

HitBTC is a European exchange (evidently headquartered in Hong Kong) which has been operational since 2013. They don’t seem to have experienced any major hacks or other negative events in that time, which is good going by crypto exchange standards.

Here are the steps for exchange BCH on HitBTC

Step Two – Sign in and navigate to your Bcash wallet by selecting the “Account”.

scroll down to “BCC” in the list of coins and click the “Fund” button (circle with +). Your BCC deposit address will now be generated and displayed. Note that BCC addresses look just like Bitcoin address, so be very careful that you don’t confuse the two!

Step Three – Send the BCC from your wallet into your HitBTC BCC account.

Step Four – Wait for at least two blocks to be mined on the Bcash network.

Step Five Budge your coins into your trading account. Click the rightwards facing arrow icon, then on the expanded bar, input or verify the amount to transfer. Ultimately, click transfer.

Step 6 – Select the “Exchange” tab at the top left and select the currency you wish to sell your BCH for. Make the exchange. The simplest way to sell is via a market order. This will sell as many BCH as you specify at the best available price(s).

There are other types of orders which may permit you to get a better price for your BCH. Check out Limit orders too, which permit you to place a sell order for your chosen amount of BCH into the order book at a specific price. This permits you to wait for the market to meet your price, albeit be aware that if your price is too high the coins may never sell. In this case, you will have to cancel your active order and place a fresh one at a lower price level.

Step 8 – Withdraw your bitcoins, or other currency. Comeback to the “Account” tab, then transfer your BTC (or whichever currency you sold for) from your trading to your deposit / withdrawal account.

The withdraw dialog will then require your Bitcoin address. Ensure that you paste a Bitcoin address from a Bitcoin wallet under your control, not the Bcash address you used to deposit funds primarily!

Congratulations, you’ve just enlargened your bitcoin holdings with almost no work! HitBTC sends out withdrawals almost instantaneously so you should soon be able to see your unconfirmed transaction in any block explorer.

Should I Sell or Hold?

Of course, you’re not coerced to sell your BCH. You may wish to hold it, perhaps because you believe in the coin’s long term prospects or think patience will be rewarded with a better price.

Bcash is presently trading above $300 on most exchanges, which in this author’s opinion is high for an altcoin with no established economy, unknown developers, vulnerably low hashrate and no real technical innovations.

Rhetoric aside, Bcash offers no tangible advantages over Bitcoin. The codebase has been gutted of major Bitcoin protocol upgrades, such as SegWit and Substitute By Fee.

Bcash addresses scaling by the relatively crude means of multiplying its maximum block size from one to eight megabytes. This has the consequence of enhancing operational requests across all knots; likely enhancing miner centralisation.

A Peak for Selling – Blocks and Drops

Each fresh block transmits coins onto exchanges, releasing pent-up selling pressure. Given the limited liquidity of these exchanges, the result is a steep drop as many coins are sold at the same time. This pattern may be clearly seen in the following chart:

BCH/BTC one minute chart with latest blocks demarcated.

Notice that price drops coincide with volume spikes.

Waiting for a block can be a tedious process. Presently, the best way to monitor Bcash blocks in real-time is via this block explorer. Bcash blocks presently take around two hours to find (but may take much longer).

How to Claim Your Bitcoin Cash and Sell it for Bitcoin (TREZOR, Ledger, Electrum)

How to Claim Your Bitcoin Cash and Sell it for Bitcoin (TREZOR, Ledger, Electrum)

Warning: this guide exposes the exact method the author used to claim free Bitcoin CasH and exchange it for Bitcoin on the 2nd of August. While every reasonable effort has been made to ensure finish and accurate information, the author can’t assure a successful outcome for those following this method.

Waiting for better documented methods and more familiar exchanges to suggest BCH deposits is the safer play in this situation. However, as more people figure out how to sell their coins, profitability may well decrease.

Bitcoin Cash – The Beginning

Table of Contents

Bitcoin Cash (aka Bcash, BCH or BCC) forked off from Bitcoin on the 1st of August and its launch has proven rather rocky. Three days later, only two exchanges are supporting Bcash deposits – and its price has crashed on both.

It still takes relatively a lot of time to get Bcash transactions into the blockchain and that’s due to the high difficulty of mining. Bcash forked with the same mining difficulty as Bitcoin but only a puny fraction (around 5%) of its hashrate. Bcash’s very first (or genesis block) took around seven hours to be found.

The difficulty adjustment process was meant to compensate for this, reducing difficulty to a level more adequate for Bcash’s low hashrate within a few blocks. However, miners from “ Genesis Block, ” an aptly named, high-tech hostel in Hong Kong, evidently began mining Bcash for joy and marketing purposes.

The hostel’s extra, unexpected hashpower greatly delayed Bcash’s difficulty adjustment process. As a result, Bcash blocks remain slow, albeit difficulty has since adjusted to about ¼ of Bitcoin’s. You can use this Bitcoin Cash block explorer to see the status of the current blocks (take a look at the bottom).

Free Bitcoin Cash for Bitcoiners

If you held any bitcoin in a individual wallet (or on certain exchange wallets listed here) then congrats, you own an equal amount of Bcash too!

If you wish to sell your Bcash, there are two things you need to do, in the following order:

1) Split you Bitcoin into Bitcoin Cash

If your BTC was held on one of the exchanges listed, the exchange will have taken care of this process for you. When you log in, you should see a BCH (or possibly, “BCC”) balance in a fresh exchange wallet, in addition to your regular BTC wallet. The amounts in both wallets should match, assuming you haven’t made any latest trades or transactions.

If your bitcoins were held in a individual wallet, you’ll have to split them yourself. We cover splitting for Ledger, TREZOR and for the Electrum software wallet. Note that the general procedure used for Electrum is applicable to other software wallets, albeit the precise steps will vary.

Two) Sell your Bitcoin Cash on an exchange

For those whose bitcoins were held on an exchange which split BCH from BTC and offers a market in BCH trading, you’re already done – sell your BCH whenever you feel like it.

Everyone else will have to determine inbetween the three exchanges presently accepting BCH deposits; HitBTC, ViaBTC and Bittrex. I used HitBTC for two good reasons:

  1. HitBTC requires only two confirmations before deposited BCH are credited to your account and made available for trading purposes. As Bcash blocks are still very slow (up to eight hours delay), this could be a real time saver. By contrast, it emerges other exchanges requires twenty confirmations before approving any withdrawals.
  2. HitBTC offers a quick and effortless registration, which requires only an email address to accomplish.

Keep in mind that because HitBTC is one of the only exchanges permitting to actually deposit BCH many people are selling it on the platform which causes the exchange rate to be lower than on other platforms.

Before going any further make sure you have a backup of your wallet at arm. Using any of these methods without a back could result in total loss of your coins. DO NOT Proceed WITHOUT A BACKUP!

Splitting your Bitcoins in a Ledger Nano S

Splitting with ledger is a fairly ordinary process but not an intuitive one, make sure to go after these exact steps:

Step one – Back up your Ledger wallet

Across the process you will need to update your firmware, this will wipe all of the data from your device. Make sure to have a back up before moving forward or you will lose all of your coins.

Step two – Update your Ledger Firmware

Download the Ledger Manager for chrome, go to “Firmwares” on the left arm side and click on “Install”. You will then be prompted to confirm this activity on your device. Once the update is finish you will need to import your wallet from your seed phrase. The finish steps to this process can be found here.

Once you have a firmware version that is 1.Trio.1 and above, you can stir on to step Trio.

Step three – Download the Bitcoin Cash App

Inwards the Ledger Manager, go to “application” and download the Bitcoin Cash app (2nd from the top).

Step four – Create a separate Bitcoin Cash wallet on your Ledger

If you had Bitcoins before the fork, Ledger now splits those Bitcoins into BTC and BCH but keeps them on the same wallet. It’s recommended to use a separate (aka split) wallet to manage your BCH. This step isn’t mandatory but is advised. If you wish to skip this step stir straight to step 6.

Connect your ledger and select “Bitcoin Cash” from the available options on the device. The following screen will open:

Select “Bitcoin Cash”. The following screen will ask if you want to access the main wallet (BTC and BCH combined) or the split wallet (Only BCH). Select “split”.

Go to “receive” and generate a BCH address. You will later send your Main wallet’s BCH to this address. Once you have your BCH address budge to step Five.

Step five – Send your BCH from your main wallet to your split wallet

This wallet holds your freshly formed BCH along with your BTC. It’s now time to send them to your split wallet.

Go to “send” and send your BCH to your split wallet address which you’ve retrieved on step Four.

Step six – Send your BCH to an exchange

You can now go to “Settings” – “Blockchains” and log back into your split wallet. You will need to wait for a fresh BCH block to be mined until you can see that your transaction is confirmed. Once it’s confirmed you can send your BCH into an exchange or hold on to them.

For the official ledger guide click here.

Splitting your Bitcoins in TREZOR

Due to only having a week to prepare for the launch of the final version of Bcash code, Trezor’s wallet does not presently support BCH (albeit they’re working on a fix). It is however possible to use an online instrument by TREZOR in order to split your BCH and at the same time send it to a BCH address.

Accurately review Trezor’s guide to this process and check their Twitter and subreddit for any updates. Sometimes the contraption is offline and recently some bugs were found in it.

Step 1 – Visit the beta version of Trezor wallet. You should use Google Chrome to access the wallet; the author was incapable to accomplish the process using Firefox or a clean install thereof.

Make sure that you’re on the beta site: https://beta-wallet.trezor.io

The reason for visiting the beta Trezor wallet is that it enables you to update your Trezor’s firmware to the latest, beta version (1.Five.1). Particularly if you haven’t performed this process before, you should explore Trezor’s guide to firmware updates.

Step Two – Be certain you have a backup of your seed phrase and update your firmware. This is done as goes after:

Step Trio – Go to the Coin Splitting Device. Click on “Connect with TREZOR”. Reconnect your device and come in the PIN as usual.

Step Four – Select the account you want to split BCH from and come in an address to send the BCH to. It is possible to inject the exchange funding address directly in this stage (see below how to get a deposit address for HitBTC).

Splitting your Bitcoins in Electrum

If you have an Electrum Bitcoin wallet, we suggest you go after this excellent guide put together by the Electrum developers. In case that any of this doesn’t make accomplish sense to you, please don’t use this method it’s pretty risky.

Here’s a TL;DR version of it:

Step 1 – Write down all of your Bitcoin addresses that had Bitcoins in them during the fork.

Step Two – Go to WalletPrivate KeysExport and write down only the keys that are related to the addresses you’ve found in step 1.

Step Trio – Budge all of your Bitcoins to a fresh Electrum wallet (create a fresh wallet through filefresh/restore). You’re doing this so that if any of the private keys you exported are compromised in some way, your Bitcoins will be in a fresh address with a different private key.

Step Four – ON A DIFFERENT COMPUTER install the Electron Cash wallet. Here’s the reason why it needs to be on a different machine:

Step Five – Import your private keys into Electron Cash. Once done you can use your fresh coins via that wallet.

Splitting your coins in Exodus

The following process was supplied by one of our users and not tested by us. Use it with caution. In any case of uncertainly please contact Exodus support (they are VERY helpful and prompt to react):

Step 1 – download the latest version of the Exodus desktop wallet from the Exodus website.

Step Two Create your account on Hitbtc as already stated in the article and get your BCC address.

Step Three– Install the Exodus wallet and click on “Help” menu on the left panel. Scroll down to the menu items on the right and click on the menu called “How do I claim my bitcoin cash (BCH)”.

Step four – Keep your BCC address (that you got from Hitbtc) handy and go after the instructions. It will calculate the amount of BTC that was in the Exodus wallet before 1st August two thousand seventeen and ask you the BCC address where you want to transfer the BCC.

Step Five – Inject the BCC address and transfer. It might take 2-4hrs for the transfer to take place.

To convert the BCC to BTC and transfer it back to your Exodus wallet and proceed following this article.

Splitting in Blockchain.info and Other Software Wallets

Update: around October two thousand seventeen Blockchain.info will add Bitcoin Cash support and you will automatically be able to see your Bitcoin Cash balance. More info can be found here.

On old Blockchain.info wallets Login and then go to Settings > Addresses on the left.

Then find your address that has your BTC balance (which held BTC at the time of the 8/1 fork) and click on More Options, then Private Keys. After that just go after the same sequence as in the Electrum guide.

In the fresh version of Blockchain.info you should go to security – wallet recovery phrase and write down your twelve word seed. After that just go after the same sequence as in the Electrum guide.

Here’s a excellent movie about Getting you BCH from software wallets:

The order of sequence laid out in the Electrum guide will be safe for any software wallet, as far as we know. The major point to keep in mind is that you must generate a fresh wallet (not just a fresh address), send your bitcoins to the fresh wallet, and only then is it safe to export the private key of your old wallet into your Bcash wallet. If you’re hesitant how to accomplish any of these steps, it’s best to wait for a detailed guide for your specific wallet.

Selling your coins on HitBTC

HitBTC is a European exchange (evidently headquartered in Hong Kong) which has been operational since 2013. They don’t seem to have experienced any major hacks or other negative events in that time, which is good going by crypto exchange standards.

Here are the steps for exchange BCH on HitBTC

Step Two – Sign in and navigate to your Bcash wallet by selecting the “Account”.

scroll down to “BCC” in the list of coins and click the “Fund” button (circle with +). Your BCC deposit address will now be generated and displayed. Note that BCC addresses look just like Bitcoin address, so be very careful that you don’t confuse the two!

Step Trio – Send the BCC from your wallet into your HitBTC BCC account.

Step Four – Wait for at least two blocks to be mined on the Bcash network.

Step Five Stir your coins into your trading account. Click the rightwards facing arrow icon, then on the expanded bar, input or verify the amount to transfer. Eventually, click transfer.

Step 6 – Select the “Exchange” tab at the top left and select the currency you wish to sell your BCH for. Make the exchange. The simplest way to sell is via a market order. This will sell as many BCH as you specify at the best available price(s).

There are other types of orders which may permit you to get a better price for your BCH. Check out Limit orders too, which permit you to place a sell order for your chosen amount of BCH into the order book at a specific price. This permits you to wait for the market to meet your price, albeit be aware that if your price is too high the coins may never sell. In this case, you will have to cancel your active order and place a fresh one at a lower price level.

Step 8 – Withdraw your bitcoins, or other currency. Come back to the “Account” tab, then transfer your BTC (or whichever currency you sold for) from your trading to your deposit / withdrawal account.

The withdraw dialog will then require your Bitcoin address. Ensure that you paste a Bitcoin address from a Bitcoin wallet under your control, not the Bcash address you used to deposit funds originally!

Congratulations, you’ve just enhanced your bitcoin holdings with almost no work! HitBTC sends out withdrawals almost instantaneously so you should soon be able to see your unconfirmed transaction in any block explorer.

Should I Sell or Hold?

Of course, you’re not compelled to sell your BCH. You may wish to hold it, perhaps because you believe in the coin’s long term prospects or think patience will be rewarded with a better price.

Bcash is presently trading above $300 on most exchanges, which in this author’s opinion is high for an altcoin with no established economy, unknown developers, vulnerably low hashrate and no real technical innovations.

Rhetoric aside, Bcash offers no tangible advantages over Bitcoin. The codebase has been gutted of major Bitcoin protocol upgrades, such as SegWit and Substitute By Fee.

Bcash addresses scaling by the relatively crude means of multiplying its maximum block size from one to eight megabytes. This has the consequence of enhancing operational requests across all knots; likely enhancing miner centralisation.

A Peak for Selling – Blocks and Drops

Each fresh block transmits coins onto exchanges, releasing pent-up selling pressure. Given the limited liquidity of these exchanges, the result is a steep drop as many coins are sold at the same time. This pattern may be clearly seen in the following chart:

BCH/BTC one minute chart with latest blocks demarcated.

Notice that price drops coincide with volume spikes.

Waiting for a block can be a tedious process. Presently, the best way to monitor Bcash blocks in real-time is via this block explorer. Bcash blocks presently take around two hours to find (but may take much longer).

How to Claim Your Bitcoin Cash and Sell it for Bitcoin (TREZOR, Ledger, Electrum)

How to Claim Your Bitcoin Cash and Sell it for Bitcoin (TREZOR, Ledger, Electrum)

Warning: this guide exposes the exact method the author used to claim free Bitcoin CasH and exchange it for Bitcoin on the 2nd of August. While every reasonable effort has been made to ensure finish and accurate information, the author can’t assure a successful outcome for those following this method.

Waiting for better documented methods and more familiar exchanges to suggest BCH deposits is the safer play in this situation. However, as more people figure out how to sell their coins, profitability may well decrease.

Bitcoin Cash – The Beginning

Table of Contents

Bitcoin Cash (aka Bcash, BCH or BCC) forked off from Bitcoin on the 1st of August and its launch has proven rather rocky. Three days later, only two exchanges are supporting Bcash deposits – and its price has crashed on both.

It still takes relatively a lot of time to get Bcash transactions into the blockchain and that’s due to the high difficulty of mining. Bcash forked with the same mining difficulty as Bitcoin but only a petite fraction (around 5%) of its hashrate. Bcash’s very first (or genesis block) took around seven hours to be found.

The difficulty adjustment process was meant to compensate for this, reducing difficulty to a level more suitable for Bcash’s low hashrate within a few blocks. However, miners from “ Genesis Block, ” an aptly named, high-tech hostel in Hong Kong, evidently began mining Bcash for joy and marketing purposes.

The hostel’s extra, unexpected hashpower greatly delayed Bcash’s difficulty adjustment process. As a result, Bcash blocks remain slow, albeit difficulty has since adjusted to about ¼ of Bitcoin’s. You can use this Bitcoin Cash block explorer to see the status of the current blocks (take a look at the bottom).

Free Bitcoin Cash for Bitcoiners

If you held any bitcoin in a individual wallet (or on certain exchange wallets listed here) then congrats, you own an equal amount of Bcash too!

If you wish to sell your Bcash, there are two things you need to do, in the following order:

1) Split you Bitcoin into Bitcoin Cash

If your BTC was held on one of the exchanges listed, the exchange will have taken care of this process for you. When you log in, you should see a BCH (or possibly, “BCC”) balance in a fresh exchange wallet, in addition to your regular BTC wallet. The amounts in both wallets should match, assuming you haven’t made any latest trades or transactions.

If your bitcoins were held in a individual wallet, you’ll have to split them yourself. We cover splitting for Ledger, TREZOR and for the Electrum software wallet. Note that the general procedure used for Electrum is applicable to other software wallets, albeit the precise steps will vary.

Two) Sell your Bitcoin Cash on an exchange

For those whose bitcoins were held on an exchange which split BCH from BTC and offers a market in BCH trading, you’re already done – sell your BCH whenever you feel like it.

Everyone else will have to determine inbetween the three exchanges presently accepting BCH deposits; HitBTC, ViaBTC and Bittrex. I used HitBTC for two good reasons:

  1. HitBTC requires only two confirmations before deposited BCH are credited to your account and made available for trading purposes. As Bcash blocks are still very slow (up to eight hours delay), this could be a real time saver. By contrast, it shows up other exchanges requires twenty confirmations before approving any withdrawals.
  2. HitBTC offers a quick and effortless registration, which requires only an email address to finish.

Keep in mind that because HitBTC is one of the only exchanges permitting to actually deposit BCH many people are selling it on the platform which causes the exchange rate to be lower than on other platforms.

Before going any further make sure you have a backup of your wallet at palm. Using any of these methods without a back could result in total loss of your coins. DO NOT Proceed WITHOUT A BACKUP!

Splitting your Bitcoins in a Ledger Nano S

Splitting with ledger is a fairly ordinary process but not an intuitive one, make sure to go after these exact steps:

Step one – Back up your Ledger wallet

Across the process you will need to update your firmware, this will wipe all of the data from your device. Make sure to have a back up before moving forward or you will lose all of your coins.

Step two – Update your Ledger Firmware

Download the Ledger Manager for chrome, go to “Firmwares” on the left mitt side and click on “Install”. You will then be prompted to confirm this activity on your device. Once the update is finish you will need to import your wallet from your seed phrase. The finish steps to this process can be found here.

Once you have a firmware version that is 1.Three.1 and above, you can stir on to step Three.

Step three – Download the Bitcoin Cash App

Inwards the Ledger Manager, go to “application” and download the Bitcoin Cash app (2nd from the top).

Step four – Create a separate Bitcoin Cash wallet on your Ledger

If you had Bitcoins before the fork, Ledger now splits those Bitcoins into BTC and BCH but keeps them on the same wallet. It’s recommended to use a separate (aka split) wallet to manage your BCH. This step isn’t mandatory but is advised. If you wish to skip this step stir straight to step 6.

Connect your ledger and select “Bitcoin Cash” from the available options on the device. The following screen will open:

Select “Bitcoin Cash”. The following screen will ask if you want to access the main wallet (BTC and BCH combined) or the split wallet (Only BCH). Select “split”.

Go to “receive” and generate a BCH address. You will later send your Main wallet’s BCH to this address. Once you have your BCH address stir to step Five.

Step five – Send your BCH from your main wallet to your split wallet

This wallet holds your freshly formed BCH along with your BTC. It’s now time to send them to your split wallet.

Go to “send” and send your BCH to your split wallet address which you’ve retrieved on step Four.

Step six – Send your BCH to an exchange

You can now go to “Settings” – “Blockchains” and log back into your split wallet. You will need to wait for a fresh BCH block to be mined until you can see that your transaction is confirmed. Once it’s confirmed you can send your BCH into an exchange or hold on to them.

For the official ledger guide click here.

Splitting your Bitcoins in TREZOR

Due to only having a week to prepare for the launch of the final version of Bcash code, Trezor’s wallet does not presently support BCH (albeit they’re working on a fix). It is however possible to use an online contraption by TREZOR in order to split your BCH and at the same time send it to a BCH address.

Meticulously review Trezor’s guide to this process and check their Twitter and subreddit for any updates. Sometimes the implement is offline and recently some bugs were found in it.

Step 1 – Visit the beta version of Trezor wallet. You should use Google Chrome to access the wallet; the author was incapable to accomplish the process using Firefox or a clean install thereof.

Make sure that you’re on the beta site: https://beta-wallet.trezor.io

The reason for visiting the beta Trezor wallet is that it enables you to update your Trezor’s firmware to the latest, beta version (1.Five.1). Particularly if you haven’t performed this process before, you should examine Trezor’s guide to firmware updates.

Step Two – Be certain you have a backup of your seed phrase and update your firmware. This is done as goes after:

Step Trio – Go to the Coin Splitting Contraption. Click on “Connect with TREZOR”. Reconnect your device and inject the PIN as usual.

Step Four – Select the account you want to split BCH from and come in an address to send the BCH to. It is possible to come in the exchange funding address directly in this stage (see below how to get a deposit address for HitBTC).

Splitting your Bitcoins in Electrum

If you have an Electrum Bitcoin wallet, we suggest you go after this excellent guide put together by the Electrum developers. In case that any of this doesn’t make finish sense to you, please don’t use this method it’s pretty risky.

Here’s a TL;DR version of it:

Step 1 – Write down all of your Bitcoin addresses that had Bitcoins in them during the fork.

Step Two – Go to WalletPrivate KeysExport and write down only the keys that are related to the addresses you’ve found in step 1.

Step Three – Budge all of your Bitcoins to a fresh Electrum wallet (create a fresh wallet through filefresh/restore). You’re doing this so that if any of the private keys you exported are compromised in some way, your Bitcoins will be in a fresh address with a different private key.

Step Four – ON A DIFFERENT COMPUTER install the Electron Cash wallet. Here’s the reason why it needs to be on a different machine:

Step Five – Import your private keys into Electron Cash. Once done you can use your fresh coins via that wallet.

Splitting your coins in Exodus

The following process was supplied by one of our users and not tested by us. Use it with caution. In any case of uncertainly please contact Exodus support (they are VERY helpful and swift to react):

Step 1 – download the latest version of the Exodus desktop wallet from the Exodus website.

Step Two Create your account on Hitbtc as already stated in the article and get your BCC address.

Step Trio– Install the Exodus wallet and click on “Help” menu on the left panel. Scroll down to the menu items on the right and click on the menu called “How do I claim my bitcoin cash (BCH)”.

Step four – Keep your BCC address (that you got from Hitbtc) handy and go after the instructions. It will calculate the amount of BTC that was in the Exodus wallet before 1st August two thousand seventeen and ask you the BCC address where you want to transfer the BCC.

Step Five – Come in the BCC address and transfer. It might take 2-4hrs for the transfer to take place.

To convert the BCC to BTC and transfer it back to your Exodus wallet and proceed following this article.

Splitting in Blockchain.info and Other Software Wallets

Update: around October two thousand seventeen Blockchain.info will add Bitcoin Cash support and you will automatically be able to see your Bitcoin Cash balance. More info can be found here.

On old Blockchain.info wallets Login and then go to Settings > Addresses on the left.

Then find your address that has your BTC balance (which held BTC at the time of the 8/1 fork) and click on More Options, then Private Keys. After that just go after the same sequence as in the Electrum guide.

In the fresh version of Blockchain.info you should go to security – wallet recovery phrase and write down your twelve word seed. After that just go after the same sequence as in the Electrum guide.

Here’s a fine movie about Getting you BCH from software wallets:

The order of sequence laid out in the Electrum guide will be safe for any software wallet, as far as we know. The major point to keep in mind is that you must generate a fresh wallet (not just a fresh address), send your bitcoins to the fresh wallet, and only then is it safe to export the private key of your old wallet into your Bcash wallet. If you’re unassured how to accomplish any of these steps, it’s best to wait for a detailed guide for your specific wallet.

Selling your coins on HitBTC

HitBTC is a European exchange (evidently headquartered in Hong Kong) which has been operational since 2013. They don’t seem to have experienced any major hacks or other negative events in that time, which is good going by crypto exchange standards.

Here are the steps for exchange BCH on HitBTC

Step Two – Sign in and navigate to your Bcash wallet by selecting the “Account”.

scroll down to “BCC” in the list of coins and click the “Fund” button (circle with +). Your BCC deposit address will now be generated and displayed. Note that BCC addresses look just like Bitcoin address, so be very careful that you don’t confuse the two!

Step Trio – Send the BCC from your wallet into your HitBTC BCC account.

Step Four – Wait for at least two blocks to be mined on the Bcash network.

Step Five Budge your coins into your trading account. Click the rightwards facing arrow icon, then on the expanded bar, input or verify the amount to transfer. Ultimately, click transfer.

Step 6 – Select the “Exchange” tab at the top left and select the currency you wish to sell your BCH for. Make the exchange. The simplest way to sell is via a market order. This will sell as many BCH as you specify at the best available price(s).

There are other types of orders which may permit you to get a better price for your BCH. Check out Limit orders too, which permit you to place a sell order for your chosen amount of BCH into the order book at a specific price. This permits you to wait for the market to meet your price, albeit be aware that if your price is too high the coins may never sell. In this case, you will have to cancel your active order and place a fresh one at a lower price level.

Step 8 – Withdraw your bitcoins, or other currency. Comeback to the “Account” tab, then transfer your BTC (or whichever currency you sold for) from your trading to your deposit / withdrawal account.

The withdraw dialog will then require your Bitcoin address. Ensure that you paste a Bitcoin address from a Bitcoin wallet under your control, not the Bcash address you used to deposit funds originally!

Congratulations, you’ve just enlargened your bitcoin holdings with almost no work! HitBTC sends out withdrawals almost instantly so you should soon be able to see your unconfirmed transaction in any block explorer.

Should I Sell or Hold?

Of course, you’re not coerced to sell your BCH. You may wish to hold it, perhaps because you believe in the coin’s long term prospects or think patience will be rewarded with a better price.

Bcash is presently trading above $300 on most exchanges, which in this author’s opinion is high for an altcoin with no established economy, unknown developers, vulnerably low hashrate and no real technical innovations.

Rhetoric aside, Bcash offers no tangible advantages over Bitcoin. The codebase has been gutted of major Bitcoin protocol upgrades, such as SegWit and Substitute By Fee.

Bcash addresses scaling by the relatively crude means of multiplying its maximum block size from one to eight megabytes. This has the consequence of enhancing operational requests across all knots; likely enlargening miner centralisation.

A Peak for Selling – Blocks and Drops

Each fresh block transmits coins onto exchanges, releasing pent-up selling pressure. Given the limited liquidity of these exchanges, the result is a steep drop as many coins are sold at the same time. This pattern may be clearly seen in the following chart:

BCH/BTC one minute chart with latest blocks demarcated.

Notice that price drops coincide with volume spikes.

Waiting for a block can be a tedious process. Presently, the best way to monitor Bcash blocks in real-time is via this block explorer. Bcash blocks presently take around two hours to find (but may take much longer).

How to Claim Your Bitcoin Cash and Sell it for Bitcoin (TREZOR, Ledger, Electrum)

How to Claim Your Bitcoin Cash and Sell it for Bitcoin (TREZOR, Ledger, Electrum)

Warning: this guide exposes the exact method the author used to claim free Bitcoin CasH and exchange it for Bitcoin on the 2nd of August. While every reasonable effort has been made to ensure accomplish and accurate information, the author can’t ensure a successful outcome for those following this method.

Waiting for better documented methods and more familiar exchanges to suggest BCH deposits is the safer play in this situation. However, as more people figure out how to sell their coins, profitability may well decrease.

Bitcoin Cash – The Beginning

Table of Contents

Bitcoin Cash (aka Bcash, BCH or BCC) forked off from Bitcoin on the 1st of August and its launch has proven rather rocky. Three days later, only two exchanges are supporting Bcash deposits – and its price has crashed on both.

It still takes relatively a lot of time to get Bcash transactions into the blockchain and that’s due to the high difficulty of mining. Bcash forked with the same mining difficulty as Bitcoin but only a puny fraction (around 5%) of its hashrate. Bcash’s very first (or genesis block) took around seven hours to be found.

The difficulty adjustment process was meant to compensate for this, reducing difficulty to a level more adequate for Bcash’s low hashrate within a few blocks. However, miners from “ Genesis Block, ” an aptly named, high-tech hostel in Hong Kong, evidently began mining Bcash for joy and marketing purposes.

The hostel’s extra, unexpected hashpower greatly delayed Bcash’s difficulty adjustment process. As a result, Bcash blocks remain slow, albeit difficulty has since adjusted to about ¼ of Bitcoin’s. You can use this Bitcoin Cash block explorer to see the status of the current blocks (take a look at the bottom).

Free Bitcoin Cash for Bitcoiners

If you held any bitcoin in a private wallet (or on certain exchange wallets listed here) then congrats, you own an equal amount of Bcash too!

If you wish to sell your Bcash, there are two things you need to do, in the following order:

1) Split you Bitcoin into Bitcoin Cash

If your BTC was held on one of the exchanges listed, the exchange will have taken care of this process for you. When you log in, you should see a BCH (or possibly, “BCC”) balance in a fresh exchange wallet, in addition to your regular BTC wallet. The amounts in both wallets should match, assuming you haven’t made any latest trades or transactions.

If your bitcoins were held in a private wallet, you’ll have to split them yourself. We cover splitting for Ledger, TREZOR and for the Electrum software wallet. Note that the general procedure used for Electrum is applicable to other software wallets, albeit the precise steps will vary.

Two) Sell your Bitcoin Cash on an exchange

For those whose bitcoins were held on an exchange which split BCH from BTC and offers a market in BCH trading, you’re already done – sell your BCH whenever you feel like it.

Everyone else will have to determine inbetween the three exchanges presently accepting BCH deposits; HitBTC, ViaBTC and Bittrex. I used HitBTC for two good reasons:

  1. HitBTC requires only two confirmations before deposited BCH are credited to your account and made available for trading purposes. As Bcash blocks are still very slow (up to eight hours delay), this could be a real time saver. By contrast, it shows up other exchanges requires twenty confirmations before approving any withdrawals.
  2. HitBTC offers a quick and effortless registration, which requires only an email address to accomplish.

Keep in mind that because HitBTC is one of the only exchanges permitting to actually deposit BCH many people are selling it on the platform which causes the exchange rate to be lower than on other platforms.

Before going any further make sure you have a backup of your wallet at arm. Using any of these methods without a back could result in total loss of your coins. DO NOT Proceed WITHOUT A BACKUP!

Splitting your Bitcoins in a Ledger Nano S

Splitting with ledger is a fairly elementary process but not an intuitive one, make sure to go after these exact steps:

Step one – Back up your Ledger wallet

Across the process you will need to update your firmware, this will wipe all of the data from your device. Make sure to have a back up before moving forward or you will lose all of your coins.

Step two – Update your Ledger Firmware

Download the Ledger Manager for chrome, go to “Firmwares” on the left forearm side and click on “Install”. You will then be prompted to confirm this activity on your device. Once the update is finish you will need to import your wallet from your seed phrase. The accomplish steps to this process can be found here.

Once you have a firmware version that is 1.Trio.1 and above, you can budge on to step Trio.

Step three – Download the Bitcoin Cash App

Inwards the Ledger Manager, go to “application” and download the Bitcoin Cash app (2nd from the top).

Step four – Create a separate Bitcoin Cash wallet on your Ledger

If you had Bitcoins before the fork, Ledger now splits those Bitcoins into BTC and BCH but keeps them on the same wallet. It’s recommended to use a separate (aka split) wallet to manage your BCH. This step isn’t mandatory but is advised. If you wish to skip this step budge straight to step 6.

Connect your ledger and select “Bitcoin Cash” from the available options on the device. The following screen will open:

Select “Bitcoin Cash”. The following screen will ask if you want to access the main wallet (BTC and BCH combined) or the split wallet (Only BCH). Select “split”.

Go to “receive” and generate a BCH address. You will later send your Main wallet’s BCH to this address. Once you have your BCH address stir to step Five.

Step five – Send your BCH from your main wallet to your split wallet

This wallet holds your freshly formed BCH along with your BTC. It’s now time to send them to your split wallet.

Go to “send” and send your BCH to your split wallet address which you’ve retrieved on step Four.

Step six – Send your BCH to an exchange

You can now go to “Settings” – “Blockchains” and log back into your split wallet. You will need to wait for a fresh BCH block to be mined until you can see that your transaction is confirmed. Once it’s confirmed you can send your BCH into an exchange or hold on to them.

For the official ledger guide click here.

Splitting your Bitcoins in TREZOR

Due to only having a week to prepare for the launch of the final version of Bcash code, Trezor’s wallet does not presently support BCH (albeit they’re working on a fix). It is however possible to use an online implement by TREZOR in order to split your BCH and at the same time send it to a BCH address.

Meticulously review Trezor’s guide to this process and check their Twitter and subreddit for any updates. Sometimes the implement is offline and recently some bugs were found in it.

Step 1 – Visit the beta version of Trezor wallet. You should use Google Chrome to access the wallet; the author was incapable to finish the process using Firefox or a clean install thereof.

Make sure that you’re on the beta site: https://beta-wallet.trezor.io

The reason for visiting the beta Trezor wallet is that it enables you to update your Trezor’s firmware to the latest, beta version (1.Five.1). Particularly if you haven’t performed this process before, you should investigate Trezor’s guide to firmware updates.

Step Two – Be certain you have a backup of your seed phrase and update your firmware. This is done as goes after:

Step Three – Go to the Coin Splitting Implement. Click on “Connect with TREZOR”. Reconnect your device and inject the PIN as usual.

Step Four – Select the account you want to split BCH from and inject an address to send the BCH to. It is possible to come in the exchange funding address directly in this stage (see below how to get a deposit address for HitBTC).

Splitting your Bitcoins in Electrum

If you have an Electrum Bitcoin wallet, we suggest you go after this excellent guide put together by the Electrum developers. In case that any of this doesn’t make accomplish sense to you, please don’t use this method it’s pretty risky.

Here’s a TL;DR version of it:

Step 1 – Write down all of your Bitcoin addresses that had Bitcoins in them during the fork.

Step Two – Go to WalletPrivate KeysExport and write down only the keys that are related to the addresses you’ve found in step 1.

Step Three – Stir all of your Bitcoins to a fresh Electrum wallet (create a fresh wallet through filefresh/restore). You’re doing this so that if any of the private keys you exported are compromised in some way, your Bitcoins will be in a fresh address with a different private key.

Step Four – ON A DIFFERENT COMPUTER install the Electron Cash wallet. Here’s the reason why it needs to be on a different machine:

Step Five – Import your private keys into Electron Cash. Once done you can use your fresh coins via that wallet.

Splitting your coins in Exodus

The following process was supplied by one of our users and not tested by us. Use it with caution. In any case of uncertainly please contact Exodus support (they are VERY helpful and swift to react):

Step 1 – download the latest version of the Exodus desktop wallet from the Exodus website.

Step Two Create your account on Hitbtc as already stated in the article and get your BCC address.

Step Three– Install the Exodus wallet and click on “Help” menu on the left panel. Scroll down to the menu items on the right and click on the menu called “How do I claim my bitcoin cash (BCH)”.

Step four – Keep your BCC address (that you got from Hitbtc) handy and go after the instructions. It will calculate the amount of BTC that was in the Exodus wallet before 1st August two thousand seventeen and ask you the BCC address where you want to transfer the BCC.

Step Five – Come in the BCC address and transfer. It might take 2-4hrs for the transfer to take place.

To convert the BCC to BTC and transfer it back to your Exodus wallet and proceed following this article.

Splitting in Blockchain.info and Other Software Wallets

Update: around October two thousand seventeen Blockchain.info will add Bitcoin Cash support and you will automatically be able to see your Bitcoin Cash balance. More info can be found here.

On old Blockchain.info wallets Login and then go to Settings > Addresses on the left.

Then find your address that has your BTC balance (which held BTC at the time of the 8/1 fork) and click on More Options, then Private Keys. After that just go after the same sequence as in the Electrum guide.

In the fresh version of Blockchain.info you should go to security – wallet recovery phrase and write down your twelve word seed. After that just go after the same sequence as in the Electrum guide.

Here’s a good movie about Getting you BCH from software wallets:

The order of sequence laid out in the Electrum guide will be safe for any software wallet, as far as we know. The major point to keep in mind is that you must generate a fresh wallet (not just a fresh address), send your bitcoins to the fresh wallet, and only then is it safe to export the private key of your old wallet into your Bcash wallet. If you’re uncertain how to accomplish any of these steps, it’s best to wait for a detailed guide for your specific wallet.

Selling your coins on HitBTC

HitBTC is a European exchange (evidently headquartered in Hong Kong) which has been operational since 2013. They don’t seem to have experienced any major hacks or other negative events in that time, which is good going by crypto exchange standards.

Here are the steps for exchange BCH on HitBTC

Step Two – Sign in and navigate to your Bcash wallet by selecting the “Account”.

scroll down to “BCC” in the list of coins and click the “Fund” button (circle with +). Your BCC deposit address will now be generated and displayed. Note that BCC addresses look just like Bitcoin address, so be very careful that you don’t confuse the two!

Step Three – Send the BCC from your wallet into your HitBTC BCC account.

Step Four – Wait for at least two blocks to be mined on the Bcash network.

Step Five Budge your coins into your trading account. Click the rightwards facing arrow icon, then on the expanded bar, input or verify the amount to transfer. Ultimately, click transfer.

Step 6 – Select the “Exchange” tab at the top left and select the currency you wish to sell your BCH for. Make the exchange. The simplest way to sell is via a market order. This will sell as many BCH as you specify at the best available price(s).

There are other types of orders which may permit you to get a better price for your BCH. Check out Limit orders too, which permit you to place a sell order for your chosen amount of BCH into the order book at a specific price. This permits you to wait for the market to meet your price, albeit be aware that if your price is too high the coins may never sell. In this case, you will have to cancel your active order and place a fresh one at a lower price level.

Step 8 – Withdraw your bitcoins, or other currency. Comeback to the “Account” tab, then transfer your BTC (or whichever currency you sold for) from your trading to your deposit / withdrawal account.

The withdraw dialog will then require your Bitcoin address. Ensure that you paste a Bitcoin address from a Bitcoin wallet under your control, not the Bcash address you used to deposit funds originally!

Congratulations, you’ve just enlargened your bitcoin holdings with almost no work! HitBTC sends out withdrawals almost instantaneously so you should soon be able to see your unconfirmed transaction in any block explorer.

Should I Sell or Hold?

Of course, you’re not coerced to sell your BCH. You may wish to hold it, perhaps because you believe in the coin’s long term prospects or think patience will be rewarded with a better price.

Bcash is presently trading above $300 on most exchanges, which in this author’s opinion is high for an altcoin with no established economy, unknown developers, vulnerably low hashrate and no real technical innovations.

Rhetoric aside, Bcash offers no tangible advantages over Bitcoin. The codebase has been gutted of major Bitcoin protocol upgrades, such as SegWit and Substitute By Fee.

Bcash addresses scaling by the relatively crude means of multiplying its maximum block size from one to eight megabytes. This has the consequence of enhancing operational requests across all knots; likely enlargening miner centralisation.

A Peak for Selling – Blocks and Drops

Each fresh block transmits coins onto exchanges, releasing pent-up selling pressure. Given the limited liquidity of these exchanges, the result is a steep drop as many coins are sold at the same time. This pattern may be clearly seen in the following chart:

BCH/BTC one minute chart with latest blocks demarcated.

Notice that price drops coincide with volume spikes.

Waiting for a block can be a tedious process. Presently, the best way to monitor Bcash blocks in real-time is via this block explorer. Bcash blocks presently take around two hours to find (but may take much longer).

Related video:

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