What did I do with my Bitcoin Cash?

in #bitcoin7 years ago

This is what I did with my funds, you should research what to do before doing anything.

Here is a tiny write up of that I did to safely claim my Bitcoin cash.

Bitcoin cash is a hard fork of Bitcoin. Hard means basically that up to a point they would share the same blockchain and after August 1st, both (Bitcoin and bitcoin cash) would part ways. That meant that if you had bitcoins before August 1st you would end up having the very same amount on Bitcoin cash.

In preparation for the Bitcoin fork I moved all my bitcoins into a single wallet. I assumed that having multiple wallets was not efficient for moving funds and cashing it out as soon as possible. If I believed in bitcoin cash I would have saved it, but I don't care about at all. I rather buy IOTAs or Siacoins instead.

The first I did, was moving all my real bitcoin to another wallet after the fork. That means that my bitcoins funds will belong to a newer wallet. I did this to prevent double transactions. I know that it is impossible to replay a transaction from one blockchain to another (they use different signatures) but I did it anyways just to be sure. When my bitcoin transaction was confirmed I downloaded a bitcoin cash wallet (It was the easiest one to use and my Bitcoins were safely moved to another wallet, so I did not care to use it).

After having ElectronCash up and running I spend time looking for an exchange to sell it. Most of the exchanges were operating with Bitcoin cash but none of them accepted a deposit in Bitcoin cash, which was unfortunate. I ended up signup in ViaBTC and sending the funds there.

It was painfully slow, the network was super slow and it took like 18 hours to confirm the transactions, ViaBTC requires 20 confirmations, but it let you operate after 1 confirmation. That means that I was able to sell my Bitcoin cash for bitcoins (I ended up receiving 0.2BTC) but I was not able to withdraw my 0.2BTC until my deposit was confirmed (20 Bitcoin cash confirmations).

I was lucky enough that I could make some money, but to be honest I did not care much.

I hope you could find this little post useful, just remember to do your own research and to moving your funds to a brand new wallet (just to be safe).

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Keep selling me that cheap Bitcoin Cash - I love it!

That's alright, I don't trust it anyways, it is just shit coin. If it goes below 10 USD though (and it may soon enough) I would buy some just in case it goes up (but I doubt).

LOL...Keep selling that bitcoin cash!

Thanks for sharing how you did claim your Bitcoin Cash! As I am correct, you firstly moved your regular Bitcoin with importing your private keys in to a wallet with a "sweep" function (Sweeping private keys)? And if you have done this, you downloaded the Bitcoin Cash wallet and again imported the same private key to get your Bitcoin Cash out of it? And yes, I don't care much to, but if it's free money, we should claim what we can claim 😁

As I am correct, you firstly moved your regular Bitcoin with importing your private keys in to a wallet with a "sweep" function (Sweeping private keys)?

Yes, that is correct.

Before August I moved all my funds to a single wallet, let's call it wallet A.

After August 1st wallet A had the same amount of coins in both blockchains.

  1. In bitcoin: I moved all the funds from wallet A to wallet B (brand new). I moved (but I think some clients call it sweep).
  2. When that transaction was confirmed I switched to wallet A on bitcoin cash and I moved all the funds to viabtc.

Thank you very much for your explanation!

I know it is not possible to take one transaction from either one and replay it in the other chain, but I cannot be 100% sure, plus I did not trust the bitcoin-cash wallet either.

nice post! i upvoted you!

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