It took me 4 days but I managed to cash out on my Bitcoin Cash (BCH) coins!
I was able to make 1.45 BTC out of the 21 BCH I received after the fork.
Unfortunately the BCH price had already crashed down to $218 otherwise I could I have made more.
Multiple reasons it tooks so long to be able to dump my Bitcoin Cash coins:
- Bittrex, Poloniex and other exchanges all stopped accepting deposits/withdrawals for BCH for a couple of days after the August 1st fork
- When Bittrex allowed to deposit BCH my I couldn't send them my coins, held in my Trezor hardware wallet, because Trezor had found an issue in their Bitcoin split software. It took them about a day to fix it.
- Finally, when I was able to transfer my BCH coins to Bittrex, it took more than a day for this transaction to get the required 20 block confirmations so I had to wait over a day to be able to sell them.
This last issue is due to the difficulty of the Bitcoin Cash blockchain that after the fork was still set as the Bitcoin blockchain, only the forked chain has a lot less mining power behind it which means mining a BCH block might take hours rather than 10 minutes as it it for BTC.
It took about 30 hours to get 20 confirmations of my BCH transaction to Bittrex but at 12:30pm UTC I was finally able to dump my BCH for real Bitcoins. Hurrah!!
What I did with my free 1.45 bitcoin? I decided to loan them to the Bitconnect trading bot.
I was able to make a $5,010 loan which should return me about $50 a day.
With this move I want to hedge against the risk of crypto market entering the bear market after hitting an all time high.
Securing a recurring regular $ income proportional to market volatility seems a good way to do it.
Here is my referral link to Bitconnect if case you decide to follow what I'm doing and cash out on Bitcoin Cash.