On August 1, all Bitcoin owners automatically received shares in the fork called Bitcoin Cash. How and why it happened all and so know. In short: a small percentage of miners disagreed with the scaling approach called SegWit2x and on August 1 decided to work on another software that generates blocks incompatible with the 'main' Bitcoin.
The main thing that is of interest to us is the current price of BCC on stock exchanges, which fluctuates in a wide range from $ 400 to $ 700 per coin. Given that they, literally, got free of charge, it would be logical to try to sell them ...
Problem 1: How to access the BCC?
Electron Cash
At the time of writing, we managed to use only one purse - Electron Cash (https://electroncash.org/). The software is very fresh and did not manage to earn a significant 'trust', so it can be used only at your own peril and risk, which the developers openly warn. Nevertheless, the sources are open, and reports that he steals money do not find confirmation (see below).
We will consider that your BTCs were lying and continue to lie on the HD purse and you know the mnemonic (12 words) for its recovery. Then you need to do something like the following.
- Create a new HD purse anywhere. For example, in Copay, Blockchain.info or MyCelium. Be sure to save the new 12 words and do not give them to anyone;
- Transfer all BTC from the old wallet to a new purse from item 1. After that, you can not worry at least for the fact that the buggy and young software BCC will not steal your BTC;
- Start Electron Cash and follow the instructions. You will need to specify the file name, select the Standard wallet option in the second step, then 'I already have a seed', then enter the 12 words that you had before reading this article.
Important: most likely you will need to specify in the Options check BIP39 seed, so that the import has worked. This is exactly what you need if the purse was created on Blockchain.info.
Next, just click Next, Next, until the program window opens.
Important: The next step is to select the server to which the program will connect. If you do not, then you will be like that friend with BitcoinTalk to write that you have stolen money.
Open Tools -> Network and there select a branch with a minimum Height.
This will be a blockchain from Bitcoin Cash. If you do not do this, the program can connect to regular Electrum servers and show you transactions on the Bitcoin network. And there you, if you remember step 2 of the instructions, all spent. With your own hands.
After that, you will see your BCC and you will be able to translate them. For example, on the stock exchange.
Bitcoin ABC
Setting up Bitcoin ABC (https://bitcoinabc.org/) will take several days to install and synchronize. To somehow reduce this time, we took blocks from the data folder from the existing installation of Bitcoin Core, with a delay of about 3 months and, even so, it takes another 34 hours to download the data. Let's see what happens.
Problem 2: Where to sell?
Exchanges supporting Bitcoin Cash are many, but at the moment only HitBTC allows you to make a deposit from outside. On the other exchanges, those coins that were on the BTC balance at the time of the fork are traded.
Total, register on HitBTC, go to the Account section, there you specify the BTC ticker in the search and press the green button Fund and then create the address (Create new).
Then it will only be necessary to send money to this address and wait for confirmation of this transaction. Now the generation of one block takes about two hours, so it will take several hours to wait.
After enrollment, you can sell this coin.
Problem 3: Where to look for transactions?
See blocks, the status confirmation of transactions and other possible on site BlockChair https://blockchair.com/bitcoin-cash/blocks link. From above came a switch that allows you to select the network - Bitcoin or Bitcoin Cash.
That's all for now. The success of Bitcoin ABC and the progress of our trades will be discussed separately.
We really think that Bitcoin Cash is an overpriced gift that has to be sold while it's worth something. But our opinion is not the only one, you can save it.
Source: author