We now have two Bitcoin coins: Old Bitcoin (BTC) and Bitcoin Cash (BCH or BCC). To unify the code let us adopt the abbreviation BCH. The first of August 2017 at 2:14 pm will remain forever in memory as the day when the Bitcoin was split into two separate chains starting from Block 478559. ViaBTC has also mined the first block of the 1KM cash, making the currency official. The current price of the Bitcoin Cash is currently around 2,700 Yen, equivalent to approximately $ 400, while the original Bitcoin (BTC) is heading towards $ 2,762.
But how did this happen? And how can you get your Bitcoin Cash securely? You are in the right place now and we will guide you step-by-step on how to do this and what exchange platforms that accept trading with Bitcoin Cash. If you do not benefit from the split, you can also use this guide to learn how to buy this new currency.
Why did you end up owning the Bitcoin and Bitcoin Cash together?
Before we delve into how to withdraw the new Bitcoin coin, let's make it less confusing for those who do not know how it happened. The easiest way to think about this is: when the blockchain is divided into two, the resulting new series is identical to the original, and because you have a sum of money on the original pluche, you will end up having the same amount of the new currency. Now, the new series is KFU Cash so you will get the same amount of BCH or BCC. Because the new blockchain is cloned from the original, this means that your passkey to access is also the same. You can use the same private key on the new string to access the new currency BCH.
Why are there two symbols for the new currency?
There are two reasons for this.
The first reason is that it is codified as the "Bitfinex", the largest exchange platform for BCH. It is also traded under the BCC symbol on some other trading platforms. But …
The second reason is that the BCC code already exists and is a reserved code for BitConnectCoin.
For the time being, we are not sure which code for the CashBit will be preferred, but the BCH icon seems to be the best.
How do you get what you got from the bitcoin cash coin?
Before you do anything to get your cash back home, make sure you do your personal effort in researching and inquiring because your money may be at risk. Also, give the process some time before the block is actually mined.
Step 1: Get your private key
Make sure you have a private key to access your Bitcoin wallet. If you do not have your passkey, forget about your BCH.
Step 2: Never trust anyone
Scammers and fraudsters everywhere. Last week, I received a letter from Reddit asking me to extract my bictoin cash. Do not trust such messages or anyone under any circumstances.
Step 3: Create a BCH Portfolio
You will need to create a wallet that accepts the Bitcoin cash coin. You can use Private Key's private key to access your new currency. This is because the original string has been copied so the passkey is also copied. Then you can use your key to access and add your coins to the wallet that you just created. This may vary depending on the wallet or platform that supports Bitcoin cash. For example, Kraken automatically adds a Bitcoin Cash to your wallet and there is no need to do anything. While in other wallets, you must manually add your own passkeys to "add" your free currency. It's always better to check your platform or wallet carefully about how to add your new currency to your wallet.
Some tips to be careful
It may be best not to extract your own Bitcoin Cash after August 1, and wait for the full consolidation to be reported.
Why should you do that?
Most third-party services have suspended electronic currency trading, which are trading platforms like Coinbase and the vast majority of forex portfolios. In order to make sure that everything works according to plan. As of August 2, almost all exchange platforms have resumed the trading of the Bitcoin coin including Coinbase. However, before you make a transaction, please confirm it with the exchange platform or currency specific wallet. For example, Kraken supports a cash deposit currency but withdrawals and deposits are currently outstanding. You should also make sure you get the best rate for the new currency exchange BCH. The BCH may see an increase in the price, so you should not sell what you have soon.
On the other hand rumors say that the bulk of society will sell the BCH currency and convert it into a BTC or a bank currency. This will cause a significant reduction in prices. But this is clearly not the case. The currency exchange rate of the Bitcoin Cash was about 1,600 yen ($ 235) immediately after the split, and today it rose to as much as 2,900 yen ($ 440). So the best is to keep it a few days to see how the market will deal with this new currency. You should also make sure that under no circumstances do you install the Bitcoin ABC client on your desktop while there is a pre-installed core wallet. These two portfolios are very similar and your registration and files may be replaced that will result in the loss of all your coins.
Whatch out ..
If you keep your Bitcoin currency on a portfolio that does not support trading the new currency, wait until you are notified how to extract the new currency you received. There may be a new software update coming soon that will allow you to add cashwin currency with a click of a button. If this is not done, you will not be able to get the new currency.
So the subject is explained in 3 simple steps above, so you do not need to expose yourself to unnecessary risks, especially if you are storing large amounts of currency.
How to Obtain a New Currency BCH by Hardeware Wallets
There is some good news, and portfolios are the easiest and safest way to store your electronic currency. The good thing is that the three major electronic currency portfolios are accepting the new version of the Bitcoin coin. Both the Ledger Nano S and Trezor allow you to add a BCH to your wallet by selecting it before adding your passkey.
Here is a list of the most popular digital currency exchange platforms and portfolios that support the BCH currency ..
These platforms and portfolios have recently announced that they are in fact supporting the new Bitcoin currency. So you can use it to get your new currency or buy it:
Bitfinex
Bitflyer
Bithumb
Bittrex
Com
BTCC
CoinFloor
Cryptopia
HitBTC
Huobi
Jaxx
Korbit
Kraken
OKCoin
OKEx
Quoinex
ViaBTC
Yobit
Do you risk asking why not all platforms support the new BCH?
That's a good question. Here you'll find the reason. Any third party that does not support the currency of Bitcoin Cash will still be able to obtain it. Let's take a look at the Coinbase exchange platform that does not support the new BCH currency. Their website has often been out of service during the past two months because of the increasing number of new users. The Coinbase platform receives approximately 7,000 new support tickets each day and has accumulated for about two months. In contrast, the Kraken receives 4000 tickets per day. They also scan their accumulated tickets. This is to illustrate how many people have signed up for Coinbase.
Now, let's assume that half of them bought some of the Bitcoin coin, and half of that half did not bother to move it before August 1st. In the end, we will have twice as many users who have given up on what they got from PeteWin Cash, meaning we're talking about 15,000 to 25,000 users.
Let's go deeper with our estimates, assuming that the average of what the user has in Coinbase is $ 100 from Bitcoin. Let's also take an average of 15-25 thousand users and 20,000 users with at least $ 100 of Bitcoin in their account at Coinbase. Thus, the average of a single Bitcoin user is 0.037 BTC at $ 2,700 per pet for the time being, this means having a total of 740 BTC for 20,000 users. In contrast:
For every 1 of the Bitcoin you will take 1 of the Bitcoin Cash which is worth the current $ 400, meaning owning a 740 BCH which is a total of $ 325,000 worth of their Coinbase reserves.
The above estimate is a very conservative guess and most likely this figure is actually much higher. Unfortunately, all of these people will not get anything from Bitcoin Cash, while Coinbase claims they will not approach them because they do not want to deal with the Bitcoin cash coin in any way. But in fact, because it controls the keys of all its private key customers, they practically have access to their customers' cashwinners. What makes them give up at least a third of a million dollars?
It's really puzzling, and it's not easy to say that, but the charge really sticks to them.
In the end, it ended up with two copies of the Bitcoin coin. Be careful when extracting what you got from the new currency BCH, and read every guide you can find about your portfolio. We hope you have benefited from this split, and what you got from the new currency BCH.
