Many of you would have read about the UAHF (User Activated Hard Fork) taking place tomorrow, 1 Aug 2017. I'm not going to go into the details of Bitcoin Cash, the hard fork etc. - there is a lot of info available online...
The three most popular ways of getting free Bitcoin Cash (BCC):
- Store your current Bitcoin on paper wallets whereby you have access to the private keys.
- Store you current Bitcoin in a wallet that has expressed support for Bitcoin Cash.
- Store your current Bitcoin on an actual exchange that has expressed support for Bitcoin Cash.
This will ensure that, for every Bitcoin you own (or part thereof), you will be "credited" with the exact same amount of Bitcoin Cash. For example, if you have 2.35 Bitcoin stored in a paper wallet, when the fork takes place you will then still own 2.35 Bitcoin BUT will also own 2.35 Bitcoin Cash!
In my case, most of my current Bitcoin is already stored offline on paper wallets. I thus have access to the private keys and thus don't have to do anything here...
I did have some Bitcoin stored on my local exchange (Luno) here in South Africa though. I got an email from Kraken informing me that they will be supporting Bitcoin Cash:
Clients holding Bitcoin (XBT) balances at the time of the fork will be credited with an equal amount of Bitcoin Cash (BCH) - e.g. 1 XBT will result in 1 XBT + 1 BCH
Fortunately I already have an account at Kraken and thus transferred my current Bitcoin lying at Luno to Kraken. This will just lie there until the dust passes and the fork is official. I will then decide if I sell off the Bitcoin Cash or keep it...
So, do yourself a favour and make sure you get your free Bitcoin Cash...
I had a look at Bitcoin Cash's website and noticed the following exchanges and wallets have expressed support. So make sure you have your current Bitcoin stored on a paper wallet or one of these wallets or exchanges to receive your Bitcoin Cash:
Exchanges
Wallets
Edit (2017-07-31 08:27 GMT)
As per Bittrex's statement here, it seems like they will also be supporting Bitcoin Cash.
Please take note that I am not affiliated with any of these companies and this is not any form of advise either...
Use at your own risk...
Please upvote if you liked this post, follow if you want to see more, and let me know your thoughts in the comments.
Bittrex is also supporting it.
Ah!! Thanks for that - didn't know that. I have an account at them too...
I guess they did not inform Bitcoin Cash directly about their support though?
And just found their statement here...
https://steemit.com/introduceyourself/@albuluhi/introducetion-new-member-of-team-aceh-steemit-2017728t184325510z ..support me.. Thank..
nice information
Hope you read it all ;)
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Very informative post right on time. Thanks for the Bitcoin Cash sites.
Only a pleasure :)
Very Good information!!
Hope it helps :)
goos sharing good information :) now i am following you
Thanks :)
Thanks for the confirmation @cheeto.blue .... so now what boggles me. If I reload my paperwallet to any of the supportive BTC BCH wallets, what happens next?
If I understand you correctly, we are getting 2 ways of selling off our cash later, or we actually have possible almost doubled value of the 2 combined?
What happens when I want to exchange my BTC to other crypto? say, 0.1 BTC, what will happen to the 0.1 BCH?
After trading will it still be around with me, or it goes together to the person who traded with me?
upvoted
Well, for now it's best to just keep the paper wallets loaded with your Bitcoin and then you'll receive the same amount of Bitcoin Cash...
Once all the dust has settled (not sure how long - could take a few weeks) then we'll figure out exactly how to send out Bitcoin ad Bitcoin Cash separately to an exchange for example to sell...
Until then, DON'T send any bitcoin - big chance you could then be accidentally sending both currencies without even knowing it...
Understood. Thank you @cheeto.blue for the suggestion.
Glad it helped :)
Still really confusing though...
Really shouldn't be...
Just got to keep your Bitcoin on one of those and then just hang tight for now...
Love your new "emojis" :)
Thanks @cheeto.blue . You can click on the emoji to see my post.
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How do we get them free?
This post got a
4.02% upvote thanks to @binarie - Hail Eris !"Bitcoin Cash" is just another altcoin fork (one of many). Only difference is, #Bitcoin users get free money to dump BCC.
There is very big chance that most Bitcoin users will just dump their BCC!! Going to be interesting to see how this all pans out...
This post has received a 1.44 % upvote from @booster thanks to: @binarie.
Dam so If I owned some bitcoin today Id be getting a equal amount of BCC free?
If you had it stored on the right medium, typically yes ;)