Topic: How to access Bitcoin Cash after Aug 1 (Read 1273 times)
Bitcoin has split in two, so you can have double the cryptocurrency
Lets say I have 1 bitcoin in my exodus wallet. From what Im understanding, on Aug 1, I will then have 1 bitcoin and 1 bitcoin cash. Is that correct?
If so, how will it actually look like inside the wallet. How can I access that 1 bitcoin cash and for example, sell it off or exchange it?
If so, how will it actually look like inside the wallet. How can I access that 1 bitcoin cash and for example, sell it off or exchange it?
You need a Bitcoin Cash wallet. You can copy your wallet.dat file from Bitcoin Core over and it will "work", but it is dangerous to actually use.
I would suggest this procedure.
On Bitcoin Core, create a new address and get ready to send 0.001BTC to that address.
On Bitcoin Cash, create a different address and get ready to send 0.002BTC to that address.
Make sure you pay slightly different fees on both sides.
Press send on both clients at the same time and then wait.
This creates two transactions and sends one to each chain. However, they are both valid on both chains.
This means that one of them might end up on both chains.
Since they send different amounts and have different fees, if each chain ends up with a different transaction, you will see a different one listed on each client.
If that happens, then success. Wait until both chains have confirmed by 10 blocks.
If you end up with the same transaction on both chains, then try again.
Once you have a different transaction on both chains, you can then send all your money back to yourself on one of the chains. This is safe since you are moving the money to your own address, but it means that all your current outputs are now spent on that chain.
This means that they can only be spent on the other chain. The new output (with all your money) is also only spendable on the first chain.
Code:
BTC -- B(BTC)
. /
BTC A -- <
. \
BCC -- C(BTC)
Basically, A is your coin on the current chain. When the fork happens, there is a split.
You want to move that coin to different outputs on both chains.
B is the output of one of the transactions and C is an output from the other transaction.
If you can get each chain to accept a different output (and you wait 10-20 confirms), then you have an coin available to spend with all your other coins.
If it happens that the transaction ends up on both chains, then you haven't improved things.
Having said that, it is probably best to wait until someone has a safe/user friendly way to do it. You should keep you money stationary from July 31 for a few days at least.
thanks.
The coins are perfectly spendable.
Ahh, so colored coins (or similar).
It is risky. You could end up spending your special outputs by accident.
BCC has replay protection. I am not sure if their client actually can produce those transactions though.
On further reading, it looks like BCC is inherently replay protected. If you create a transaction on BCC, it is automatically an illegal Bitcoin transaction.
The sighash field in the signature has to be formatted in a way that is illegal in Bitcoin.
With those two options, you can create Bitcoin only transctions and BCC only transactions.
Before you try it, I would check with someone else though
. I am just reading the doc and the code may be different (or I may have misread).Electrum is claiming that spending BCC funds doesn't affect the Bitcoin linked private keys, so that is more evidence.
Code:
Therefore, *after* the BCC fork, but *before* you enter a seed or
private key in a BCC wallet, you should move all your funds to a new
Electrum wallet, with a new seed. You will still be able to use the
old seed or private key with BCC, because BCC has replay
protection. Wait until your funds are confirmed in your new Bitcoin
wallet, before you enter the old private key in a BCC wallet. This
will protect your BTC funds from rogue/untrusted software.
If I have 1 BTC in an output from 2014, which can be spent but for technical reasons must remain in its current output on the main chain
What technical reasons? Do you mean locktime? If so, then no, it is locked on both chains.
If you can't spend it on the main chain according to Bitcoin's rules, then you can't spend it on the BCC chain either. The 2 chains are essentially identical except for SW, which didn't apply in 2014 anyway.
The coins are perfectly spendable. However, spending them will destroy an unrelated asset unless a certain amount of time has passed. So it is preferable that they aren't spent on the main chain. It's kind of an edge-case scenario...
If I have 1 BTC in an output from 2014, which can be spent but for technical reasons must remain in its current output on the main chain
What technical reasons? Do you mean locktime? If so, then no, it is locked on both chains.
If you can't spend it on the main chain according to Bitcoin's rules, then you can't spend it on the BCC chain either. The 2 chains are essentially identical except for SW, which didn't apply in 2014 anyway.
I have another question about splitting...
If I have 1 BTC in an output from 2014, which can be spent but for technical reasons must remain in its current output on the main chain, can I still spend it exclusively on a bitcoin cash chain if I first split other, unrelated coins (say 0.005 BTC) with the procedure outlined by TierNolan and then use both the ancient 1 BTC input and the new, bitcoin cash-only input that was just created and is not valid on the main chain? That is, both inputs in one transaction, on the bitcoin cash chain. Leaving the 1 BTC output unspent on the main chain.
If I have 1 BTC in an output from 2014, which can be spent but for technical reasons must remain in its current output on the main chain, can I still spend it exclusively on a bitcoin cash chain if I first split other, unrelated coins (say 0.005 BTC) with the procedure outlined by TierNolan and then use both the ancient 1 BTC input and the new, bitcoin cash-only input that was just created and is not valid on the main chain? That is, both inputs in one transaction, on the bitcoin cash chain. Leaving the 1 BTC output unspent on the main chain.
Lets say I have 1 bitcoin in my exodus wallet. From what Im understanding, on Aug 1, I will then have 1 bitcoin and 1 bitcoin cash. Is that correct?
If so, how will it actually look like inside the wallet. How can I access that 1 bitcoin cash and for example, sell it off or exchange it?
If so, how will it actually look like inside the wallet. How can I access that 1 bitcoin cash and for example, sell it off or exchange it?
You need a Bitcoin Cash wallet. You can copy your wallet.dat file from Bitcoin Core over and it will "work", but it is dangerous to actually use.
I would suggest this procedure.
On Bitcoin Core, create a new address and get ready to send 0.001BTC to that address.
On Bitcoin Cash, create a different address and get ready to send 0.002BTC to that address.
Make sure you pay slightly different fees on both sides.
Press send on both clients at the same time and then wait.
This creates two transactions and sends one to each chain. However, they are both valid on both chains.
This means that one of them might end up on both chains.
Since they send different amounts and have different fees, if each chain ends up with a different transaction, you will see a different one listed on each client.
If that happens, then success. Wait until both chains have confirmed by 10 blocks.
If you end up with the same transaction on both chains, then try again.
Once you have a different transaction on both chains, you can then send all your money back to yourself on one of the chains. This is safe since you are moving the money to your own address, but it means that all your current outputs are now spent on that chain.
This means that they can only be spent on the other chain. The new output (with all your money) is also only spendable on the first chain.
Code:
BTC -- B(BTC)
. /
BTC A -- <
. \
BCC -- C(BTC)
Basically, A is your coin on the current chain. When the fork happens, there is a split.
You want to move that coin to different outputs on both chains.
B is the output of one of the transactions and C is an output from the other transaction.
If you can get each chain to accept a different output (and you wait 10-20 confirms), then you have an coin available to spend with all your other coins.
If it happens that the transaction ends up on both chains, then you haven't improved things.
Having said that, it is probably best to wait until someone has a safe/user friendly way to do it. You should keep you money stationary from July 31 for a few days at least.
Thank you very much for that detailed answer. I will however do as you say and hold off until a few days after the 31st.
Lets say I have 1 bitcoin in my exodus wallet. From what Im understanding, on Aug 1, I will then have 1 bitcoin and 1 bitcoin cash. Is that correct?
If so, how will it actually look like inside the wallet. How can I access that 1 bitcoin cash and for example, sell it off or exchange it?
If so, how will it actually look like inside the wallet. How can I access that 1 bitcoin cash and for example, sell it off or exchange it?
[edit]
It looks like Bitcoin Cash has replay protection, so you are safe anyway. The signatures are not inter-changable.
You just need a BCC wallet.
(Obviously, you should verify that with someone else)
[/edit]
You need a Bitcoin Cash wallet. You can copy your wallet.dat file from Bitcoin Core over and it will "work", but it is (potentially) dangerous to actually use.
I would suggest this procedure.
On Bitcoin Core, create a new address and get ready to send 0.001BTC to that address.
On Bitcoin Cash, create a different address and get ready to send 0.002BTC to that address.
Make sure you pay slightly different fees on both sides.
Press send on both clients at the same time and then wait.
This creates two transactions and sends one to each chain. However, they are both valid on both chains.
This means that one of them might end up on both chains.
Since they send different amounts and have different fees, if each chain ends up with a different transaction, you will see a different one listed on each client.
If that happens, then success. Wait until both chains have confirmed by 10 blocks.
If you end up with the same transaction on both chains, then try again.
Once you have a different transaction on both chains, you can then send all your money back to yourself on one of the chains. This is safe since you are moving the money to your own address, but it means that all your current outputs are now spent on that chain.
This means that they can only be spent on the other chain. The new output (with all your money) is also only spendable on the first chain.
Code:
BTC -- B(BTC)
. /
BTC A -- <
. \
BCC -- C(BTC)
You want to move that coin to different outputs on both chains.
B is the output of one of the transactions and C is an output from the other transaction.
If you can get each chain to accept a different output (and you wait 10-20 confirms), then you have an coin available to spend with all your other coins.
If it happens that the transaction ends up on both chains, then you haven't improved things.
Having said that, it is probably best to wait until someone has a safe/user friendly way to do it. You should keep you money stationary from July 31 for a few days at least.
Lets say I have 1 bitcoin in my exodus wallet. From what Im understanding, on Aug 1, I will then have 1 bitcoin and 1 bitcoin cash. Is that correct?
If so, how will it actually look like inside the wallet. How can I access that 1 bitcoin cash and for example, sell it off or exchange it?
If so, how will it actually look like inside the wallet. How can I access that 1 bitcoin cash and for example, sell it off or exchange it?
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