Bitcoin Cash is a cryptocurrency based on a fork of the Bitcoin blockchain. A fork occurs when developers take a copy of source code from one software package then start independent development on it. By doing this, the developers create a distinct, separate piece of software, but one that is based on the original version. There are a few key differences between Bitcoin and Bitcoin Cash worth noting.
Understand your responsibility in protecting your Bitcoin and cryptocurrency exchanges.
Before proceeding, please, remember that you are responsible for your own security; this means taking the steps to secure your private keys and backing up wallets. (To read more information about choosing a secure Bitcoin wallet, read How to Choose Your Perfect Bitcoin Wallet.)
The Bitcoin.com software wallet supports both Bitcoin and Bitcoin Cash. Downloading this cryptocurrency wallet is relatively quick and painless if you follow these seven easy steps:
- Download the official Bitcoin.com Wallet.
- Tap the “+” icon in the “Wallets menu” on the Home screen.
- Select “New personal wallet” from the list.
- Edit the Wallet Name to whatever name you prefer, such as “BCC Wallet” or “Bertha’s Bitcoin Wallet.”
- Tap the toggle button in the “Bitcoin Cash” field. This will activate it, and make it a BCC wallet.
- Tap the “Create new wallet” option.
- Backup the wallet seed phrase.
Please, note you can also import a Bitcoin Cash balance from other cryptocurrency. You are not bound to use only Bitcoin.
Know the conditions you must meet to access your cryptocurrency upon receipt of Bitcoin Cash notification.
When you receive notification that holders, including yourself, of a particular block now have Bitcoin Cash, you need to access the cryptocurrency that now belongs to you. In order to do that, you must import a private key from a Bitcoin wallet into a Bitcoin Cash wallet. In order to do this, you must meet either–or both–of these conditions:
- You are in complete control of your private keys.
- You have access to an online wallet, such as an exchange, that explicitly supports Bitcoin Cash. You trust that it will deposit the correct amount of Bitcoin Cash into your online Bitcoin wallet.
Of course, you need to be careful when dealing with cryptocurrency. You should secure your Bitcoin wallet, and also backup your new wallet. You should ensure that there is no electronic “paper trail” or record of your backup and/or recovery phrase, which is considered your private key. Anyone who has your private key also has access to you Bitcoin Cash.
The amount of your Bitcoin will determine how many confirmations are required prior to importing cryptocurrency.
Next, you must wait for the number of confirmations that you are willing, or required, to accept. It will take about five confirmations to access a low amount of Bitcoin, and up to 30 for larger amounts of Bitcoin.
When you are importing Bitcoin, you should use an old Bitcoin wallet with a zero balance. When it has this balance, it will show up in the new blockchain for Bitcoin Cash. The wallet’s old balance will appear, and the same number of Bitcoin will be available to claim.
The Bitcoin Cash blockchain will not “see” that you sent your Bitcoin Cash to a new wallet after that date. Instead, it will have the balance as of block 123456 (this is a fake number just for illustration), which, in the case of a fork, is when Bitcoin and Bitcoin Cash parted. After that “block height,” Bitcoin Cash will read the wallet balance as it once was–now your old wallet, and with a zero balance. When this happens, you do not have to, and absolutely should never, disclose your private key to anyone else.
No regulations currently exist with respect to cryptocurrency wallets, so, it is up to you to protect yourself and your Bitcoin.
When working with Bitcoin wallets, it is important to carefully select which one you download. You can take proactive measures, such as making sure that your transactions take place on sites with HTTPS, which assures the user that the site is secure.
Nevertheless, there are wallets that might try to impersonate reputable wallets. A good way to research wallets is to ask fellow Bitcoin users for their feedback and experiences. The Bitcoin subreddit and Bitcoin forum are both great places to ask other Bitcoin users for their input and feedback on specific Bitcoin wallets. This is a great way to connect with other Bitcoin users and learn more about Bitcoin wallets, but, this is not the only way to research Bitcoin wallets.
You can do your own research, on your own. For example, you should make a habit of checking for malware whenever you consider downloading a new Bitcoin wallet. Malware is a common scam, but, relatively easy to avoid. If the Bitcoin wallet that you want to use is a downloadable client, you can check the site for malware. One tool to use for this check is VirusTotal. This is not the only tool to check for malware; there are other similar sites, and all are great resources for checking executables to determine if they contain viruses. With a little bit of patience and research, it is easy to access your Bitcoin in a safe way that protects both your Bitcoin balance and identity.