[GUIDE] How to claim Bitcoin Cash

[pooya87]

Make sure to see this topic by theymos also: https://bitcointalk.org/index.php?topic=2059111.0

Note: I do not condone this behavior but it is happening and many consider it as "free money" or "airdrop" so i've made this to help prevent loss and possibly help those who want to sell as fast as possible to get the best price as it goes down.

On August 1st, a small group of people are planning to implement a non-compatible upgrade to the network, raising the blocksize limit to 8MB and removing SegWit. As this upgrade does not have a wide backing of the network, this "hard fork" would split the Bitcoin network in two. After this split whatever amount you have in bitcoin you will have the same amount in their chain known as Bitcoin Cash (BCC for short).
These are the ways you can claim it and be the safest possible:

According to this [1] and [2] BCC has a two way replay protection. This means if implemented correctly and honored by miners any transactions made in BCC chain should be invalid on bitcoin chain and vice versa. This makes things a lot easier.

Ways to claim your BCC:

Method 1, using an exchange before August 1:
Risky, for the Lazy, Easy
Some exchanges have promised to credit their users their BCC tokens in case the split on August first happened. this means if you have any balance in your account there you will automatically receive the same amount in BCC.
Risks:
1. Your account can get hacked, the exchange may get hacked, the exchange can run away.
2. You don't control the private keys so you are trusting the third party to do it for you. and they may mess up and lose the tokens.
3. It may take a while before they credit your BCC tokens, or add a market for you to be able to sell them, or let you withdraw them to sell elsewhere and every second counts in case you want to act fast to get the highest price.

Benefits:
1. It is easy and suitable for the lazy.
2. If the exchange has the market already or adds it fast on August 1, you can be the fastest to sell without missing a second. So you will get the best price before it crashes.

Important
Read the risks and understand them before you decide on doing this.
your time is running out, some exchanges will close their deposits on 31st. Make sure it is not yet closed, you don't want your coins in limbo!


Method 2, using a BCC client After August 1:
Harder, Safer
This method requires you to do everything, this means separating your coins yourself and then spending them. It is not hard, but it takes some time to do it. You also are taking the risk of using a new untested code given to you by people we don't know and have no track record to check.

Risks:
The BCC clients are new and unknown, and we do not know who is releasing them (do not confuse the similar names such as "electrum-cash" with the original client "electrum" they are different[3]). They are rushed and nearly untested. They may have bugs or worse. Extra care should be taken (explained in summary below)
The replay protection may not work (Don't think this is true, just a cautious assumption IMO) (explained in summary below).

Benefits:
You control everything!

How To:
Summary: My approach is to separate the coins first and then spend them, this way you don't have to worry about replay protection or the wallets you download (because it is a new wallet created by a small group of people we don't know or trust and it is rushed and untested).
This is all After August 1 and the split.

1. First split your coins by spending them on bitcoin's network. Simply get a new key and send all your funds to it with the wallet client that you already have and is running on the main network.
Extremely Important
If you are using a deterministic wallet (ex electrum with seed) you must create a new wallet with new seed not just a new address from the same seed. (edit: Read about Electrum WARNING)

2. Download a BCC client to import your old keys (which are now empty of bitcoin but still have BCC) and use them as you wish.
I am aware of 2 clients (download at your own risk):
- Bitcoin ABC: You can download it from "releases", compile the repo or download binaries from their website.
This is a full node.
Link: https://github.com/Bitcoin-ABC/bitcoin-abc
- Electrum Cash (This is a changed/edited version of Electrum by other people than Electrum team [3])
This is a light wallet (SPV)
Link: http://www.electrumcash.org/ (update 2019: link is changed to https://electroncash.org/ and https://github.com/Electron-Cash/Electron-Cash/)

Important
It is best if you do all this offline and on a separate computer and preferably on a live linux with no persistence and no access to any of your hard disks.
Suggestion: Ubuntu[4], Tails[5]
- Burn them on a DVD or make a Live USB [6][7]
- Disconnect internet (if you do it, you need to make a raw unsigned transaction online and transfer it to offline system to sign)
- Boot up into that Linux
- install BCC client and import your private keys (or seed if it is electrum-cash)
- spend.

If you found any mistakes or lack of explanation help me fix them.


[1] https://bitcoin.stackexchange.com/questions/56867/how-does-bitcoin-cash-implement-replay-protection
[2] https://github.com/Bitcoin-UAHF/spec/blob/master/uahf-technical-spec.md#req-6-2-mandatory-signature-shift-via-hash-type
[3] https://electrum.org/bcc.txt
[4] https://www.ubuntu.com/download
[5] https://tails.boum.org/install/download/index.en.html
[6] https://unetbootin.github.io/
[7] https://www.pendrivelinux.com/

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[pooya87]

List of exchanges:
GDAX, Coinbase: Will not support [1]
Poloniex Probably won't [2]
Bittrex Will credit BCC but probably won't have the market [3]
Itbit Will not support [4]
Bitmex Will not support [5]
Bitstamp Will not support [6]

Being in this list does NOT mean these exchanges are safe to use
ViaBTC Already has the market [7]
Yobit Already has the market [8]

[1] https://support.coinbase.com/customer/portal/articles/2844217-uahf-uasf-faq
[2] https://poloniex.com/press-releases/2017.07.24-Our-plans-to-handle-potential-BTC-network-disruptions/
[3] https://support.bittrex.com/hc/en-us/articles/115000808991-Statement-on-Bitcoin-Cash-BCC-
[4] https://www.itbit.com/blog/update-itbits-protocol-for-the-upcoming-bitcoin-cash-hard-fork
[5] https://blog.bitmex.com/site_announcement/policy-on-bitcoin-hard-forks/
[6] https://www.bitstamp.net/article/bitcoin-hard-fork-our-position/
[7] https://www.viabtc.com/quot/realtime?currency=btc&dest=bcc
[8] https://yobit.net/en/trade/BCC/USD

Happy Dumping

[Francis Freeman]

List of exchanges:
GDAX, Coinbase: Will not support [1]
Poloniex Probably won't [2]
Bittrex Will credit BCC but probably won't have the market [3]
Itbit Will not support [4]
Bitmex Will not support [5]
Bitstamp Will not support [6]

Being in this list does NOT mean these exchanges are safe to use
ViaBTC Already has the market [7]


[1] https://support.coinbase.com/customer/portal/articles/2844217-uahf-uasf-faq
[2] https://poloniex.com/press-releases/2017.07.24-Our-plans-to-handle-potential-BTC-network-disruptions/
[3] https://support.bittrex.com/hc/en-us/articles/115000808991-Statement-on-Bitcoin-Cash-BCC-
[4] https://www.itbit.com/blog/update-itbits-protocol-for-the-upcoming-bitcoin-cash-hard-fork
[5] https://blog.bitmex.com/site_announcement/policy-on-bitcoin-hard-forks/
[6] https://www.bitstamp.net/article/bitcoin-hard-fork-our-position/
[7] https://www.viabtc.com/quot/realtime?currency=btc&dest=bcc

Happy Dumping

Other website which will give BCH for free are:

- kraken
- cex.io
- freebitco.in
- bitfinex

I agree using these websites is quite risky though...

[Velkro]

I think the risk for average person is too big to even consider this. I mean, you can earn $1 and you can lost $100 or even $1000 in same time.
Be very carefull what you are doing.

[Watanabe1505]

So if I store my Bitcoin on exchanges which are in supported status I will give free amount of Bitcoin Cash equivalent to amount of BTC that I store on it?

[pooya87]

So if I store my Bitcoin on exchanges which are in supported status I will give free amount of Bitcoin Cash equivalent to amount of BTC that I store on it?

if the exchanges clearly said they will credit your account with BCC equal to your bitcoin then yes you will get BCC after the fork if they don't mess things up.

[BitcoinExpart]

So if I store my Bitcoin on exchanges which are in supported status I will give free amount of Bitcoin Cash equivalent to amount of BTC that I store on it?

Personally, I don't like to store my Bitcoin such of exchange site. Continuously getting message various platforms they won't support the new blockchain or coin on that date. As long I came to know, their only chance to get the BCC equivalent amount of BTC, if you have full control over the wallet.

[tavogi.com]

Thanks, this is very helpful.

[EthBooksPro]

A very helpful guide. Many are lost at the moment as there is more and more technical information coming out about Aug 1st than they can handle.

[Turan100]

So if I store my Bitcoin on exchanges which are in supported status I will give free amount of Bitcoin Cash equivalent to amount of BTC that I store on it?

if the exchanges clearly said they will credit your account with BCC equal to your bitcoin then yes you will get BCC after the fork if they don't mess things up.

*they will  credit you half of bitcoin and half BCC ?
*they will have same price or convergent price ?

[pooya87]

So if I store my Bitcoin on exchanges which are in supported status I will give free amount of Bitcoin Cash equivalent to amount of BTC that I store on it?

if the exchanges clearly said they will credit your account with BCC equal to your bitcoin then yes you will get BCC after the fork if they don't mess things up.

*they will  credit you half of bitcoin and half BCC ?
*they will have same price or convergent price ?

example:
an exchange like bittrex promises to credit you BCC 1:1 for the balance that you have by the time of BCC hard fork.
if you have 1.4238 bitcoin in your balance that won't change. you will still have 1.4238 bitcoin after it.
also they will open a new field in your wallet and call it bitcoin cash (BCC or BCH or...) and give you 1.4238 BCC in it.

as far as price goes, we have to wait and see what happens. it is not easy to predict.
you can see bitcoin price change here: https://bitcoinwisdom.com/markets/bitstamp/btcusd
you can also see BCC price change here: https://coinmarketcap.com/currencies/bitcoin-cash/#charts

[uweth]

Beware of scams.

Bitcoincash will be the paradise for scammers, fake websites with BCH wallets, etc... all scammers want only one thing: your keys = your money.

There are no (!!!) Tested wallets for BCH.

Exchanges that support BCH might be the safest harbour or you wait until the BCH wallets have been tested.

[kuk]

is it possible to just c/p the "blocks" folder to abc directory? so i dont have to download the complete chain?

[cube_]

Good read, thanks.

I hold several altcoins on several exchanges. Say I sell my altcoins AFTER the split and then transfer the BTC received to a Bitcoin cash supported wallet... Will I then receive my equal share of Bitcoin cash?

[pooya87]

Good read, thanks.

I hold several altcoins on several exchanges. Say I sell my altcoins AFTER the split and then transfer the BTC received to a Bitcoin cash supported wallet... Will I then receive my equal share of Bitcoin cash?

NO. you'll receive equal amount of bitcoin cash for any amount of bitcoin that you have BEFORE the fork.

[iram3130]

Good read, thanks.

I hold several altcoins on several exchanges. Say I sell my altcoins AFTER the split and then transfer the BTC received to a Bitcoin cash supported wallet... Will I then receive my equal share of Bitcoin cash?

NO. you'll receive equal amount of bitcoin cash for any amount of bitcoin that you have BEFORE the fork.

Thank you so much for all the details, it was actually needed as most of the new investors will not be thinking it in the secure way.
What do you think of mycelium wallet.? And holding BCC for long term.?

[pooya87]

What do you think of mycelium wallet.? And holding BCC for long term.?

i've never tried Mycelium so i can't say anything about it. check out its dedicated board and ask your questions there: https://bitcointalk.org/index.php?board=231.0

as for holding, it is a speculation question. it is hard to answer. in short term BCC price will surely drop hard. and depending on "how hard" it may or may not be able to recover. we still don't know how much money they are willing to throw at it. the miners dedicating hashrate will surely lose a lot of money for a considerable amount of time. and a lot of other things to consider before saying anything about its future.
one thing is for sure, nobody is happy about it and it has so little support. and i will personally hold less than 5% of my reward because i have some plans for it (for testing some stuff)

[iram3130]

What do you think of mycelium wallet.? And holding BCC for long term.?

i've never tried Mycelium so i can't say anything about it. check out its dedicated board and ask your questions there: https://bitcointalk.org/index.php?board=231.0

as for holding, it is a speculation question. it is hard to answer. in short term BCC price will surely drop hard. and depending on "how hard" it may or may not be able to recover. we still don't know how much money they are willing to throw at it. the miners dedicating hashrate will surely lose a lot of money for a considerable amount of time. and a lot of other things to consider before saying anything about its future.
one thing is for sure, nobody is happy about it and it has so little support. and i will personally hold less than 5% of my reward because i have some plans for it (for testing some stuff)

Ok. Thank you for the explanation. I was thinking about November and BCC may get valuable at that point. Still not decided to hold or sell but seeing the support, it feels like selling them now is the better option.

[thang long]

Good read. Thanks for your post. I will try and install the wallet and import my electrum seed, but only then when I have read comfirmations. Still feeling unsure of just give some client my seed/ keys. Even IF I am offline.

[tiggytomb]

Nice guide and a handy list of exchanges, for anyone thinking of using an exchange now I think pretty much all of them will have frozen deposits as we are quite close.