The bread wallet plan for Bitcoin Cash (BCH)

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Avatar for Asif007
4 years ago

 BCH may be a fork of bitcoin (BTC), which suggests everyone who had BTC in their breadwallet at the time of the fork now also owns an equivalent amount.you'll read more about forks here, and you'll see yesterday's announcement about BCH her

Now that BCH successfully exists, many users are asking us about the way to access the BCH stored in their breadwallet.

 the worth of BCH has risen considerably on the exchanges that have chosen to support it, and understandably many of our users want to maneuver their BCH to an

 First, however, it's important for users to know a couple of details about the state of the network.

Processing Speed:

The bitcoin network is maintained by “miners”, and therefore the work required to take care of the network scales up as more miners participate.

BCH just launched, and it'll take time for miners to urge started and improve the performance of the network.

this suggests BCH transactions could take 6-12 hours to be processed, compared to the 10-30 minute .

 

Exchanges:

For extra security, many bitcoin exchanges don’t allow users to sell their funds immediately after depositing them.

For BTC, many exchanges require 6 confirmations which usually means a waiting time of hour before you'll trade your funds.

Exchanges are being extra cautious with BCH, however, and are requiring users to attend for 20 confirmations.

Added to the slower time interval of BCH, this equals to a possible waiting period of 5 days or more before your funds are going to be available to trade.

As you'll see, albeit you'll send your BCH immediately in an effort to take advantage on the present price offered on exchanges, you wouldn’t actually be ready to trade those.funds for several days, possibly even every week or more.      

                                                                                                  

Going forward:

 The network is predicted to enhance as time goes on, and therefore the delays might be shortened considerably. However, it could also worsen even as easily because it could recover . it's really impossible to inform at now , but we feel it's important that users remember of things and understand that BCH is just tough to maneuver around immediately .

Bread wallet’s plan:

 it's your money, and you deserve quick access to it! Our current plan is to feature an easy feature to the prevailing breadwallet app, which will let users send their entire balance of BCH to an address of their choosing (for example, users could prefer to send it to a bitcoin exchange). This operation can only be done once, and your entire BCH balance are going to be sent to the address provided. Your BTC won't be affected in any way. This solution will a minimum of give users the power to maneuver their BCH out of their breadwallet.  supports BCH for sending and receiving.

Some important notes about this solution:

 There is no guarantee on how long the transaction will fancy clear.  ready, but it's currently our top priority and that we hope to possess it out as soon as possible. Be wary of scams. we'll post another update once the feature has been added.
we release a full-featured BCH version of breadwallet. We recommend you are doing not send BCH to your breadwallet at this point .. you'll still send and receive like normal.
As always, the safety of our users and their bitcoin is our main focus. We appreciate our awesome community of breadwallet supporters, and appearance forward to providing you'll the simplest bitcoin experience possible.

 

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