How to prepare for the Bitcoin cash hard fork

21 174
Avatar for Fexonice1
4 years ago

In about 11 days from now, the historical Bitcoin cash proposed infrastructure upgrade and hard fork would have been done and completed. It is imperative to provide a necessary guide to users who has no experience with this kind of event. The upcoming Bitcoin Cash hard fork will be a historical and interesting one. Historical in the sense that this will be the first time that both sides of the divide share the same philosophical idealogy and yet do not want to remain together. Interesting in the sense that most users are going to be witnessing this for the first time, and what follows after the event.

One of the first interesting thing to know about the hard fork is that there will be free money

The first interesting thing about the hard-fork is that you will get free coins. This is the beauty of a hard fork, however, to receive these free coins you must possess the parent coin Bitcoin cash. Everyone who holds Bitcoin cash at the time of the fork will receive free coins from the new chain equivalent to the numbers of coins in your wallet at a ratio of 1:1 on the new chain. These coins will be free to enjoy, this is what makes it interesting. However, we must be guided on how to use the new coins else we might as well lose them unknowingly.

How to receive and store the new coins during the hard-fork

Your private or personal wallet is so important here, so pay attention to it. First, you must have the parent coin Bitcoin cash in your wallet to receive the new coins. To receive the new coin your BCH must be in your private wallet. If you have your BCH in an exchange wallet you can keep trading till November 13th and withdraw it from your exchange. It must be two days before the Bitcoin Cash hard fork begins. Then after the sprint, with your private keys create a new wallet on the new chain to access your new coins. Nonetheless, there is something more to know to be able to use the new coin separately.

The effect of a replay attack.

There is a possible effect of a replay attack in this case. A replay attack is a situation where transaction details from the older blockchain can be used on the new chain. How this happened is: you make a transaction of sending coins to someone on the older blockchain but the receiver uses the details from that transaction to receive coins on the new blockchain without your permission. If this happens you lost your coins at both chains. As you should have known in cryptocurrencies there is no pullback request only push in transactions. But with necessary preparation users can Avoid this.

How to avoid a replay attack on your coins

During the fork, it's wise not to make any transaction at all. First, users should decide which version of Bitcoin cash they are going to support and keep their wallets on that chain. Once this is done, users can install the new Bitcoin cash version to access the new coins on that chain. Once you have access to the new coins and you do not intend to continue to use them you can move them to a new address on that chain. Create a new wallet on that chain and move your new coins there. In this way, your coins are free from the risk of replay attack because they are now in different accounts or addresses. On the other hand, if you don't care about the new coins you can simply watch as things unfold without bothering myself. Should there be a replay on a transaction you sent out from your preferred chain you wouldn't be bothered in any way.

An alternative way to receive and secure the new coins

The other way to receive the new coins and avoid replay attack is to use exchanges that support both the parent and the new coins. Users who feel concerned and sure they won't be able to migrate their new coins could simply send all their Bitcoin cash to an exchange that has stated their support for both coins. Users will be automatically credited with the new coins. If you want both coins you can withdraw them separately to a personal wallet once things settle down. This is real free money indeed. As of the time of writing this article, popular exchanges such as binance.com and Houbi global have stated their support for the planned Bitcoin cash hard fork.

One more issue, which will be the real BCH?

As things stand now no one is sure which side will retain the use of BCH as a name. Bitcoin ABC still wants to support the BCH chain. This means there will be a fight for who to retain the use of the name BCH. in either case, one chain must pick a new name or argue over the old one with the ABC team.

12
$ 1.18
$ 0.68 from @TheRandomRewarder
$ 0.50 from @wakeupkitty
Sponsors of Fexonice1
empty
empty
empty
Avatar for Fexonice1
4 years ago

Comments

A bit strange is I didn't hear any wallet mention the hardcore not their intention to support one or both of them (I should say all three) but if the name isn't even clear.

I like to know what it means for this platform. What will they promote? One or both?

I don't understand what you mean by "personal wallet" either.

Each wallet is personal although some have are in my account with traders.

$ 0.00
3 years ago

Yes no one will mention this things here because this platform doesn't support ABC. read.cash is for bchn

Your personal wallet is your private wallet where you have the keys.

Thanks for the tip, I really appreciate it.

$ 0.00
3 years ago

I informed at Bitvavo and they will not support BCHN. I wonder which brokers will if it comes to it.

Any idea how to swap the newborn against... (whatever people want/need) or will this platform be abandoned soon?

So the wallet we all have here on read.cash is the private account?

The tip is well deserved. 💕👍

$ 0.00
3 years ago

I am still doing a research about the new coin and I will publish any good news cause I want to receive it.

read.cash might be a private wallet but it's not safe to store coin because it is directly link to a platform or a payment gateway.

$ 0.00
3 years ago

If there is no other wallet accepting it only two options are left. An extern wallet till? Or leave it where it is.

I hope someone will jump in and make it possible to invest, buy/sell BCHN. Without this whole hardfork is pointless.

I keep an eye on you.

$ 0.00
3 years ago

And which wallet would accept the new BCH ABC? None to my knowledge.

$ 0.00
4 years ago

I use Bitvavo. This wallet/broker told me they keep supporting Bch which will be BABC.

They will not support BCHN the new altcoin read.cash will continue with. This means if we can't find any broker where we can swap it or save it on an extern wallet, it's useless?

$ 0.00
3 years ago

Its disappointing to know that BCH price have a chance to down by price. I am expecting so much about this great currency but at the moment I think I need to change my mind.

$ 0.00
4 years ago

No you don't need to change your mind, just hold on, after the fork things will stabilize. BCH have the potential to rise once the fork is gone

$ 0.00
4 years ago

Great

$ 0.00
4 years ago

I'm still confused on the closing process for the new coin. Do you know the address for the new coin? I'd like like to see the white paper

$ 0.00
4 years ago

Check bitcoincash.org for the latest development

$ 0.00
4 years ago

Check Bitcoincash.org or search for Bitcoin ABC to know the way forward.

$ 0.00
4 years ago

I was only thinking if the BCH price value will increase or will decline..seeing the low price value now, what do you think?

$ 0.00
4 years ago

Definitely the hardfork will affect BCH value because investors are being careful at this moment to buy BCH while majority are making selling their coins. Market supply is now higher than the demand, so price will go down.

$ 0.00
4 years ago

so what do you think is it wise to hodl bch for now until the fork or not?

$ 0.00
4 years ago

You can still hold your BCH if you want to receive the new coins. We hope bch rise again. That's crypto for you

$ 0.00
4 years ago

So you can still receive the free coin from Binance if you store q bch there?

$ 0.00
4 years ago

Yeah, but you will not be able to carry out any transaction during the period of the hardfork and there will be a lot of changes involving bch transaction

$ 0.00
4 years ago