Claim Your Free Bitcoin Cash Now!
Almost five months after the Bitcoin Cash fork, Bitcoin Cash’s price is going steady. As of writing, Bitcoin Cash’s price is currently ~$1,492 USD on CoinMarketCap. Despite many journalists and investors stating concern over the. You can only claim Bitcoin Cash if you had Bitcoin in a wallet before the hard fork on August 1, 2017. It’s free to claim and worth it for the extra cash, no pun intended!
What’s a Bitcoin Cash? What’s a Hard Fork?
Bitcoin Cash is a hard fork of Bitcoin. This means it uses a copy of the previous blockchain for amounts, but now operates a completely separate network. You’d be making a big mistake if you send Bitcoin cash to a Bitcoin wallet. Essentially, all addresses and balances were copied on August 1, now the Bitcoin Cash. If you had Bitcoin in a wallet before, then you have the same amount of Bitcoin Cash!
It’s simple enough to understand. Bitcoin Cash forked August 1, 2017. This means that if you had Bitcoin in a wallet prior to that date, then you are entitled to your Bitcoin cash. Here’s a simple way to check if can get free bitcoin cash from your bitcoin wallet.
Checking if you have Bitcoin Cash
- Verify you had Bitcoin before August 1, 2017.
Check your Bitcoin address at blockchain.info
- Now check to see your Bitcoin Cash balance using your Bitcoin address at blockdozer
- If the final balance is more than 0, you can claim your Bitcoin Cash for free!
How to Claim Bitcoin Cash
This depends on the type of Bitcoin wallet you have. The idea is that if you have the private key and are able to spend Bitcoin, then you can use your Bitcoin private key to move your Bitcoin Cash to a new Bitcoin Cash wallet. Your Bitcoin private key unlocks your ability to send your Bitcoin Cash to a new Bitcoin Cash address, where you will have complete control.
- Obtain your Bitcoin private key
If you are using a hardware wallet like Trezor, there is a guide available here. If you use Coinomi, your private key for Bitcoin is integrated into the wallet.
- Obtain a Bitcoin Cash Wallet
This may be confusing as your Bitcoin Cash and Bitcoin wallet have the same address. It is ideal to move both the Bitcoin and Bitcoin Cash to a new wallet, although it seems more complicated, it’s safer as the private keys may be exposed when spent.
- Import the Bitcoin Private key to the Bitcoin Cash Wallet
Coinomi is the easiest way to do this. Simply download the app to your phone. Then use the built-in private key importer to scan your Bitcoin wallet’s private key. There’s a guide available here. If you’re using a hardware wallet like trezor, then the private keys are generated using BIP39 seed. This is more complicated, but Trezor published an article. Since they integrated Bitcoin cash into Trezor, it’s quite simple.
- Move Bitcoin to a new Bitcoin Wallet
Since the private key has now been exposed to a third party, it is wise to protect your Bitcoin by moving it to a new wallet. If your Bitcoin was on a paper wallet, simply print a new paper wallet and transfer the funds from the old wallet to the new one.
Claiming Bitcoin Cash is Free Money
It’s easy to see the benefits of Bitcoin Cash once you have your new Bitcoin Cash wallet set up. Coinomi makes the best of integration with most cryptocurrencies, including Bitcoin and Bitcoin Cash. It may be wise to keep some Bitcoin Cash to hedge your cryptocurrency portfolio.
Future Bitcoin Forks
It’s wise to consolidate your cryptocurrencies to one with an announced fork. This is what many had done with Bitcoin Gold. This way they maximize the moment before it forks. Bitcoin transactions are slow becuase of the number of transactions on the network. Be sure to give plenty of time prior to the fork in order for the transactions to be