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+--- Thread: Bitcoin, Bitcoin Cash, and Splitting: How to spend BTC and BCC safely (/showthread.php?tid=5683454)
Bitcoin, Bitcoin Cash, and Splitting: How to spend BTC and BCC safely - minimalist - Jul 31, 2017
After the fork in about 12 hours, you will see that you have an equivalent amount of BCC (Bitcoin Cash) in your BCC wallet as you do in your BTC wallet. While they will be independent of each other, they share many similarities. These similarities enable a transaction from one coin to be valid on the other's blockchain...which is bad. Fortunately, there is some protection in place to prevent a replay attack on you.
Replay attack: An attack where a valid transaction on one blockchain is rebroadcasted and accepted into the other blockchain, enabling the recipient of the original transaction to receive both BTC as well as BCC.
Bitcoin Cash has replay protection that works by preventing transactions with a specific OP_RETURN message from being accepted into the BCC blockchain. However, it's good practice to take preventative measures...just in case.
How to prevent this from happening (works by separating BTC & BCC outputs):
- Split your coins...
- Send BTC to an address you own
- Import BTC private key/seed into BCC wallet
- Send BCC wherever you'd like
or- Buy BTC after the fork, send to your BTC wallet
- Sweep this wallet into an address you own
- Import original BTC private key into BCC wallet
- Send BCC wherever you'd like
- Send BTC to an address you own
Important...
- Don't trust people who will offer to split your BTC/BCC for you.
- Don't send BTC/BCC without splitting your coins if you don't know what you're doing.
- Some programs will be created to split your coins, but wait until they are reviewed.
- Don't be impatient in hopes of getting the best possible BCC sell price.
* - GrandpaSherman - Jul 31, 2017
High quality tutorial my mans keep it up!
* - itsmemario - Jul 31, 2017
quick question can i still transfer btc to my ledger?
if i purchases bitcoin from a marketplace right now am I safe to withdraw to my hardwallet?
* - minimalist - Jul 31, 2017
(Jul 31, 2017 07:16 PM)Biglez Wrote: quick question can i still transfer btc to my ledger?
if i purchases bitcoin from a marketplace right now am I safe to withdraw to my hardwallet?
Yes and yes.
* - Silver Fang - Jul 31, 2017
I got some BTC in my localbitcoin wallet, would they be okey?
I have no clue what' this new fork means. Does it mean it will be the superior bitcoin in some way?
Don't hate me for asking ;(
* - Danny Khalifa - Jul 31, 2017
That's some very high quality tutorial.
Thank you very much Mini.
* - itsmemario - Jul 31, 2017
(Jul 31, 2017 07:16 PM)Minimalist Wrote: Yes and yes.
awesome cheers mate just wanted to make sure as I know most exchanges aren't allowing withdrawls/deposits
* - minimalist - Jul 31, 2017
(Jul 31, 2017 07:17 PM)Silver Fang Wrote: I got some BTC in my localbitcoin wallet, would they be okey?
I have no clue what' this new fork means. Does it mean it will be the superior bitcoin in some way?
Don't hate me for asking ;(
I think that LBC will allow BCC withdrawals but don't quote me on that.
It's hard to say whether or not big blocks > segwit, but segwit has more support.
* - DuguWudi - Jul 31, 2017
If I dont sent anyone any btc/bcc coin for now, would you say I'm safe for now since I decided to let both coin balance stay in the same wallet after the split?
* - GhostLikesToast - Aug 1, 2017
I'm a little bit confused on 1 factor when it comes to this BTC/BCC fork:
If, for example, I currently had $0 BTC and waited til after the fork and then used $1000 to buy BTC. Are you saying that I can then "split" my $1000 worth of BTC and basically get the equivalent amount of BCC(Amount of coin, not coin worth) for free? That can't be right...
Someone please bless me with the clairvoyance of a dumbed down explanation of what I'm talking about. It would be greatly appreciated!
~GhostLikesToast
* - DuguWudi - Aug 1, 2017
(Aug 1, 2017 12:12 AM)GhostLikesToast Wrote: I'm a little bit confused on 1 factor when it comes to this BTC/BCC fork:
If, for example, I currently had $0 BTC and waited til after the fork and then used $1000 to buy BTC. Are you saying that I can then "split" my $1000 worth of BTC and basically get the equivalent amount of BCC(Amount of coin, not coin worth) for free? That can't be right...
Someone please bless me with the clairvoyance of a dumbed down explanation of what I'm talking about. It would be greatly appreciated!
~GhostLikesToast
If you buy the $1000 btc after the fork, you will only get the $1000 btc you bought, you wont have the same amount of btc equivalent in bcc. Which means you get $0 bcc value or bcc amount.
* - GhostLikesToast - Aug 1, 2017
(Aug 1, 2017 12:15 AM)DuguWudi Wrote: If you buy the $1000 btc after the fork, you will only get the $1000 btc you bought, you wont have the same amount of btc equivalent in bcc. Which means you get $0 bcc value or bcc amount.
That's been my understanding this whole time. Which is why this part of the OP has got me quite confused:
(Jul 31, 2017 06:56 PM)Minimalist Wrote: or
- Buy BTC after the fork, send to your BTC wallet
- Sweep this wallet into an address you own
- Import original BTC private key into BCC wallet
- Send BCC wherever you'd like
* - DuguWudi - Aug 1, 2017
(Aug 1, 2017 12:32 AM)GhostLikesToast Wrote: That's been my understanding this whole time. Which is why this part of the OP has got me quite confused:
Oh that one, that one is a security prevention whereby after the fork, someone might pull a stunt to stole your bcc equivalent amount when you only sent him the btc amount(for those who have the same amount of bcc equivalent in their balance wallet after fork).
OP method is for offline wallet I think not sure about online wallet.
* - GhostLikesToast - Aug 1, 2017
(Aug 1, 2017 12:35 AM)DuguWudi Wrote: Oh that one, that one is a security prevention whereby after the fork, someone might pull a stunt to stole your bcc equivalent amount when you only sent him the btc amount(for those who have the same amount of bcc equivalent in their balance wallet after fork).
Ahhh I see now. Thank you very much for clearing that up and helping my sleep deprived brain comprehend the OP. Enjoy the green apple friend <3
* - DuguWudi - Aug 1, 2017
(Aug 1, 2017 12:37 AM)GhostLikesToast Wrote: Ahhh I see now. Thank you very much for clearing that up and helping my sleep deprived brain comprehend the OP. Enjoy the green apple friend <3
Haha, if everyone buying the btc after the fork would also receive the same amount of bcc too, it would be havoc then.😏