Some holders of bitcoin have not claimed theirs Bitcoin Cash coins (BCH) after hardfork — that is the time to do it. The team of Distributed Lab that specialized on blockchain solutions has prepared a manual how to spend Bitcoin Cash coins. The manual is prepared especially for Bitxfy Bitcoin Wallet that is a Distributed Lab’s project. Using the manual you can get your Bitcoin Cash coins, send to an exchange and sell on the one of them or simply exchange to BTC via ShapeShift.
So, how do I access my BCH?
- Write down or copy your mnemonic phrase from your Bitxfy wallet. You can do it in settings. Remember a rules of derivation of the HD Keys that is BIP32 or BIP44.
- Download and install “Coinomi” application — mobile wallet for Android.
- Run the application and press “Restore wallet” button.
- In the new activity input your mnemonic phrase, do not tick “Use a BIP39 Passphrase”. Press “Next” button.
- In the new activity if you wish, enter the password for new wallet, press “Skip” or “Next”.
- In the new activity select Bitcoin and press “Finish” button.
- View the Terms of Service and Legal Disclaimer and click “AGREE” if you do. You have to agree if you want to proceed.
- In the top left menu click “+ COINS”.
- In the new activity select “Bitcoin Cash” from the list.
- Type BCC in the Description field. Click on “ADVANCED SETTINGS” below. Do not click “ADD” just yet.
- If rules of derivation of your HD Keys is BIP32 then type “M/0H” in to Derivation path field. If rules of derivation of your HD Keys is BIP44 then type “M/44H/0H/0H” in to Derivation path field. Now click “ADD”.
- Wait for transactions downloading. Now your Bitcoin Cash coins are available for sending from Coinomi wallet.
How to sell the BCH?
Bitcoin Cash is traded on the following exchanges:
How to exchange BCH for BTC via ShapeShift?
- Follow the link shapeshift.io/#/inputs/1.
- Select Bitcoin Cash as an original currency and Bitcoin as purpose currency.
- Type an address for receiving BTC, you can get your Bitxfy address.
- Type BCH address for refund if some troubles will happen.
- Tick “I agree to Terms” and press “Start transaction” button. You will redirected to a page of transaction processing.
- Scan the QR-code with Coinomi send activity and press “Use all funds”. After that send the transaction.
- Wait for first confirmation of the outgoing transaction to start processing the exchange.
Recall that before August 1, 2017, no one had Bitcoin Cash, but on that day Bitcoin blockchain has forked because of the activation of the new version of the software. At that time a new coins (Bitcoin Cash) has appeared for all holders of bitcoins. Even if after the August 1 the bitcoins were spent, the balances in Bitcoin Cash remain.
The diagram shows the balances of hierarchical keys (HD wallet) for three situations:
- Until the August 1.
- The August 1, when there were no transactions on the BTC wallet.
- After the August 1, when transactions were made in the BTC wallet, but there were no transactions in the BCH wallet.