Bitcoin Cash and what you need to know!
We all by now have seen Bitcoin split and both Bitcoin (BTC) and Bitcoin Cash (BCC) survive and thrive! Combined they are at least equal if not more in value to USD than just BTC was before the split! But now you are thinking, how do I access my BCC and should I be selling it?
Why you should wait!
It may be tempting right now to go download a wallet and transfer those new BCC coins to an exchange and cash out, but after talking with a few people and doing a little digging, I have determined there is NO OFFICIAL WALLET! This is a HUGE security concern when dealing with a new coin as any code that can access your BCC will also have access to your BTC potentially!
What are the risks?
If you download a 3rd party wallet that has barely been tested before you may be exposing yourself to a compromise of not only your BCC but also your BTC! If an attacker builds in a backdoor to steal your private key, you may land up not only loosing out on your new BCC but also having all your BTC stolen as well! Worse they could even ransomeware your computer after stealing your private key so you can't even try to transfer the coins using that machine before they are able to siphon them off!
What should I do?
In my opinion unless you have VERY good technical understanding of what has happened I would advise you to just HODL your BTC private key while we wait for an official BCC wallet on github that can be peer reviewed and quality verified. As long as you have your private key you will be able to access your BCC any time in the future! There is no rush to get access now if you are long BTC since now you have 2 types of it!
Hope this helps some people, I will continue to follow this all as we migrate the BTC/BCC ocean together!
Happy steeming!
That's a great point. Essentially the private keys are same for both BTC and BCC. Thanks for bringing this up! I'll wait for now and after everything is settled create new BTC and BCC address and move my coins to each to separate the shared private keys (or just sell BCC....who knows how long will it survive...)
Exactly what I was thinking. I plan to move my BTC to a new wallet this week once I know it won't effect the hard fork BCC chain so it is under a new private key!
Great post man. I had my BTC spread between a local wallet, bittrex and livecoin.net. So far I have my BCC on Bittrex, Livecoin sent a note promising to give it users soon but still nothing as of Aug 2nd. and I havent been able to figure out how to import my private keys into a wallet i downloaded. Now that i have seen your article i might just hold off. upvoting and subscribed. Sub back to me if not already. peace
Glad it can help, I'm not saying it WILL happen just that it COULD and for me that is enough to at least warn people to make sure if they do decide to import their BTC/BCC private key into a new wallet there could be vulnerabilities in it or worse back doors! I only trust wallets from an official github source personally compiled on my machine! Thanks for reading will follow back!
MASSIVE volatility expected for the next few days - Stay safe if your trading, and don't buy because of FOMO
Agreed 100% my advice 3 weeks ago was get BTC if you want in on BCC and get it free ;)!
BCH to the floor, BTC to double. Then I get my blockfolio addiction again - https://steemit.com/cryptocurrency/@cryptocoinclub/confessions-of-a-blockfolio-addict
Great advices, unfortunately I've did not get any BCC coins because I stored all my BTC in altcoins