Managing the “Bitcoin Cash” fork

Managing the “Bitcoin Cash” fork

A fork ? That seems joy

The replay mechanism switched significantly since our previous article — the fresh transaction format (SIGHASH_FORKID) on the Bitcoin Cash chain is now mandatory — thus there is no need to split your Bitcoin (and the OP_RETURN scheme detailed previously is now deprecated)

Your Bitcoin balance is not at risk and your Bitcoin Cash balance will be waiting for you even if you don’t touch anything.

Before the fork : updating your Ledger devices

Again, you only need to do this if you want to transact on the Bitcoin Cash chain right now.

Nano S/Blue, Nano and HW.1 owners : update the “Ledger Bitcoin Wallet” chrome application to the 1.8.0 version (restarting Chrome should be enough)

Nano S/Blue owners : you’ll need to install the “Bitcoin Cash” application from Ledger Manager and use it to transact on the Bitcoin Cash chain. This requires the latest firmware for the Nano S (1.Three.1) — you can go after this guide to update if necessary (in case you have to update the firmware from a firmware version below 1.Trio.0, you must have your mnemonic phrase available)

Nano and HW.1 owners : you’ll need to install the 1.0.Two firmware update bundled with the updated “Ledger Bitcoin Wallet” chrome application (you must have your mnemonic phrase available)

Unplugged owners or if you don’t want to update your device : you will still get your Bitcoin Cash balance. If you wish to transact instantaneously, you should import individual private keys into a compatible wallet following the “Advanced” part of this recovery procedure — be aware that there’ll likely be scammers advertising fake splitting implements and dedicated “Bitcoin Cash” wallets, and do your own research, leisurely. We suggest using https://github.com/NicolasDorier/BCCSpliter

Before the fork : sending funds to a Bitcoin Cash friendly exchange

We do not recommend doing that, but it’s an option to consider if you want to bet on the possibility that an exchange could commence trading before the Bitcoin Cash chain could actually transact and want to begin trading as soon as possible.

Switching chains in the Bitcoin Wallet Chrome application

You can choose the chain you plan to transact on when opening the application, or choosing the “Blockchain” option in “Settings”

After the fork : general guidelines

You’ll be able to transact on the “Bitcoin Cash” chain suggested by the fresh “Bitcoin Wallet” Chrome application after the fork — before the fork, you won’t be able to send transactions.

If you own a Nano S/Blue, make sure to always open the “Bitcoin Cash” application before transacting on that chain, not the “Bitcoin” application — otherwise you’ll get an error when signing.

Depending on the hashpower available on the Bitcoin Cash chain, transacting could be badly slow until the difficulty adjusts after half a day to a few days — do not expect to be able to transact instantly.

To summarize, expect a widely chaotic environment.

After the fork : splitting your funds

Splitting your funds is no longer a requirement now that the Bitcoin Cash chain offers a two-way replay protection, but is still recommended if you plan to hold your Bitcoin Cash for some time to avoid getting lured by scammers that’ll surely play on the confusion inbetween both chains and have a safety net in case the Bitcoin Cash developers (or the next forks) determine to liquidate the replay protection at some point, which is still possible as it is not part of the consensus rules.

Splitting is achieved simply by performing transactions on the Bitcoin Cash chain using your “duplicated” funds on that chain (sitting on m/0’/) to a fresh destination that’ll be derived on a different path of your Hierarchical Deterministic wallet (on m/145’/)

Very first, open the Ledger Wallet Chrome application on the “Bitcoin Cash Split” chain, and write down an address.

Then switch to the “Bitcoin Cash” chain, and perform a transaction to this address, validating the address on the device.

You can choose to send your utter balance or individual transactions to individual addresses, depending if you wish to concentrate on spectacle/cost (very first option) or privacy (2nd option)

After the fork : transacting

Just open the Ledger Wallet Chrome application on the “Bitcoin Cash Split” chain (if you split your funds) or on the “Bitcoin Cash” chain (if you didn’t split your funds) and perform your transaction as usual.

Keep tranquil and hodl on

The fork will be a wild rail if you want to trade — expect significant price swings, FUD and scam attempts everywhere.

Your hardware wallet helps you to hodl securely and transact, but can’t prevent hasty decisions — so be utterly vigilant when moving funds while the situation unfolds.

Related video:

Leave a Reply