7/01 ANDY HOFFMAN (CryptoGoldCentral.com): Bitcoin Rhodium Grace Period Begins – Here Are Your Options…All Good!
Congratulations to Bitcoin Rhodium Holders who “BRODLed” through the second quarter, as you just earned your second Strong Hands reward. The first award was 1.43% of holdings, and we’ll learn by tomorrow what the second award is.
The snapshot for the third quarter would normally be today (the first of the new quarter), but was moved to July 7th because it was expected that by now, Trezor would have published a new, comprehensive firmware update announcing official XRC support.
It did publish a minor update for the Model T – which, if you are a tech wiz, can be used to activate Model T XRC support. However, for the layman – most of whom, don’t even own Model T – XRC support is not yet enabled. So, all we can do is wait for the increasingly imminent Trezor update – in which official support is enabled for both the Model T and Trezor One.
Presumably, the Bitcoin Rhodium devs will create a second grace period at the end of the third quarter – as by THEN, it would be shocking if Trezor hasn’t published a new comprehensive firmware update. For now, you can do the following…
If you’re a tech wiz, and own a Model T, you can migrate your XRC to Trezor
Do nothing, and wait for the firmware update – under the assumption a second grace period will be granted to migrate your XRC to Trezor
Prepare for the firmware update by creating an Electrum XRC wallet, which must be done anyway. It is EASY, and does NOT entail the movement of any XRC funds. I did so this morning, and will show you how now.
Presumably, Trezor will ONLY support Bitcoin Rhodium through the XRC Electrum wallet. XRC holders currently have the choice of the web wallet and specialized XRC Electrum wallet – but most likely, will be required to use the Electrum wallet when Trezor support is announced.
Theoretically, Trezor could surprise us by making XRC one of the 15 or so currencies in its dropdown menu (a VERY high profile event, if it happens); thus, eliminating the need for the Electrum wallet. However, let’s just assume it occurs the way the XRC devs assume – i.e, via its Electrum wallet.
Creating the XRC Electrum wallet is easy. And again, you will NOT be moving any funds, just creating a safer, more secure Electrum wallet. You can still access your web wallet with your web wallet password, so BOTH will work simultaneously. However, the Electrum wallet is safer, enables the signing of messages, and will be compatible with Trezor (unless Trezor shocks us by putting it on the dropdown menu). So, you might as well just create it.
Just go to www.bitcoinrh.org, and at the top of the page, select, wallets, Electrum wallet. It will then take you to the downloads page, where you can either select the Windows Installer (at the bottom left) or the MacOSX installer at the right. Download it, and you are ready to go.
https://electrum.bitcoinrh.org/#download
Again, this has nothing to do with Trezor installation – which is also easy, but requires the actual movement of coins; but simply, the creation of an Electrum XRC wallet.
You will then go to File New/Restore, and be asked to pick the name of your wallet. Hit next, and it will ask you to enter the 12-word seed from your web wallet – which is very easy, as the program is user-friendly. It will then ask you for your web wallet transaction password.
You will then be asked to create a NEW password, solely for using your Electrum wallet – which is used as BOTH the login AND transaction password. Your new Electrum XRC wallet will synchronize for a minute or two - and then, your balance and history will show up. You’ll see send and receive buttons, and a dropdown menu with options such as sign/verify, etc. It’s that easy!
By the way, I may have slightly missed a step in this description, as I was taking notes quickly when doing it myself. However, it’s quite self-explanatory – and if you need any help, just let me know.
For the record, what I’ve accomplished – and you should, too – is creating a safer, more secure Electrum wallet for my Bitcoin Rhodium cold wallet; i.e., the one I use for Strong Hands BRODLing. When Trezor support is enabled, I’ll migrate these funds to my Trezor One (or perhaps, splurge on a Model T); but for now, I can use it as I use my web wallet - though I won’t, as this is my COLD WALLET, that I only send INTO.
As for my hot wallet, I will likely continue to use my web wallet, which has much less XRC in it – which is very secure, but not as secure as the Electrum wallet. I could create a second Electrum wallet for it – which I may well do; or, if I was a tech geek, figure out how to segregate the wallets in a single Electrum wallet (I’m not, so I won’t).
Best of luck to us all, as our “huge announcement” rapidly approaches!
Bitcoin Rhodium currently trades on p2pbp2.io, WhiteBit, Trade Satoshi, Fat BTC, Sistemkoin and Bisq. If you have questions about anything XRC-related, including OTC trading, please email me at [email protected], or DM/PM me on Twitter or Discord.