Bitcoin recently underwent a fork, following the Bitcoin blockchain’s adoption the Segwit2x scaling platform. A small portion of miners refused to adopt the scaling platform and forced a fork of the blockchain – which created Bitcoin Cash (BCH). Those with Bitcoin before the fork now have an equal amount of Bitcoin and Bitcoin Cash, stored on separate blockchains. This has worked out well for investors, as they can choose to sell their Bitcoin Cash – either for fiat currency or more Bitcoin. Selling your Bitcoin Cash is a painless process and requires you to open an account on both a local exchange like Luno and a cryptocurrency exchange such as Bittrex.
Luno does not support the trading of BCH, so you will have to send your Bitcoin Cash to a cryptocurrency exchange, trade it for Bitcoin, and move it back to a local exchange. If your Bitcoin was stored in an online wallet provided by Luno, you can withdraw your Bitcoin Cash without affecting your Bitcoin balance. The first step in selling your Bitcoin Cash is to send it from your BCH wallet to an exchange account. This requires opening an account on an online exchange like Bittrex and searching for a BCH address. Once you have created your exchange account and have found your BCH deposit address, send your Bitcoin Cash from your wallet to the exchange. If your BCH is stored in Luno, login and navigate to the exchange’s Send BCH page, and enter the BCH deposit address of your exchange account. Ensure you are sending your BCH to the correct deposit address, otherwise you may lose your cryptocurrency. If your Bitcoin was stored in a private wallet, you will need to download the Bitcoin Cash blockchain and enter your private key into your wallet software to access your BCH. From there, you can send it to your exchange account.
Selling BCH for rand
Once your BCH balance is reflected in your exchange wallet (the transaction may take a while), you can sell it for Bitcoin (BTC). Bitcoin Cash is currently trading at just under 0.01 Bitcoin – about $330 – meaning you can earn a fair amount of money if you held a large Bitcoin balance before the fork. Once you have sold your BCH for Bitcoin, you can send your Bitcoin to your Luno wallet and sell it for rand. To do this, withdraw your BTC from the cryptocurrency exchange and send it to your Luno BTC wallet address. You can then sell your BTC for rand, which will be stored in Luno’s rand wallet – which you may withdraw from into your local bank account. Users can also leave their Bitcoin in their Luno wallet, or send it to their private wallet.