The Bitcoin Cash BCH is now available - how can you get it?

We now have two Bitcoin coins: Old bitcoin (BTC) and Bitcoin Cash (BCH or BCC). To unify the code let us adopt the BCH. The first of August 2017 at 2:14 pm will remain in memory forever because it is the day that the Bitcoin split into two separate series starting from Block 478559. 

and ViaBTC has  mined the first block 1Kb of Bitcoin Cash, making the currency official. The current price of the Bitcoin Cash is currently around 2,700 Yen, equivalent to approximately $ 400, while the original Baitcoin (BTC) is heading towards $ 2,762.

But how did this happen? And how can you get your Bitcoin Cash securely? 

You are in the right place now and we will guide you step-by-step on how to do this and what exchange platforms that accept trading with Bitcoin Cash. If you do not benefit from the split, you can also use this guide to learn how to buy this new currency.

Why do we have both Bitcoin and bitcoin Cash together?

Before we know how to withdraw the new bitcoin coin, let's make it less confusing for those who do not know how it happened. The easiest way to think about this is: when the blockchain is divided into two, the resulting new series is identical to the original, and because you have a sum of money on the original block, you will end up having the same amount of the new currency. Now, the new series is Bitcoin Cash, so you will get the same amount of BCH or BCC. Because the new blockchain is cloned from the original, this means that your private key to access is also the same. You can use the same private key on the new string to access the new currency BCH.

Why are there two symbols for the new currency?

There are two reasons for this :

The first reason is that in Bitfinex, its code is BCH. It is also traded under the BCC symbol on some other trading platforms. But …

The second reason is that the BCC code already exists and is a reserved code for BitConnectCoin.

At this time, we are not sure which code for Cash will be preferred, but it seems that the BCH code will be the best.

How can you receive what you got from the Bitcoin Cash currency?

Before you do anything to get your Bitcoin Cash, make sure you do your personal effort in researching and inquiring because your money may be at risk. Also, give the process some time before the block is actually mined.

Step 1: Get your private key

Make sure you have a private key to access your Bitcoin wallet. If you do not have your private key, forget  your BCH.

Step 2: Never trust anyone

Scammers and fraudsters everywhere. Last week, I received a letter from Reddit asking me to extract my Bitcoin cash. Do not trust such messages or anyone under any circumstances.

Step 3: Create a BCH Portfolio

You will need to create a wallet that accepts the Bitcoin Cash. You can use Private Key for the original Bitcoin Wallet to access your new currency. This is because the original string has been copied so the Private Key is also copied. Then you can use your key to access and add your coins to the wallet that you just created. This may vary depending on the wallet or platform that supports Bitcoin Cash. For example, Kraken automatically adds a Bitcoin Cash to your wallet and there is no need to do anything. While in other wallets, you must manually add your own passkeys in order to add your new currency. It's always better to check your platform or wallet carefully about how to add your new currency to your wallet.

Some tips to be careful

It may be best not to extract your own Bitcoin Cash after August 1, and wait for the full consolidation to be reported.

Why should you do that?

Most third-party services have suspended e-currency trading, such as trading platforms like Coinbase and the vast majority of forex portfolios. In order to make sure that everything works according to plan. As of August 2, almost all exchange platforms have resumed the trading of the Bitcoin Cash including Coinbase. However, before you make a transaction, please confirm it with the exchange platform or currency specific wallet. For example, Kraken supports a currency,  but withdrawals and deposits are currently outstanding. You should also make sure you get the best rate for the new currency exchange BCH. The BCH may see an increase in the price, so you should not sell what you have soon.

On the other hand rumors say that many traders will sell the BCH currency and convert it to BTC or to a bank currency. This will cause a significant reduction in prices. But this is clearly not the case. The currency exchange rate of the Bitcoin Cash was about 1,600 yen ($ 235) immediately after the split, and today it rose to as much as 2,900 yen ($ 440). So the best is to keep it a few days to see how the market will deal with this new currency. You must also make sure that under no circumstances do you install the Bitcoin ABC client on your desktop with the original pre-installed wallet of Bitcoin. These two wallets are very similar and your registration and files may be replaced that will result in the loss of all your coins.

Whatch out ..

If you keep your Bitcoin currency on a portfolio that does not support BCH, wait until you're notified.

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