Splitting Bitcoin Cash to BCH (ABC) and BSV

in powerhousecreatives •  last month 

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For those who don't follow cryptocurrency news (although, you would have been hard pressed to miss this one), Bitcoin Cash had a pretty contentious Hard Fork in mid-November (around November 15 at block height 556766), which led to the current Bitcoin Cash (also known as Bitcoin Cash ABC, with ticker BCH or BCHABC) and Bitcoin Cash Satoshi Vision (with ticker BCHSV). Since that date, there has been a pretty interesting soap opera involving Craig Wright (of nChain and BCHSV) vs pretty much the rest of the crypto ecosystem. Anyway, whilst interesting... it isn't the point of this post!

If you are like me, then during these fork dates you keep your head down and make sure that your crypto is secured in a privately controlled wallet (for me, it is the hardware wallet Ledger). Basically, batten down and wait for the dust to clear, without playing any risks and then check in later to see which branch of the fork has been supported by which exchanges and wallets.

So, many months later... it appears that the leaders of BCHSV have pretty much made themselves persona non grata with a good chunk of the crypto community with some of their public statements, in addition they had some potentially damaging technical issues that undermined general trust with their branch of the chain. So, that means that Ledger has so far declined to support the BCHSV chain. Fair enough... however, I wanted to claim my coins on both chains (at the moment, the Ledger balance is only for the main Bitcoin Cash (ABC) chain. However, I wasn't particularly keen to mess around with any technical funny business at the moment as I don't have the time for it during a busy work season.

So, it turns out the Kraken are supporting deposits of pre-fork BCH and crediting with both BCH (ABC) and BCHSV. Superb!

On Kraken, the deposit addresses are shared, and so generating a deposit address for one chain will generate the same address for the other chain.... and due to the fact that neither chain has replay protection, means that any deposit of any unsplit BCH will result in the crediting of both BCH and BCHSV. There is a slight disclaimer here from the exchange, they are relying on the SV chain to honour the transmission of the transaction. The public statements from the SV team has NOT made this a 100 percent guarantee!

So, if you have unsplit coins (I'm not sure if this works with MIXED split and un-split) in a wallet address, then it really is as easy as depositing to the generated deposit address at your Kraken account. It does take 15 confirmations, but after that you are good to withdraw again (withdrawal fees are currently 0.0001 for both ABC and SV chains). This was definitely one of the more simple claims to do, much simpler than the splitting with Electron which was the alternative option.

So, at this stage... I'm just waiting for the 15 confirmations (on the order of 150 minutes...) before seeing if it has worked properly. It appears to be fine, as both chains are being logged by Kraken as awaiting confirmation.

You can read the exact details of Kraken's policy here (and if you are planning to follow this route for getting your BCHSV, then I suggest you do AT LEAST this, preferably do more research as this post might be out of date!).

https://support.kraken.com/hc/en-us/articles/360001474046-Bitcoin-Cash-BCH-and-Bitcoin-SV-BSV-replay-deposits

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Great plan keeping it all locked up safe!

Honestly the constant FUD flinging has turned me off of paying any attention to what’s going on with hard-forks and the like......

Posted using Partiko iOS

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Yeah... all the soap opera craziness is pretty horrible to watch... however, if there is a safe way to claim the coins then it is good to do. However, all the delisting of BCHSV means that I need a safe place to stash the SV tokens... it isn't supported by the wallets that I trust, so at the moment, I think I need to keep it at Bittrex....

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👌

Posted using Partiko iOS

I've been thinking about this story.
Personally, I don't like BCash and I definitely don't like BSV.
It took Bcash too long to admit they aren't BTC. The website is still confusing.
Both of them were essentially a way to start a slightly tweaked BTC with an existing distribution network.
I honest think CW did us all a favor. The joke has become a bigger joke. No one thinks either has a shot against Bitcoin anymore. Also, despite what RV thinks BCH is not going to go to the moon. You'd be just as well off buying Tron.

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Agreed, I have little faith in both the Bch and bchsv chains but I figure that I didn't pay for them, so I may as well be just hanging onto them too see how it all pand out. I learnt a hard lesson in the past when I bet against ETH... So, just Hodl and see where things take us...

TRX is also another project where I'm just holding and seeing... There is some bad news floating around it, but I figure it can't hurt to hang on! After all, any money that I've put into crypto I had written off as high risk with no expectations of return!

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I've taken a good look at most of the coins in the top 30. Tron is popular because the founder is a pretty cool guy. I'm not certain about the tech. I see it as a more centralized version of EOS and EOS is already pretty centralized. Also, it seems like because of its popularity it expanded and grew way beyond what it was originally meant to be. I've just never bought it. I don't own any EOS either, but I would rather have that to be honest. I'm actually pretty boring these days and really only hold significant amounts of xlm eth and btc.

I think most people jumped on BCH because they just got it. I sold most of mine when it was worth more than what I paid for some of my first bitcoins. I actually didn't have any left when it spawned BSV. No regrets. I just don't think the chain is special. You lose the trust and name Bitcoin has and to get an edge that isn't novel, exciting or unique. This is probably why their campaign of confusion was going strong. I never understood the whole anti-segwit thing. I have half a mind that if satoshi was around, he would be the biggest segwit supporter of them all since it basically made Bitcoin go 7X in 4 months despite a BCH spawn.

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Tron is interesting... it is marketed quite well, and sometimes that is more than half the battle, brand recognition. On the other hand, it has had quite a bit of bad PR as well....

BCH for me is also leftover holdings from hard forks... I figure I never paid for it, and so I may as well leave it hanging around. Especially in this sort of volatile stage of development, you never know what will end up on top.... I got burnt early on by selling ETH.....

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Selling ETH? Ouch. I'm trying to stay away from the rumor mill as much as possible.
I actually made more money on XRP than anything else just because it is my favorite currency to onboard with and it's large enough I don't have to fear a sudden crash due to small issues. If ripple is good enough for the banks, xrp is good enough for me. Fees are small, it's fast and it only focuses on transfers which means it's hard to mess up or hack. There is the issue with xrp maybe being non-compliant, but if it goes down, I don't think it will matter what crypto you are holding.

great idea. thanks for share your valuable content.

Posted using Partiko Android

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No problem, thanks for visiting.

Thanks for the heads up dude. Better keep it al safe.

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Ha... 1 week later, and it is all chaos again. Kraken, Shapeshift and Binance are delisting BCHSV and so this method is going to be soon out of date!


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