The Bitcoin fork nears as August 1 approaches, and while we have discussed the consolidation of BIP91, the scenario of a hard fork remains a possibility and the developers/backers of Bitcoin Cash have released a solution to allow serve as a successor to Bitcoin.
To switch to Bitcoin cash you can simply load your private keys onto the Bitcoin ABC wallet. The fork is a permanent force so essentially all transaction and balances will be ported over, allowing you to remain in position of the same number of Bitcoin cash as you had Bitcoin. Some Bitcoin wallets do not provide you with private keys to your wallet such as coinbase, as it is a hosted wallet or Xapo as itâ€™s a shared wallet, but services like Blocchain.info do provide you access to them. So you can transfer your Bitcoin to the service if you are interested in transitioning to Bitcoin cash.
Is Bitcoin Cash different from Bitcoin? Yes. Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.
Bitcoin cash is similar to a cryptocoins in a sense it relies on the same blockchain technology that Bitcoin users rely on. The currency is also part of a larger collective of similar projects in development primarily by miners. There will be some exchanges such as Coinbase and GDAX have announced they are not supporting the new currency.
There have been a couple upgrades the project has implemented which will allow the coin to scale up. These include creating a block size of 8mb compared to the 1mb size Bitcoin currently accommodates. Not only will this allow for faster transactions, but will also allow fees to be lower in most cases. The new coin is also set to be protected from replay attacks where certain users can send malicious code over the network multiple times. Having different code compared to Bitcoin, the signatures associated with transactions will also be different; furthermore, applications, libraries and Bitcoin code will not be compatible with the new currency.
To conclude, the Bitcoin cash project is essentially a softfork of Bitcoin itself. This means that all your assets will remain protected if you switch to using BitcoinCash. Whilst your assets will be protected and you will still have the same amount of BitcoinCash as Bitcoin, the value will change as currently BitcoinCash is trading at $550 at the time of writing. The new coin also offers replay protection, allowing a safe transition for those wanting to switch as Bitcoin balances and all transactions will be preserved, minimizing the risk of â€œreplayâ€ attacks, where miners from one chain begin attacking each other, and preventing users from losing their coins. Whilst your private keys will remain essential to allowing you to complete the transition to BitcoinCash, please note that not all exchanges allow you to access your private keys but some like blockchain.info will allow you to download them. Please enquire with the service you are using to gain more information.
Disclaimer: switching to BitcoinCash is by no means compulsory; users are free to choose whatever chain they wish to stay on. This article is purely for educational purposes. BTC.NG or the author do not endorse nor are affiliated with the Bitcoin Cash project.