How to claim your bitcoin cash
Be sure that your firmware is up to date. Install the Bitcoin Cash app on Ledger. Go to Settings and find the current chain status on the top right side of the screen. From the Settings menu, choose Blockchains. Select the Bitcoin Cash blockchain. Copy the receiving address of your Bitcoin Cash wallet and transfer BCH from the main wallet to the new split wallet. Click on Receive the and copy the BCH receiving address. Transfer all funds to the BCH wallet address that you copied in step 9.
Transfer all BCH from the main chain to the split chain. Save and run the BIP39 tool attached here. Select BTC from the dropdown list of coins. Scroll down to the list of addresses. Each address has an accompanying public and private key. You can get the private key directly by text, or by going with the cursor the key, the page will show the QR code. Disclaimer: We list hardforks for informational purpose only.
Even if you intend to keep them, I highly recommend that you transfer your BCH to a new wallet. If you wish to trade them for a fiat currency or another cryptocurrency, you will need to send your BCH to an exchange. I suggest Bitfinex. How to claim your Bitcoin Cash Full steps Safeguard your current Bitcoins The private keys that allow you to access your Bitcoins are the same ones that grant you ownership over your Bitcoin Gold.
This is an issue because you will be required to export your private keys from your Bitcoin wallet and import them into the Bitcoin Cash wallet. To mitigate this danger, you need to transfer your Bitcoins from your current wallet to a completely new one, and never use the old wallet again. The two wallets should have different passwords. Be sure to send your Bitcoins to a completely different wallet and not merely a different address within the same wallet. The exact procedure varies according to the software you use, but normally, your new wallet should have a separate recovery phrase from your old one.
This will further safeguard your Bitcoins. Export the private keys of your BTC wallet The steps to export the private keys of your Bitcoin wallet vary according to the software you use. Generally speaking, your private keys are going to be either one or several alphanumeric strings such as L5Ch4DAW8CVbi9cNRKtht8L7wxhciggqSrkfFg2anZF8qejyB7x1 or a recovery phrase composed of numerous words such as fence pepper sister bid doctor two cave chicken list dog abandon butter.
The alphanumeric string and recovery phrase above are fake. They are shown only as an example.
ETHEREUM WALLET SYNC PROBLEM
This makes it very lightweight as it doesn't have to download its own copy. Write down the seed that you see on a piece of paper and store it somewhere safely. This is crucial to make sure that your Bitcoins are safe. Electrum will ask for this each time you start the program the first time and want to send a transaction.
Manage Electrum addresses Image credit: Future Electrum will now generate addresses for your new wallet. As soon as it starts click on the 'Receive' tab and find a valid address for this wallet where you can receive coins e. Leave Electrum running. Open your original wallet and send all your Bitcoins to this new address. This is now your new Bitcoin wallet and you should use this for all BTC related transactions. Wait until the transaction is confirmed and your old wallet is empty before proceeding.
You can use websites such as Blockchain opens in new tab to check the number of confirmations wait for at least 6. Export private keys Image credit: Future Now that your old wallet software is empty, you will need a list of any private keys it previously used. The Electron Cash software can use these to redeem your Bitcoin Cash.
The specific steps to do this will vary from wallet to wallet. If you used a Bitcoin Paper wallet originally to hold your coins the private key is the long series of digits and numbers along the front. Make sure that you're using a separate computer or virtual machine to the one where your Bitcoin wallets are located. Windows users may see a warning saying the website is unsafe. As your old Bitcoin wallet is empty and you're using a separate machine, the risk is minimal.
Windows users may see a Windows Defender warning. The setup process is very similar to the Electrum wallet. In the box below paste any private keys used by your original Bitcoin wallet. Make sure only to paste the private keys. At this stage you may want to tweak the software slightly by clicking on the green network indicator at the bottom right. Select the correct branch the one that has servers electrum-abc.
This will ensure that your wallet will only connect with servers which support Bitcoin Cash. When selling Bitcoins to other people on LocalBitcoins, you can decide which payment method you want the buyers to use. These include: Cash deposit: You can ask the buyer to deposit cash into your bank account. However, you should always ask them for proof of ID and proof of payment before releasing your Bitcoins to them. Bank Transfer: You can ask the buyer to send you a bank transfer payment.
Before trying this method on how to cash out Bitcoin, be sure to always request proof of ID from the buyer before going ahead. Once you have received the money, you can release the Bitcoins to them. Meet in person for cash: You can arrange to meet up with a buyer who is local to you, and they will pay you in cash for your Bitcoins. LocalBitcoins offer a good level of safety because of their escrow service.
This keeps your Bitcoins locked until you confirm the payment has been received from the buyer. As he is from the UK, he searches for sellers in his country. John sees that Mike is selling 1 Bitcoin at a good price, and he also accepts bank transfer as a payment option. John sends his request for 1 Bitcoin to Mike, and Mike accepts. Mike puts his 1 Bitcoin into the escrow. This holds the Bitcoin until John transfers the money to Mike. Now you know how to sell Bitcoin for cash using a P2P exchange!
How to Cash out Bitcoin Using an Exchange So, now that you know the difference between the two favored methods, I will now show you how to withdraw Bitcoins to cash using crypto exchanges! Binance is the most popular exchange platform for buying and selling Bitcoin. They tend to process more Bitcoin transactions than any other exchange and have a massive customer base of over 28 million. Withdrawal Methods: Binance lets you sell Bitcoins for cash, which you can then withdraw into your bank account.
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