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Bitcoin Holders Please Read This — 31 Comments

  1. Ah thanks Jack for also mentioning Jaxx. Jaxx.io allows users to hold their private keys, and looks like they will be supporting Bitcoin Cash with their interface as well to make it even easier. Looks like they might not have the interface ready day 1 or Aug 1st but will in coming days as they said,”We will be supporting BCH however not from day 1 as we need to do some integration.” But in any case if you have your BTC in your Jaxx.io wallet YOU hold your private keys so users can advance them on either chain going forward as long as they have them there before Aug 1st 1220 UTC.

    • I’m assuming other wallets that allow you to export your keys are also fine? (Electrum for example)

      Though maybe not as seamless to see keys on both chains (multiple wallets or import into another wallet)?

      • I don’t know individually wallet by wallet. I do know jaxx is yes and that they are developing jaxx so if you just hold it then it will eventually happen for you.

  2. I am a bitcoin novice and a wuss so i just cashed all mine in for silver coin. I didn’t have a whole lot in it anyway

  3. So, can you clarify… if I hold some bitcoin on Coinbase – to take advantage of Bitcoin Cash, I can open an account with Jaxx and then, what? Send the money from Coinbase to Jaxx wallet? Do I still have enough time to make the transfer (1pm CST July 31st) Also, I thought that SegWit2x was being accepted and therefore avoiding a hard fork (until Nov)?

    • Jake, You can just downoad the Jaxx App onto your phone and then send your BTC out of Coinbase to that BTC public address your Jaxx app will generate for you. So you would 1.) download Jaxx app on to your phone. Open up your Jaxx app on your phone and navigate to BTC. There should be a small slider on to of your screen with the different currencies with arrows on each side of it. Move it to select “BTC” 3.) There should be some very small print in middle top-ish part of the sceen that says “Your Current Bitcoin Address:” Below that is your BTC address it will start with a 1 and be a long random string of characters. Click on the icon that looks like 2 sheets of paper over top of each other just to the right of that string of charcters. Then for a brief moment you should notice a green bar below stating that it has been copied to your clipboard. 4.) Login to your Coinbase account and go to send. Paste in the address you just copied from your Jaxx app. If your are not logging into Coinbase from your phone, but rather your laptop or desktop, then just email that copied public address to your self and then re copy it from there and paste into your Coinbase send box. 5.) Send and hope for the best that they get to your request before the fork.

    • No you probably don’t have enough time at this point you have to have it off coinbase before the split, you can try it but transfers have been taking a very long time lately.

      If you hold BTC in jaxx eventually you will have one of each for everyone you have now. Same with Bittrix and Kraken.

      • actually, I had 49 confirmations and coinbase says my transfer is complete on 7/31… think i’m good to go…

  4. Just a quick comment: tanstaafl. No work was required for this benefit. If you are buying the product, you are the product.

  5. Jake, also on the SegWit2x HF. BIP91 is now active but needs 1 whole retargeting period of about 2 weeks or 2016 blocks to activate segwit. Actually it only need 95% of 2016 block to activate so about 13 days after beginning of last period start which was July 28th I believe? Anyway, looks like will activate in this time period, and more importantly BIP91 is already active so BIP148 will not have any effect, so that fork was avoided. BUT yes a hard fork in 3 months with the SegWit2x path where there will be another vote for 2mb core block size increase. So expect uncertainty leading up to this as well. I talked about this in my most recennt blog post https://cryptoskim.com/aug-1-final-stretch/ The hard fork that is sceduled to happen Aug 1st is the Bitcoin Cash hard fork which is something entirely different from SegWit2x. Bitcoin Cash is basically NonSegWit8x, lol.

    • Brandon, thanks for the tutorial and the explanation. So, if I leave my bitcoin on coinbase is there any threat of losing it IF I don’t “claim” the bitcoin cash?

      Also, do I need to backup or do anything with the Jaxx wallet to protect/safeguard my transfer?

      cheers

  6. Ok, I created a Jaxx wallet… backed it up… then went to bitcoin and moved my BTC to Jaxx… was very easy and fast (It showed up in seconds.. .does this mean it is there or does it still need to be confirmed by the blockchain?)

  7. Well hopefully, you are good as far as getting it there in time! Only needs to be confirmed, usually 7 times to be spent or moved again. Technically no transaction is ever fully confirmed, but 6-7 is sufficient for most merchants and services to allow you to re spend or re send to another address on the blockchain. Its just the number that corresponds with enough probability that your transaction is considered irreversible. Looks like you did it, you should be good. Just refresh in a little while to see if there are any confirmations being displayed with this amount now in your Jaxx app. To see this, look under “Transaction History” on your Jaxx app, at the top of this list should be this transaction you just sent as it should be the most recent. If you click on it, in the middle of that info there should be a confirmations count. It will display there how many you have. If you would like to check this transaction even furthur on a block explorer, then just click the link underlined in this info. It will open your browser and take you to live.blockcypher.com which will give you all of the information associated with this transaction

    • Brandon, We’ve not met yet, but I wanted to send you a note that said, “Welcome to TSP Expert Panel.” You truly are a wealth of information and you have such a passion for the crypto currency. There is a learning curve to it and you basically eliminate that learning curve for us and we get to use the best practices that you tell us about.

      Thanks for taking the time to be part of TSP. We are all richer because you are with us. TSP listeners have become ‘banner blind’ to me being on TSP, so it really is not a flood of people to my website when I’m on the show. I do it because I love it. It helps people, they enjoy it. I get to talk to 150,000+ people and to educate then and help them…..what more could you ask for. I believe that when you become an expert in a field that we have the responsibility to teach others that are curious and who want to know what path to walk on. That is just one of the reasons why I love, look forward to, and enjoy TSP and Jack Spirko.

      Steve

      • Mr Harris,
        Thank you for the kind words sir! I have listened to so many ” Steven Harris rants” and loved every one of them! I love that if I am thinking of buying anything battery/solar/ and much more I can go to one of your websites and purchase something that has been tested by a real person that I trust!! So much value in that alone. You have been and continue to be such a wealth of knowledge to me as well, what goes around comes around I guess and I am grateful. You said it so well, it has been and will continue to be an honor to serve this community. TSP has changed my life, together we stand, divided we fall. Thanks again Mr. Harris!

  8. Quick small correction, but moving them to an ON chain wallet is what you want in order to benefit from having both BTC and BCC. A wallet like coinbase is an OFF chain wallet, in which Coinbase or others hold and move the bitcoin in an off chain manner for you. A wallet in which you control the keys is an ON chain wallet.

  9. I transferred my BTC from Coinbase to a Trezor hardware wallet about a week ago. I’m going to hang onto the BTC through the forks and take my chances, however I am somewhat disturbed as to these changes that are happening. Originally I was attracted to BTC as a long term asset due to the deflationary aspect and the concept that the currency could not be fiddled with. Now there’s the BTC/BCC split coming up – and then the segwit thing – and then the 2mb change – all of which seem to me like fiddling. What if a change is proposed someday that says that the cap on BTC is going to be raised from 21 million to 210 million – and enough miners support it that it takes place? The fundamental concept of a capped production and a deflationary currency then goes out the window. I wish they’d quit messing around with it.

    • Dukmajian, great questions! This open source currency model can be quite nerve racking huh? I hear you on that. Other open source software, not so much because it doesn’t seem to affect me the same way a currency that I participate and hold wealth in does. Truth is many projects out there today are forks of Bitcoin and much of what you said has already happened. If someone wants to develop a forked version of the core code base of bitcoin and change some parameters like raising the supply, then they are free to do that with Bitcoin because it is open source. I doubt many would follow that chain though. I think the idea is that the best ideas should be the most successful. I think most users understand that the 21 million capped supply function gives Bitcoin tremendous value, especially after all of us watching what central banks and the central planning of Govs and institutions like the IMF have done over the last 100+ years. There will be growing pains, and in some ways we are using decentralized money that is still in Beta with cryptocurrencies, even Bitcoin. I understand where it makes people uncomfortable, makes me uncomfortable too at times with all of this drama and change and uncertainty. I’m sort of overdosed on bitcoin as well, lol. Maybe this is part of what a revolution or insurrection looks like I guess.

  10. I have a question regarding the split/fork. I have 4 lealana physical coins each funded with 0.1 bitcoin on it (so in total 0.4 bitcoin).

    Does anyone know how the fork affects these physical coins? Do they simply have a percentage of BCC as well as BTC?

    Thanks in advance.
    Cheers,
    Jon.

  11. Brandon,
    yesterday i transferred my BC to Jaxx from Coin Base. From the Coin base side it shows as a complete transaction with 6+confirmations. The address that it was sent to matches my Jaxx account number but the funds do not show in Jaxx. Obviously something is not right. How do you fix an issue like this?

    • Jaxx has a message saying that they have some stuff off for maintenance and this may cause problems with initializing until they are done. I would not worry too much Jaxx is pretty solid.

      Basically everything is in a big pause mode until they are sure the new btc network is stable. I tried to cut and paste the message but it won’t let me highlight it for some reason.

    • Yea that showed up after this conversation thread started. Not that stressed as I’m not deeply invested or investing till i figure out the ins and outs of this stuff. Thanks for the help.

  12. Jon, I assume these physical coins have a private key associated with them that you hold somewhere? If so then you will have the same amount of BCC as the BTC that is associated with them. There might not be a nice fuzzy GUI interface to make it simple, but if you can copy and paste or type or take a pic of a qr code of that private key then you can advance them down this new BCC chain. Assuming they mine any blocks. Still waiting 2 hours after fork time and no BCC block mined yet, might take hours bc hashing power will be substantially lower on the BCC chain. But you probably dont need to do anything yet. Hang out and chill a few days and we will get this mess sorted out

    • They have a code on the physical coin itself that, as far as I know, when you want to “redeem” it, you scratch off and it shows you the private key.

      I don’t have any plans on getting rid of them for a while (it was only 0.4 BTC total), but curious given the split.

      Thanks for the advice.

  13. I’m not even worried about the BCC right now. The BTC is what is not showing in JAXX. I messaged you on your web-site.

  14. BCC/BCH is operational on the coinomi Wallet. Which seems to boot up three times faster than jaxx.

    • Well hell, BCC is currently trading at 25% of the value of BTC, not a bad thing there is it?

  15. Quick question – How do I “claim” my BTC cash? I moved all of my BTC from Coinbase to an Ethereum wallet before the split. I still show BTC in the wallet but no BTC cash.

  16. Steve, what do you mean with an Ethereum wallet? If you converted all your BTC to Ether, you don’t hold any BTC cash anymore. If you mean that you sent all your coinbase BTC into a software wallet, you should export that wallet and import it in a different wallet that supports bitcoin cash.

    For instance, I store my BTC in Bitcoin Core, so I could just export my wallet in that software and import it in the equivalent Bitcoin ABC wallet that was developed from a fork of Bitcoin core.

    **However**, all Bitcoin Cash software wallets have been released hastily and might have bugs and security issues. That is probably also true for online wallets. I’m personaly going to wait a few weeks before I claim my BTC Cash.