Bitcoin Fork and Bitcoin Cash (BCH)

 

The Bitcoin Blockchain had its first fork on 2017 August 1st. You'll get more detailed information in this blog post.

Since this date there are 2 different chains with 2 different coins: Bitcoin (BTC) and Bitcoin Cash (BCC/BCH). There is no action to be taken to get Bitcoin Cash: once the chain has split and according to Bitcoin Cash protocol, you should have gotten as many BCH as the amount of BTC you own on this second chain. But managing these BCH will require you to be careful. 

The Ledger Wallet Bitcoin application is the same interface to manage both your BTC and your BCH (and also some other altcoins). You must select on which chain you want to operate.

Currently all but Bitcoin Cash are the exact same - you have the exact same balance on them. However keep in mind that making a transaction on one of those 3 views will make a valid transaction on all other chains that are the same.

  1. Bitcoin is the normal bitcoin chain as understood by Bitcoin Core 0.14.x.
  2. Bitcoin Cash split on August 1st at 12:20 UTC by introducing 8MB blocks.
  3. UASF will split the moment someone mines a non-segwit block that is still valid according to bitcoin consensus rules. UASF will follow the chain where there are only segwit blocks.
  4. Bitcoin SegWit2x will split in November by increasing the block size limit from 1MB to 2MB.

 

How to see these chains ?

If it is not automatically done, you'll have to update your Ledger Wallet Bitcoin application by reinstalling it.

  1. In your Chrome browser go to chrome://extensions/
  2. Click on the bin below "Ledger Wallet Bitcoin"
  3. Go to https://chrome.google.com/webstore/detail/ledger-wallet-bitcoin/kkdpmhnladdopljabkgpacgpliggeeaf
  4. Click on the "Add to Chrome" blue button and launch it again

 

Remember that you only need to do this if you want to make transactions on the Bitcoin Cash chain.

If you have

  • a Nano S 
  • a Blue 

You can chose on the Ledger Wallet Bitcoin application between the different Bitcoin chains, but you need to have the latest firmware update. To learn how to update, please refer to this FAQ

You also need to install the BCH application on your Ledger device itself through the Ledger Manager (the app will be available within a few hours). Make sure to always open this “Bitcoin Cash” application before making transactions on that chain, not the “Bitcoin” application  — otherwise you’ll get an error when signing.

To open and manage your BCH, you'll always have to:

  • connect your Ledger device and select the BCH application on it
  • launch the Ledger Wallet Bitcoin application
  • select the Bitcoin Cash chain on the home page
 
If you have 
  • a Nano
  • a HW.1

Some Nano / HW.1 users were told we didn't know how and when the BCH management would be available, but everything is now technically ready. You can chose on the Ledger Wallet Bitcoin application between the different Bitcoin chains but you need to have the latest firmware. To know how to update, please refer to this FAQ. This update will be automatically proposed when released.

You'll have to be really careful to manage the right chain, not confusing the BTC and the BCH ones when you transact or copy your receiving address.

 

If you have 
  • an Unplugged
  • any Ledger device you do not want to update

For Unplugged owners and/or for those who don’t want to update their device: you will still get your Bitcoin Cash balance. If you wish to make a transaction  immediately, you should import individual private keys into a compatible wallet following the “Advanced” part of this recovery procedure — be aware that most likely there’ll be scammers advertising fake splitting tools and dedicated “Bitcoin Cash” wallets, and take your time to do your own research. We suggest using https://github.com/NicolasDorier/BCCSpliter 

 

What to do after the fork?

This blog post explains the best practices to manage BCH, split your funds, and perform your transactions. This fork can be difficult to follow and will keep on moving, with Bitcoin and Bitcoin Cash prices going up and down, etc. You'll read and get inconsistent advices, there may be FUD and scam attempts. So you need to be really cautious and patient, not moving funds as long as you do not absolutely need to.

You may also have to split your funds.

Consult this blog post to understand it all.

Was this article helpful?
38 out of 100 found this helpful