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On November 15, the Bitcoin Cash blockchain underwent a scheduled upgrade but also the chain saw a consensus split, and the network bisected into two. After the split, numerous users have been looking for methods in order to split their coins in order to store them separately or sell the unwanted tokens on an exchange. The following is a step-by-step guide on how to split forked tokens by leveraging a few different tools.
Splitting Coins from the Bitcoin Cash Network Fork Using Electron Cash Version 4.2.0
In mid-November, just like every year before, the Bitcoin Cash network upgraded in order to fix the difficulty adjustment algorithm (DAA). But just like in 2018, there was a major disagreement, as the full node client Bitcoin ABC decided to implement the infrastructure funding plan (IFP) into the nodeâs codebase. Since this decision did not align well with the community and mining participants, the ABC pro-IFP chain forked away from Bitcoin Cash and became its own network.
The following is a guide to restoring a Bitpay wallet with bitcoin cash (BCH) funds and leveraging Electron Cash version 4.2.0 to split coins. Always remember that step-by-step walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in news.Bitcoin.com reviews and splitting guides and some of them are optional.
At the time of publication, the ABC pro-IFP chain is still nameless, and it is often referred to as âBCHAâ or âBAB.â For consistency and clarity within this guide, the ABC pro-IFP chain will be referred to as âBCHA.â Following the fork and the recent run of empty blocks from a mysterious miner, I decided to split my coins into two, so I can sell what I donât want in a week or so.
People have posted a few different ways to split coins and Bitcoinbch.comâs CEO, Hayden Otto, published a video on how to split tokens in an easy fashion by leveraging the Coinex exchange. Check out his video below as the process is simpler, but bear in mind, Coinex is a custodial exchange.
The method I followed, originally stemmed from the web portal keepbitcoinfree.org but I decided to do it just a hair differently. Days before the fork, I moved bitcoin cash (BCH) from a hardware wallet over to a noncustodial Bitpay wallet. After the split, I downloaded a noncustodial Bitcoin.com Wallet and Electron Cash (EC) version 4.2.0 from the projectâs Github repository.
The 4.2.0 version of EC allows the user to switch between servers, which gives people the opportunity to split their coins. After firing up the 4.2.0 EC release, I decided to create a new wallet called âSplitting Time.â I used the 12-word seed phrase given to me when I created my Bitpay wallet to restore my BCH funds into the newly created âSplitting Timeâ wallet. If you donât need to restore your wallet and you already leverage the Electron Cash wallet version 4.2.0, then you can skip to the splitting section of this article.
I simply selected the âfileâ tab at the top left side of the wallet and scrolled down to ânew/restore.â From here I named the new BCH wallet âSplitting Timeâ and selected âstandard wallet.â After pressing ânext,â I then selected âI already have a seedâ and again pressed ânextâ to continue the process. Now a number of wallets have different approaches to derivation paths, but I was aware that Bitpay leverages the BIP39 version of mnemonic seed phrases. After selecting âI already have a seed,â the next step was to type the 12-word phrase into the box with spaces.
You should never do this process if you are afraid that your computer has malware or if other people are around. It is wise to be completely alone when doing this process as the 12-word mnemonic word list is basically your private key, and it can give anyone access to the funds. Before typing the seed, knowing that my Bitpay wallet leverages BIP39, I selected the âoptionsâ tab below the window in order to toggle a BIP39 restoration process.
Bitcoin.com Wallet owners can also follow this step as the noncustodial client also uses BIP39. The options window allows you to select âforce BIP39 interpretation of this seed and if the seed phrase is not correct the checksum will say âfailed.â However, after I entered the seed phrase correctly, the Electron Cash client told me the checksum was good.
The Splitting Process by Leveraging Both Networks
From here, I pressed ânextâ and my Bitpay wallet was successfully imported into the EC client instantly. The next thing I did was check the network settings, in order to access the BCHA side of the chain. I went to the upper section of the wallet and selected âtoolsâ and scroll down to the section that says ânetworkâŠâ and selected that option.
Accessing the ânetworkâ section in Electron Cash (EC) version 4.2.0.
A window pops up and from here I selected the âserverâ tab in order to type âelectrum.bitcoinabc.orgâ and port â50002â into the server section.
This is the server for the BCHA or ABC pro-IFP network. (electrum.bitcoinabc.org â Branch: 4284c9d8b2)
After setting the network to âelectrum.bitcoinabc.orgâ the overview section will tell you a âchain split [was] detected at block 661648â and that my server is on âbranch 4284c9d8b2.â Branch 4284c9d8b2 is the server you leverage to interact with the BCHA chain.
You can make sure you are on the right chain by checking which branch you are on with these branch numbers.
After noticing that my coins were accessible on both chains, I moved back to the Bitcoin Cash (BCH) server by leveraging the server called âbch.cyberbits.eu.â Now the keepbitcoinfree.org guide tells the user to select two addresses from the walletâs address section and label each one of them for each separate network. Instead, I fired up my Bitcoin.com Wallet and grabbed a fresh new BCH address in order to have a place to send my funds.
This is the server for the Bitcoin Cash (BCH) network. (bch.cyberbits.eu â Branch: 29e471c418)
In order to send my bitcoin cash (BCH), I made sure my wallet was set to âbch.cyberbits.euâ branch 29e471c418 and sent the small fraction of BCH to the Bitcoin.com Wallet. While waiting for a single confirmation, I moved back to the BCHA side and observed that there were no transactions sent from my BCHA coins.
After feeling confident everything was working smoothly, I jumped back over to the âbch.cyberbits.euâ branch 29e471c418 (the Bitcoin Cash network) in order to send the remainder of my funds to the Bitcoin.com Wallet. I simply used the same address from my initial test send and pressed âmaxâ on the EC client in order to send all the funds.
Again, while waiting for one confirmation on the BCH chain, I switched over to branch 4284c9d8b2 âelectrum.bitcoinabc.org,â and noticed again that all BCHA coins remained in the wallet. Not too long after all my bitcoin cash (BCH) funds confirmed, I decided to send my BCHA coins to another address by leveraging the BCHA wallet abc-wallet.fullstack.cash.
Split Process Takes Less Than 30 Minutes
My BCHA is now resting in the new wallet until I decide what to do with the tokens and my BCH is secure in my new noncustodial wallet.
After splitting the coins at this point, I can send the funds to any exchange, any time I want. As I mentioned above there are a few other ways the process can be followed, and not only can users send the funds to an exchange that supports BCHA, but they can also leverage a noncustodial wallet from the web portal abc-wallet.fullstack.cash. The wallet is a browser wallet and users may want to choose to use the Electrum ABC wallet to hold BCHA.
Additionally, the Bitcoin ABC development team created and announced a noncustodial wallet as well called Electrum ABC. Bitcoin ABC developer Antony Zegers also published a guide on how to split coins leveraging the Electron Cash wallet and the new Electrum ABC client.
Only split coins if you are 100% comfortable with the process and understand that the procedure takes patience. Also, remember that step-by-step walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in news.Bitcoin.com reviews and splitting guides and some of them are optional.
What do you think about splitting coins and the process involved? Let us know what you think about this subject in the comments section below.
The post A Step-by-Step Guide to Splitting ABC Fork Tokens from Bitcoin Cash appeared first on Bitcoin News.
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