How wallets will manage the upcoming bitcoin Cash hard fork?


Am I ready for Bitcoin Cash? How much will I make on Bitcoin Cash? Bitcoin Cash tokens are finally here and many crypto investors are expected to have a piece of the cake but not all will. This is because cryptocurrency wallets will be treating the hard fork in a different manner.

After years of infighting, the bitcoin community finally agreed on a solution to scale bitcoin so that transactions on the network can be faster and cheaper. And although there's significant support for Segwit2x, some miners (a small proportion of them) aren't happy with the solution.

So they decided to cause a User Activated Hard Fork (UAHF), called Bitcoin Cash (BCC). 

At the moment, BCC has an estimated 0.26% support of the total bitcoin mining hashrate and as of the beginning of the week, was trading at 12% of bitcoin's value. Its future is very speculative and will be determined by market forces. 

Every bitcoin holder who has their coins in their wallets are expected to receive tokens of BCC equivalent to their bitcoin holdings on August 1 when the fork happens. 

Although all bitcoin holders are expected to receive tokens of bitcoin cash, not everybody will. The reason is that Wallets will be treating the fork in different ways and some will not honour the Bitcoin Ccash tokens.

If you want some of the tokens and your wallet doesn't support it, you might consider changing wallets. Also, every wallet is expected to issue/have issued a statement concerning the fork. 

Since most bitcoin cash wallets will need you to provide your password or wallet's private keys before accessing the tokens, you need to be careful and tread with caution. It is advisable that you move your real bitcoins to a new wallet after the fork (and ensure that it has been safely deposited in the new wallet) before showing your private keys to a Bitcoin Cash wallet. It is also recommended that you do this a "few" days after the fork has happened and there is a general "all clear"

This way you'll avoid leaking your password and private keys via potential malware.

Let's avoid stories that touch the heart.

So, here's what bitcoin wallets are saying about supporting the bitcoin cash hard fork: is yet to announce if it will support bitcoin cash or not. 

Ethereum, by design, will support Bitcoin Cash but not in an official capacity. In a presser it released, Ethereum advised people to be very careful about Bitcoin Cash because it has some security implications.

What you should do is transfer your bitcoin core to another wallet after the fork before doing anything about the Bitcoin Cash- be it transferring it to another wallet or to an exchange for fiat or other cryptocoins. 

Bitcoin Core (aka Bitcoin QT) says it will not be honoring bitcoin cash in any way. Q.E.D

However, here's a warning. Bitcoin cash will corrupt bitcoin core if you install it with default options on the same machine, and most likely will wipe away your real bitcoin balance.

All you need to do is learn about the Bitcoin data directory and back it up – especially of your wallet.dat file! – before installing Cash. 

Again, let's avoid stories that touch the heart.

Exodus. Wallet and Exchange Exodus says it will not support Bitcoin Cash in any manner. It won't store it in your wallet and won't open a market for the hard fork. 

Copay won't be supporting the hard fork. In a statement issued days ago, Copay says it has no immediate plans to support the new coin on its BitPay and CoPay wallets. 

KeepKey will support all bitcoin forks. It released a presserto this effect, saying all bitcoin forks will be regarded as unique currencies and users will be able to swap between them with ShapeShift.

Jaxx. Jaxx users always have control over their private keys, so they will be able to access bitcoin cash tokens when it arrives. Here's Jaxx the bitcoin cash hard fork. 

Ledger. The Ledger hardware wallet will be supporting bitcoin cash. You can check their official statement on the matter for details.

Trezor. This popular hardware wallet will also support bitcoin cash. Here's Trezor’s official statement to this effect.

You can check for more information there. 

If your wallet wasn't mentioned, you can go on ahead to to check for yourself.

Also, some exchanges have made their position known about trading Bitcoin Cash.  Bithumb and Huobi say they will have a market to trade bitcoin cash once it's available while BitMEX, Bitstamp, Coinbase/GDAX, CryptoFacilities, and ICE3X say they won't 

BTCC says it may trade Bitcoin Cash in some cases while Bitfinex says it could possibly support it after the fork. Coinsecure, Gemini, Bittrex and Bitflyer aren't sure yet.

Many people seem to see BCC as free money, which in a way doesn't seem true. The thing is there's no free money anywhere.

The profit will have to come from somewhere and in this case, it will most likely be from bitcoin itself.