Bitcoin (BTC) Holders Now Have "Bitcoin Cash" (BCC) + How to Boost Your Balance by 8%

idonotknowwhy on 05/08/2017 - 20:01
Last edited 23/08/2017 - 21:05 by 1 other user

This is a bit of an strange one, but anyone who owned* any bitcoin on August 1st, now has an equivalent balance of a new coin called "bitcoin cash". I figured it's kind of a targeted bargain.

BCC is currently worth about 8% of a bitcoin, so if you dump it now and cash out, you're effectively increasing your bitcoin balance by 8%.

I dumped mine successfully here: https://www.viabtc.com and managed to withdraw the BTC to my wallet. Required a passport.

I have created a guide for how to claim your BCC below. After this, you can decide if you want to dump it, or just hold it. I obviously chose to dump and increase my BTC balance, but here's an alternative view: https://www.ozbargain.com.au/node/322526#comment-4950103

By own, I mean you have access to your private key. If you're storing it in a web wallet, it's up to them whether or not they give you your BCC.

Coinbase customers will be able to withdraw their BCC on January 1st 2018.

Here are the steps I used to claim my BCC from the standard bitcoin-core wallet.

Open your bitcoin wallet, generate a new address, and send all your coins to it (spend all your unspent coins)
Pop the transaction ID in here: https://blockchain.info and note down all the outputs addresses (on the left) in notepad
Prefix each line with the following: dumpprivkey
so you'll have 1 or more lines of:

dumpprivkey 1ofyouraddresses
In your BTC wallet, go to help -> debug window
If you have your wallet encrypted (you should), run the following to unlock it for 10 minutes:

walletpassphrase "passphrase" 600
Be moderately careful with the output it gives you, as this is your private key which can now spend your BCC (not your bitcoin though)
Copy each of these and paste them into notepad.
Close your bitcoin wallet.
Download an install Electrum-Cash from here: https://electroncash.org/#downld (don't get it anywhere else, as there are malware binaries floating about)
After opening it, choose to "import public or private keys", then cp/paste your private keys from notepad, 1 per line.
You now have access to your Bitcoin-Cash. Spending this won't affect your bitcoin balance.
I personally suggest sending it to an exchange and dumping it.

Enjoy :)

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Comments

KLoNe on 05/08/2017 - 20:05

+13

This is not a bargain.
[Deactivated] on 05/08/2017 - 20:13

+6

this is a bargain website, there are no bargains here
ca6leguy on 05/08/2017 - 20:14

+7

No deal.
joelmuzz on 05/08/2017 - 20:15

This sounds too complicated and with all the crypto scams it feels like too much effort to work out of its exposing a key or something.
- idonotknowwhy on 05/08/2017 - 20:34
  
  I guess it depends how much you have.
  If it's only a portion of a bitcoin, it might not be worth the effort.
figarow on 05/08/2017 - 20:15

+11

Before this gets deleted just wanted to say thanks mate
allmails98765 on 05/08/2017 - 20:20

+1

https://twitter.com/viabtc/status/893744282087047168
- figarow on 05/08/2017 - 20:21
  
  OP means BCH not BCC
  Edit.. ok I'm confused help mee…..
  - idonotknowwhy on 05/08/2017 - 20:33
    
    +2
    
    Yeah, it's almost like they made it confusing on purpose.
    The creators said it's BCC, but BCC already exists. Some exchanges (ViaBTC) list it as BCC. Others list it as BCH.
    
    These are some of the reasons I dumpped it after spending about 2 hours figuring out how to 'claim' it in the first place.
dekaiser on 05/08/2017 - 20:21

+5

all you crypto miners jacking up GPU prices
- idonotknowwhy on 05/08/2017 - 20:30
  
  sorry :)
  - [Deactivated] on 05/08/2017 - 20:38
    
    +1
    
    Honest question…is it worth mining crypto in Australia given the high energy prices?
    - [Deactivated] on 05/08/2017 - 21:06
      
      +1
      
      it is not. However, everyone missed out on the initial parade so are now attempting to jump aboard altcoin pump'n'dumps hoping for lightning to strike the same spot twice.
      
      for those that were around when it was easy to mine btc on your CPU, then no dramas. it's cheaper to buy now than to mine as you will never get back your ROI
    - idonotknowwhy on 05/08/2017 - 21:08
      
      Is has been worth it for a while, but I wouldn't get into it now.
      
      Difficulty of the GPU-minable coins is rising steadily. IMO, unless ETH and ZEC skyrocket, buying a GPU now, you'd never get ROI on the hardware.
      
      If you already have a GTX 1050+ or an RX 4xx or 5xx, then it's worth mining with it, yes.
    - KLoNe on 05/08/2017 - 21:23
      
      +1
      
      The energy prices aren't high and it's still not worth it.
    - idonotknowwhy on 05/08/2017 - 21:33
      
      +1
      
      @KLoNe: Well, I've made ROI on my cards, and they're still profitable :)
      But as I said above, it's too late to get in now, won't be profitable for long:
      http://www.mycryptobuddy.com/EthereumMiningCalculator
    - [Deactivated] on 05/08/2017 - 22:50
      
      +1
      
      @idonotknowwhy: and then there's PoS sometime in the future
    - idonotknowwhy on 05/08/2017 - 22:56
      
      @smalldeadchris: Exactly.
    - Hirolol on 06/08/2017 - 10:36
      
      @smalldeadchris: what is PoS?
    - idonotknowwhy on 06/08/2017 - 11:33
      
      +1
      
      @Hirolol: Proof Of Stake.
      https://en.wikipedia.org/wiki/Proof-of-stake
      https://en.wikipedia.org/wiki/Proof-of-work
      
      In the near future, Ethereum will be switching from Proof Of Work (mining with your graphics card) to Proof Of Stake (You get paid for owning the coins already).
      
      When this happens, ETH miners will have to do one of:
      1. Switch to ZEC (and other altcoins)*
      2. Liquidate the rigs**
      3. Downscale and switch to other coins (a little of 1 and 2)
      
      This will cause the difficulty of all the other coins will rise, as all the ETH hashing power will be directed at them.
      
      ** This will cause a flood of used GPUs to hit the second-hand markets. Demand will have dried up for new cards as well, bringing them back to sane prices.
      Most of these cards will have a 3 year warranty. Gamers who buy these cheap may have issues with them within the warranty period (since they've been running at 100% 24/7 for months/years. No doubt AMD and Nvidia are preparing for a large amount of warranty claims during this time.
    - jaypick on 06/08/2017 - 12:48
      
      @idonotknowwhy:
      
      Probably negate a lot of warranties as ineligible if they aren't the original purchaser.
    - Hirolol on 07/08/2017 - 16:06
      
      @idonotknowwhy: but don't coins still. Need to be created?
- gimli on 06/08/2017 - 11:38
  
  +1
  
  Gimli son of Gloin apologises but mining for mithrel is not as profitable.
[Deactivated] on 05/08/2017 - 20:33

+8

Not exactly a deal but good advice for anyone who wasn't aware otherwise.
Not a scam at all. Just a result of the recent BTC fork
yanman on 05/08/2017 - 20:40

this relies on trusting electrum cash.

electrum cash is not electrum - it's a fork of their code so they could potentially just be stealing your private key for all you know.
- idonotknowwhy on 05/08/2017 - 20:42
  
  +2
  
  It's opensource, you can see the diff on github and build it from there.
  
  That's why in step in my instructions, I including spending all the bitcoin. Once spent, those privatekeys can't spend the bitcoin again. Hence in step 6 I state:
  > as this is your private key which can now spend your BCC (not your bitcoin though)
  - yanman on 05/08/2017 - 20:44
    
    Sure. So how's your coding knowledge? Mine isn't that great to be honest. So would I really trust a completely unknown branch of software even if I could go through the code line by line and check it that it's not going to rob my money?
    
    i was talking BCC btw which right now is still worth a considerable amount.
ronnknee on 05/08/2017 - 21:12

+7

Suggestion for next post: "Free dividends for shareholders".
- idonotknowwhy on 05/08/2017 - 21:37
  
  +5
  
  The difference is, shareholders are notified.
  I was just holding my BTC long-term, and just randomly came across an article telling me how Chinese people had given me free money :)
  
  Imo, this will lose all value very soon, and I didn't want fellow clueless ozbargainers to miss out.
  
  Edit:
  And I said "[Targetted]"
  - [Deactivated] on 06/08/2017 - 00:23
    
    +5
    
    Wow! You post to advise people that they may have assets that they weren't aware of and you get downvoted.
    
    Keep your good advice to yourself next time!
AirMartino347 on 05/08/2017 - 21:30

+4

Please remove not a bargain. Might as well start posting deals like "LTC 20% off"
- figarow on 05/08/2017 - 21:38
  
  +1
  
  LTC 20% off
  
  Yes please :)
jaackyy on 05/08/2017 - 21:44

+4

Probs should be moved for forums.. more of an announcement than a bargain
[Deactivated] on 05/08/2017 - 22:28

-2

This is a very questionable post at best.
No deals here, and these sorts of quasi-currency deals should be barred from this site.
- [Deactivated] on 05/08/2017 - 22:55
  
  +1
  
  agree that it's questionable as a bargain but a legitimate topic for the forums. What rationale would you have to bar it from the site?
  - [Deactivated] on 05/08/2017 - 23:05
    
    I never said that this topic should be barred from this site. I explicitly said that deals should be barred because let's be honest this is anything but.
    But to answer your question, a deal (which I referred to) differs from a forum post.
    - [Deactivated] on 06/08/2017 - 00:13
      
      Sounds like we're saying the same thing. Not a deal but useful information that may save or make some of the ozbargain community a bit of money.
      
      Still early days for blockchain, so strong rhetoric like 'quasicurrency' and 'barred from this site' may turn out to be correct but feels a bit alarmist when discussing potentially life changing technology
    - Hirolol on 06/08/2017 - 10:43
      
      I don't think they should be barred from deals.
      
      They can be easily moved to the forums so what's the problem?
      If anything it's probably good that it gets posted as a deal because more people comment on it then once it is moved to the forums it becomes a hit topic.
      If it had just been posted to the forums and not reached the hot topic area I wouldn't not have seen it.
Switchblade88 on 05/08/2017 - 23:16

+7

Is this a 'deal'? Probably not.
Is it a bargain? Absolutely - IF you were holding bitcoins before 1st of August, then you've got the same amount of coins in Bitcoin Cash (whether you know iut or not.)

Is this a legitimate, accurate, factual outcome of having possessed Bitcoins? Correct - I've been keeping my finger on the pulse for a while now, and can confirm that the post is telling the truth about the presence of BCH, and the legitimate 'airdropped' coins.

I honestly think BCH is the better coin, having compared the politics of both side of the fork and not just the dollar value. But a risk-adverse community of OzBargain is probably not the best location for discussing the intricacies of 'SigWit based trust' problems…

Perhaps I should term it this way - you've just been rewarded with your 8% CashRewards for buying Bitcoin!
kaos on 06/08/2017 - 12:36

+3

I think it's a decent deal because people are getting something for free. Anyone who 'feels' that it's not a bargain or not a deal because it 'isn't currency' is living in the dark ages.

Bitcoin is currency because you can buy things with it. It's much more flexible than gold or other stores of value. Just because it's electronic doesn't mean it's not useful.
- idonotknowwhy on 06/08/2017 - 12:42
  
  +3
  
  I think the down votes, etc are from:
  
  people who aren't in crypto / missed out.
  Some of them don't understand, others do understand and are jealous.
  
  people with a lot of bcc, who either don't want to dump, or are dumping slowly and don't want everyone finding out about this / cashing out before they do.
  
  But maybe it's not a deal and is more appropriate here in the forum, in which case, all good 👍
  - kaos on 06/08/2017 - 13:07
    
    +2
    
    yes I think there is a fair bit of jealousy involved from people who missed out. I think I have a small amount of Bitcoin, I'll be interested to see how this shakes out
TurkishDelight on 06/08/2017 - 15:27

+1

*evil laugh
[Deactivated] on 06/08/2017 - 17:17

-2
I can't believe how many things are wrong with the guide above…

You need to dumpprivkey of your current wallets and keep those aside to claim the new shitcoin.

Now you send all your coins to another wallet and don't ever dump another new private key unless you are going to do a custom transaction or use it in another embedded system or if you plan to use it as a backup tool, or something else.

Don't do part 2 of what is written in the guide… Not only would you not qualify, you would be giving away your current latest wallet's private key.

Remember, the output address is where you have sent coins to that new wallet. If you dump the private key of this new address, you are just giving away your coins to someone else…

Please read and think about what is happening in the guide above carefully:

When you dumpprivkey using the bitcoin-core client, well, guess what that does? It dumps the private key to access your "real" bitcoins, not the bitcoin cash like as mentioned in the post…

You are then importing this into an electron-cash client apparently, which is apparently dodgy as shit and rumoured to be run by a known malware developer.

It is terrifying guides that guides like this can be posted; I don't know if this is just a blatant scam or not because of the way it is written. Even if real BCC is being given out, the guides that people are posting are dubious which makes me think there is some clouding of the real intention here. This is how most of the malware scams work, they rely on people to tell others that it is alright even if the antivirus software is stating something is wrong. e.g. Keylogger cf Unwanted Program. You'll find people saying software is clean when it is clearly a keylogger.

I suggest to mods to put a big red disclaimer on this thread until it is clarified.
- idonotknowwhy on 06/08/2017 - 18:59
  
  +3
  
  I created/followed these steps, and have used them to help many people in the bitcoin-forks irc chan. There's nothing wrong with this guide.
  
  I realize this is complicated, so I'll try to clarify a few things:
  
  Don't do part 2 of what is written in the guide… Not only would you not qualify, you would be giving away your current latest wallet's private key.
  
  Firstly, since August 1st, the chain has been forked. This means that transactions on 1 chain, don't affect the other. Any BTC you move around, won't affect your BCC at all. Nothing you do to your Bitcoin will "disqualify" you from claiming your Bitcoin-Cash.
  
  When you dumpprivkey using the bitcoin-core client, well, guess what that does? It dumps the private key to access your "real" bitcoins, not the bitcoin cash like as mentioned in the post…
  
  You are partially correct about what happens when you dump the private key. The privatekey you dump can be used to access both "real bitcoins" and bitcoin-cash in that address. In step 1, we move all the bitcoin to a brand new address, which we never dump the private key of. As soon as this has happened, the privatekeys of all the previously un-spent outputs, can't touch your bitcoins any more, because they're all consolidated in a new address. They can still move your bitcoin-cash though, since step 1 of my guide only moved the bitcoins and not the bitcoin-cash.
  
  Remember, every 'address' has a separate private key.
  
  You are then importing this into an electron-cash client apparently, which is apparently dodgy as shit and rumoured to be run by a known malware developer.
  
  While there are some malware-infested binaries for electron-cash floating about, the one I linked to is perfectly safe. I mention the malware versions in step 8.
  
  To be honest, aside from user error, the only risk with this guide if you decide to dump the coins in an exchange, because exchanges have been known to get 'hacked', etc.
P.Sherman on 07/08/2017 - 02:21

ELI5 pls
[Deactivated] on 07/08/2017 - 03:21

+3

So many smart people in OzB. Yet I am gobsmacked at some of these comments due to lack of knowledge of Crypto. Kind of good in a way. By the time they are on board I should be sitting in my Lambo on the moon somewhere.
Brick50 on 07/08/2017 - 08:46

+1

Noooo everyone HODL your BCC so I don't lose as much by buying some right before they crashed!!
- idonotknowwhy on 07/08/2017 - 09:20
  
  +1
  
  Damn, you really bet against core?
  - Brick50 on 07/08/2017 - 12:52
    
    I've made more than that mistake back by holding my NEO though!
thord on 07/08/2017 - 11:04

+4
I would strongly advise against this advice.

Dumping bitcoin cash may prove to be a pretty disasterous move in the long run.

At the moment the price will drop due to difficulty adjustments (i.e. when the fork occurred, bitcoin cash retained bitcoins massive difficulty, but with about 1/10th the mining power to mine it, hence the network troubles in the first few days), now that difficulty has adjusted, things should stabilise. Miner profits will eventually equalise with bitcoin and you'll see a more representative valuation.

Anyway, regardless of that, the point of it is that bitcoin cash is a bitcoin that is finally out of the grip of blockstream. Blockstream have carried out some incredibly questionable practices over the years.

Many many people have serious questions and doubts regarding segwit and the lightning network, these questions have been deleted/censored from the main discussion channels. At the very least, this should make people suspicious.

In my own research I've found two things:

The fundamental justification for segwit is completely hypocritical. Core justifies segwit by saying that it allows for scaling without losing low-spec legacy nodes (hence, network security is maintained). This is ridiculous for two reasons. 1. Legacy nodes are just SPV nodes in the segwit system, so it's completely irrelevant to talk about legacy nodes running. 2. It doesn't matter anyway because network security would be maintained because even up to 8MB block size there isn't any kind of significant strain on user resources required to run a node. Anyone with basic 12/1 internet and about a 1TB hdd could run a node with 8MB blocks.

The lightning network is very, very concerning. It is an off chain separate network which would carry out thousands of transactions separate to the bitcoin chain, then at the end, the final balances of the users in a "group" would be settled on the main bitcoin chain. So in theory you could do 1,000 transactions on lightning, but only have 1 settlement transaction on bitcoin blockchain at the end. Sounds good in theory, right, but the problem is what happens to the main chain, and who controls these groups? The answer is that it is almost certain that "bitcoin banks" will need to be created which will act as the central hub from these "groups" (i.e. centralisation and banking, the very thing bitcoin was designed to do away with). These bitcoin banks would create and manage the hub between people on lightning wanting to transact. Once a person is finished transacting, their balances will be settled on the main chain along with thousands of others. The big thing that this will cause is a massive increase in fees for on chain transactions. To explain, imagine you're one guy doing a bitcoin transaction on chain like normal, you pay a fee like normal, however your fee must compete with others who are trying to transact on chain. Who else will be transacting on chain when lightning gets initiated? All of the lightning bitcoin bank hubs/groups! These guys will have the pooled resources (lightning fees) of thousands of users all pooled against you, a single user. Imagine if fees rise to $100 per tx? Well they very easily can if you have 10,000 users each paying 1c per transaction on lightning and they all get pooled together into 1 settlement transaction.

So, what does bitcoin cash do? It ignores all of the above and simply increases the block size to allow people to use the network without full blocks.

Whether it's right or wrong we'll find out. But I think it's very foolish to just dump your bitcoin cash for a pittance. In the end, bitcoin segwit might become the obsolete chain, and bitcoin cash might just be called "bitcoin".
- idonotknowwhy on 07/08/2017 - 12:27
  
  +1
  
  Good post. I've linked it in the OP.
owli on 08/08/2017 - 10:32

Congrats, you dumped the bottom.
- idonotknowwhy on 08/08/2017 - 10:39
  
  +2
  
  dead cat bounce.
  I dumped 0.18.
owli on 14/08/2017 - 22:32

Polo airdropped and price has not moved, , , yet. This cat may fly. Good technical set-up. HODL
- idonotknowwhy on 15/08/2017 - 10:03
  
  +1
  
  Gl! Might recover soon, most alts are down right now.
idonotknowwhy on 13/10/2017 - 14:55

Heads up anyone still following this, there's another fork + snapshot October 25th.

Make sure your BTC is in your own wallet before October 25th. If this new "Bitcoin Gold" is of any value, we'll get more free money doing the same thing lol.

Bitcoin (BTC) Holders Now Have "Bitcoin Cash" (BCC) + How to Boost Your Balance by 8%

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