What is happening with Bitcoin Cash (Bcash) and how does it affect TREZOR users?
What to do in case of a hard-fork and chain-split on August 1st.
Update August 31st: Bitcoin Cash is released in TREZOR Wallet
Update August 1st: Please read this article to find out how to claim your BCH.
On August 1st, a group of users and some businesses are planning to implement a non-compatible upgrade to the network, raising the blocksize limit to 8MB and removing SegWit. As this upgrade does not have a wide backing of the network, this “hard fork” would split the Bitcoin network in two. As a result, we will be left with the Bitcoin with activated SegWit (through BIP91/BIP141) and its clone, dubbed Bitcoin Cash (Bcash/BCH).
As this is a chain-split, Bitcoin Cash (Bcash) will share its entire transaction history with Bitcoin up until the point of the split, with the history diverging after the split. This means that for whatever amount of bitcoins you had before the split, you will end up having that same amount of Bcash. Moreover, as Bitcoin and Bcash essentially become two separate currencies, they will be independent of each other. You will be able to spend your Bcash coins without spending bitcoin.
This article assumes you own your private keys. With TREZOR, your private keys are in the safest place possible — in your device and nowhere else.
So what do you have to do to gain access to your Bitcoin Cash (Bcash) coins? Right now, nothing. Your action will be required after August 1st, and only if you want Bcash.
What do I need to do to claim my Bitcoin Cash (Bcash)?
Bitcoin Cash (BCH) has implemented the necessary protection against replay attacks, meaning TREZOR can support the currency safely.
We will provide an interface, accessible from TREZOR Wallet, where you can access and safely claim your Bcash coins. You will be prompted by TREZOR Wallet once you select “Bitcoin Cash (BCH)” in the currency selector.
After this, you can use Bitcoin and Bitcoin Cash (Bcash) side by side.
No action is necessary on the original Bitcoin chain.
How will Bitcoin Cash (Bcash) look in TREZOR Wallet?
Bitcoin Cash (Bcash) will be labelled as BCH by TREZOR. It is, however, possible that some services might label Bitcoin Cash as Bcash or BCC.
UPDATE August 1st: Please take your time to read the how-to guide, as well as any related updates here:
A big shoutout to Jochen and Saleem for their work on Bitcoin Cash (Bcash) support. Without them, it would not have happened on time. The TREZOR Community is indeed amazing!
Additional Information
What is a replay protection?
Bitcoin Cash (Bcash) implemented a two-way replay protection, by adding a Bcash-specific change to the format of their transactions. After the fork, Bcash transactions must contain a special value to be considered as valid transactions. This special content also renders them invalid on the original Bitcoin network.
TREZOR released a firmware update which reflects these changes in Bcash.
Will Bitcoin Cash (Bcash) addresses be different from Bitcoin addresses?
Your Bitcoin Cash (Bcash) addresses are also derived from your seed, but with different parameters. As they are made specifically for Bcash, there will be no overlap with the original Bitcoin, which increases your privacy. This also means that you should not send bitcoins on a Bcash address and vice versa.
The Bcash BIP44 derivation path for addresses is:
m/44'/145'/What does the “claiming process” do?
The process sends your BCH from a BTC address to a new BCH address, derived according to the path above. This is because we do not want to have different currencies “lying” on the same address. For this reason, BCH wallet will only work with BCH addresses, and therefore you have to “claim” your Bcash coins first.
Additional resources
About Us
TREZOR is the most trusted and ubiquitous hardware wallet in the world. It offers an unmatched security for cryptocurrencies, password management, Second Factor, while maintaining an absolute ease-of-use, whether you are a security expert or a brand new user.
SatoshiLabs is the innovator behind some of the most pivotal and influential projects with Bitcoin and cryptocurrencies, from TREZOR, the world’s first cryptocurrency hardware wallet, or CoinMap.org to Slush Pool, the world’s first bitcoin mining pool.
Links
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