Can ABC Wallet store both BTC and BCC?

[WestDogg]

I plan to liquidate my altcoin portfolio around July 31 to take advantage of the fork. Will it be sufficient to exchange all tokens for BTC and deposit the coins to the Bitcoin ABC wallet?

Can I immediately withdraw the BTC back to an exchange account (to be safe, I plan to do it around August 2) in order to buy back into my altcoin positions? Are there any operations that need to be done on my end to generate and keep the BCC?

 

[freetrader]

Can ABC Wallet store both BTC and BCC?

The official Bitcoin ABC client only uses the Bitcoin Cash (UAHF) chain.

But until the fork happens, those are ordinary bitcoins (on the same chain as all others).

Will it be sufficient to exchange all tokens for BTC and deposit the coins to the Bitcoin ABC wallet?

This depends how your exchange(s) handle withdrawals.
They must allow withdrawals in the form of BCC, otherwise this will not work.

I recommend you get your money (in form of BTC) off exchanges and into your own control (i.e. to private keys you control) prior to the Aug 1 fork.

Once you have them in your control, you can import them into BTC and BCC wallets that support importing via private keys.

Can I immediately withdraw the BTC back to an exchange account?

Can't help you there - you will need to ask your exchange about what they will facilitate.

Prior to the fork, an ABC wallet should behave just like a BTC wallet (if it's implemented according the UAHF spec).

After the fork, sending from your ABC wallet will send Bitcoin Cash.

Are there any operations that need to be done on my end to generate and keep the BCC?

To generate - you'd need to be a miner. BCC mining will be subject to similar constraints as Bitcoin mining is today (you'd need ASICs, pool mine etc.)

To keep: no action required except the usual steps to keep your bitcoins safe.

As long as you control the keys, you own the bitcoin. If you let the keys be controlled by third parties, you are putting your coins at risk, and need to be duly diligent.

 

[WestDogg]

By "generate" I meant generate the new BCC from existing BTC during the split.

If I understand your explanation correctly, I could send all my BTC to the Bitcoin ABC wallet on July 31. That would ensure that I get "credit" when the hard fork activates. Then, on August 2, I could export a the private key from Bitcoin ABC and import it into Jaxx, which would have all the BTC transferred to Jaxx. At that point, the BCC would be stored in the Bitcoin ABC wallet, and the BTC would be stored in the Jaxx wallet (and can be sent back to an exchange).

Is this correct?

 

[freetrader]

You don't have to send your BTC from your existing wallet to your ABC wallet cause the split happens automatically on Aug 1.

But there are some things to watch out for and steps that would be good to take to make sure you separate your coins.

0. once the fork happens, there are two blockchains. If you are going to be running wallets locally, you need to make sure they run on their own separate copies of the blockchain data. Clients such as ABC/BU/Core etc. have an option for that which you should use: "datadir" . You need to have separate datadirs to be on the safe side.

1. well prior to the fork, make sure your BTC are in your wallet (locally, where you can get the private keys) on or before July 31. Don't wait too long because there may be high volume & backlogs forming before the fork. You want to do this early.

2. make a backup of that "pre-fork" wallet, and KEEP IT SAFE .

3. Run the ABC client with your wallet which has now got the BTC. Once the fork happens, you will have to wait until the BCC chain is publicly released (this may happens quickly after 12:20 pm GMT on Aug 1, or it may take up to 72 hours. In that time, your wallet will seem stuck. When it catches up, look for the bestblockhash . Look it up on block explorers, and also check heights. It should be something that's not on existing Bitcoin chain - i.e. you are then on the fork chain. Make sure you are on the right chain.

4. Wait some time after the fork point, i.e. until the new chain is maybe 100 blocks past its fork point.

5. Using the ABC wallet, send all your coins to a new address you generate. NOTE: Wait until fee conditions are as favorable as you want (I don't know yet how those will be, but I expect lower fees on BCC chain soon).

6. Once that transactions has a few confirmations, your BCC are in an address where which cannot be replay-attacked on other chains. You can now stop and back up your BCC wallet (call it wallet.dat.BCC or something like that).

7. Use your old client and pre-fork wallet backup to send your BTC to Jaxx or wherever you want them.

8. If you transfer money out of an exchange, you must transfer it to an address generated in a wallet for that chain. I.e. to withdraw BCC, must generate an address using ABC wallet (or another UAHF-compatible wallet of your choice) to send it to there. Likewise if you want to withdraw legacy bitcoins - generate the receiving address in your legacy wallet. Then you should be safe.

Ask more questions if anything is unclear, .e.g why I recommend certain steps.

There may be other ways to separate your coins too.
But there's none better than getting your coins mined into a block that exists only on the fork chain on which you want to use them. That splits them up for good.

One last thing that should be made clear :

I TAKE NO RESPONSIBILITY FOR YOUR COINS.

If you have doubts on anything, always try it out with small amounts.
Backups, backups, backups.
Think twice or more before you do anything potentially foolish.
Never put your private keys into some unknown software or website.
Better wait until more people confirm successful routes, but don't blindly follow others' advice.
Inform yourself from multiple sources before deciding a way to go.

 

[Racer8]

Can I point the ABC wallet at a copy of the core blockchain now to avoid a full synch?

 

[WestDogg]

I'm sorry for being dumb and I appreciate the detailed explanation, but I have never run a full copy of the Bitcoin blockchain, and my computer is crap, and WiFi is not reliable. I don't know if I'm comfortable with experimenting and learning the whole process with just a few days left.

What will happen if I simply keep all my BTC in Jaxx a few days before the hard fork and import the private key from Jaxx into the ABC wallet around July 2-3 when the dust settles? Shouldn't that leave me with BTC in Jaxx and BCC in the ABC wallet?

I am also considering allowing ViaBTC to do all the work: https://www.viabtc.com/convert/bcc

 

[freetrader]

> July 2-3

You mean August, unless you are a time traveller and then you won't have any problem anyway

I haven't used Jaxx, but their website says all keys are stored locally, and it has a 12 word seed, and it's code is supposed to be on the website (didn't check).

Those are good signs that you are in full control if you transfer your BTC to your Jaxx wallet, and later get the private key from Jaxx and import it to another wallet (like ABC).

You should then send your BTC (after the fork) in ABC wallet to a new receiving address of yours on ABC chain . Then those coins are truly on the BCC chain only, and you can manage your BTC on Jax separately.

 

[Papa_Cap]

Hi freetrader, I created an account just to ask this. Based off what I've read on this page, I wanted to go through everything step-by-step and see if I'm missing anything. I, and a LOT of people, are like user "WestDogg", just average users. I want to sell some of my core coins after the hardfork. No, I won't blame you for anything if something is wrong. Anyway, stop me if I am misunderstanding something.

I presently have my bitcoins in a wallet that I control the keys to (I use electrum, but Jaxx, cold storage, etc. would all work). August 1st rolls around and the hardfork occurs. I wait, say, 3 days (August 3rd), then import (NOT sweep, import) my private keys from the regular wallet into the ABC wallet. The ABC wallet recognizes all the ABC coins, but none of the core coins. I send these ABC coins to another ABC address, and it is safe to do this because ABC has automatic replay protection (I don't have to do anything to activate this protection). Once the send is complete with confirmations, I can now send the old BTC coins out of my electrum wallet to, say, an exchange and sell them, if I wanted. Even though the btc coins do not have replay protection, by this point it would be safe to move them because the bcc coins would already have been moved and are now differentiated from the old core chain. Is this understanding correct? Thank you.

 

[freetrader]

Before you begin on Aug 3:

You make a backup of your wallet on July 31 or some time before the work when you do your last pre-fork transaction. This wallet you keep safe, it contains your pre-fork coins (for any chains that may develop on Aug 1).

> import (NOT sweep, import) my private keys from the regular wallet into the ABC wallet.

Yup, ok. If I said "sweep" I should have written "import".

> The ABC wallet recognizes all the ABC coins, but none of the core coins.

The ABC wallet doesn't know the difference between "ABC coins" and "Core coins".

A key you import is just a key to a spendable amount of coins (in this case, Bitcoin Cash coins).

Once you imported your keys into this ABC wallet using ABC client, it is now your Bitcoin Cash wallet.

> I send these ABC coins to another ABC address, and it is safe to do this because ABC has automatic replay protection (I don't have to do anything to activate this protection).

Correct. But you should allow some extra confirmations on the BCC chain.
Nobody can predict right now what the situation will be exactly, in terms of hashpower and also attacks against the BCC chain.
Attacks might consist of unfriendly hashpower trying to re-organize the BCC chain in attempts to disrupt it. If this happens, your transactions would disappear and your coins would become spendable on BCC chain again.

But you want to be sure that they have been spent there (sent to yourself). Wait until you are confident of this. Read the news about events relevant to the fork. I think miners and exchanges will give signals w.r.t. the stability of the chain, if there are significant threats.

> Once the send is complete with confirmations, I can now send the old BTC coins out of my electrum wallet to, say, an exchange and sell them, if I wanted. Even though the btc coins do not have replay protection, by this point it would be safe to move them because the bcc coins would already have been moved and are now differentiated from the old core chain. Is this understanding correct?

Yes, this is correct.

We are busy implement stronger replay protection so that you could just go on normally using your BTC from there on.

As it stands (with v0.14.4), the replay protection from BTC -> BCC is still optional, meaning that if you didn't move ALL your BCC to a different address, someone might be able to replay a BTC transaction you make and get the corresponding BCC .

As long as you moved all your BCC already, you are safe from this.

 

[freetrader]

Can I point the ABC wallet at a copy of the core blockchain now to avoid a full synch?

Yeah, you absolutely can run ABC now on a copy.

If you point the ABC wallet at a copy of the blockchain now, it will run on that copy just like a normal Core client would, until the fork happens.

That's where the blockchain data on ABC will start to be different from what it would be if you were running Core. And from then on you should not run your Core client on ABC data or vice versa by accident. And you need to keep your respective wallet.dat's separate, and clearly mark your walelt backups as Core or ABC .

That's what many of these people are doing:

https://coin.dance/nodes/abc
[doublepost=1500931335][/doublepost]@WestDogg , @Papa_Cap , @Racer8 : welcome, and thanks for asking these questions.

If I don't explain things in an understandable way, just keep asking again.

 

[Papa_Cap]

Man freetrader, you are awesome. Just awesome.

Once you imported your keys into this ABC wallet using ABC client, it is now your Bitcoin Cash wallet.

How does the ABC wallet import the keys from another wallet? I see on electrum, for example, it gives you the option to export and save your private keys as a .csv or a .json file. Do you first save your private keys as one of these files (if so, which one?), then, using the ABC client, import this file? Or is there another way the ABC client imports keys from other wallets?

Also, is there any risk of first doing a test transaction out of the ABC client wallet to another BCC address of, say, .01 BCC, rather than sending the entire balance all at once on the first try? Then, after it confirms successfully and all is good, send the rest of the BCC? This seems like it would be safer. After the successful test deposit, should I generate a new deposit address or reuse that same one?

We are busy implement stronger replay protection so that you could just go on normally using your BTC from there on.

This implies that you would still not be able to use your BTC normally. But wouldn't you be able to once you had done the aforementioned things with the BCC coins; once you had differentiated them from the ABC chain?

Thank you so much. This whole page might end up being helpful to a number of people.

EDIT: Just so everyone knows, all you had to do was download the Electron Cash wallet to the same device as your Electrum wallet. Once you fire up Electron Cash, and open your old electrum wallet with it, your Bitcoin Cash will show up (if from prior to August 1st, 2017). Once your Bitcoin Cash is accessed by Electron Cash, you can send them wherever you want and it will not affect your bitcoin.

 

[Racer8]

https://coin.dance/nodes/abc
[doublepost=1500931335][/doublepost]@WestDogg , @Papa_Cap , @Racer8 : welcome, and thanks for asking these questions.

If I don't explain things in an understandable way, just keep asking again.

Thanks for answering - asked this question on other forums but most don't have a clue.

 

[Esam]

Earlier (before the hard fork) I have sent 0.25 BTC from my Coinbase wallet to the desktop Bitcoin ABC wallet in order to get the bonus BCC, I only can see now 0.25 BCC but could not see my BTC!
Did they steal it? any explanation?