Wondering how you can claim your Bitcoin Cash after the Bitcoin fork? There’s great news. One of the largest and trustworthy cryptocurrency exchanges, Kraken, just announced today that they will start accepting Bitcoin Cash deposits. That’s great news for people that have been searching for a Bitcoin Cash wallet to claim their share of the split coin. And in case if you’re wondering, if you owned Bitcoin before August 1st, you will automatically own the same number of Bitcoin Cash coins. You just need to claim it in a Bitcoin Cash wallet to either keep them or sell them.
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The biggest hurdle for most people looking to claim Bitcoin Cash has been attaining a deposit address from a wallet they can trust. Now that Kraken is accepting Bitcoin Cash deposits, it will make it easier to split the coin. If you decide to use Kraken as your next Bitcoin Cash Wallet, simply open an account on their site and look for their Bitcoin Cash (BCH) section, then you can generate a new deposit address there to get started. Bitcoin Cash deposits on Kraken currently requires 20 confirmations to clear, which took us about 5 hours earlier today. The number of required confirmations should come down in the future, and as more miners join Bitcoin Cash, the time it takes should get dramatically faster.
How To Claim Bitcoin Cash
The process to claim Bitcoin Cash highly depends on where you currently stored your Bitcoin, such as the best Bitcoin wallets we suggested earlier.
Below are the steps for a few of the most popular wallets to claim Bitcoin Cash. If you are using another wallet not mentioned here, be sure to ask in the comment section below and we can try to help. We will continue to update this post and add instructions to claim Bitcoin Cash for other wallets as we see them, so check back often or ask below for your wallet.
Claim Bitcoin Cash on Exodus
This is probably the simplest of all the wallets we’ve seen to claim Bitcoin Cash. All you need to do is to upgrade to the latest version of Exodus (to at least version 1.31.0), then follow these short steps below. Kudos to Exodus for coming up with such an easy solution to claim Bitcoin Cash.
- Load Exodus, click on help on the left side
- Look for “How do I Claim my Bitcoin Cash (BCH)?” at the very bottom
- Click “Claim my Bitcoin Cash Now!” button
- Click continue then enter your Bitcoin Cash deposit address, we used Kraken’s deposit address for this step. (WARNING! DO NOT SEND TO A BITCOIN ADDRESS, MUST BE A BITCOIN CASH ADDRESS!!!)
- Go through the rest of the steps and watch the magic happen. We went through the exact steps today and verified everything worked as shown. We successfully claimed our Bitcoin Cash from Exodus and transferred to Kraken account. Kraken required 20 confirmations, which took us about 5 hours, but everything worked out and verified.
Claim Bitcoin Cash on Electrum
Electrum officially stated that they will not directly support Bitcoin Cash, so to access Bitcoin Cash, user may transfer Bitcoin Cash to another wallet. Here’s a great video on exactly how to claim Bitcoin Cash on Electrum
Claim Bitcoin Cash on Jaxx
Here’s the official statement from Jaxx. They recommend keeping your new coin in Jaxx until they are ready for the full integration of Bitcoin Cash, they will eventually support it and will split the coin for you. But if you can’t wait that long, then you will want to export your private keys from Jaxx and try something like this (not verified by us, but looks legit.)
Recommendation: keep in your Jaxx wallet until they officially support it.
Claim Bitcoin Cash on TREZOR
To claim Bitcoin Cash from your TREZOR device, simply follow their official guide here.
Claim Bitcoin Cash on Coinbase
Coinbase originally were not planning on supporting Bitcoin Cash, but after much deliberation (and some “nudging”), they have decide to support the new coin, and transition should be complete by January 1st, 2018.
Recommendation: keep in your Coinbase wallet until they officially support it.
Claim Bitcoin Cash on XAPO
Here is the official statement from XAPO regarding Bitcoin Cash. Basically you just need to wait it out and they will credit you the Bitcoin Cash in your account eventually. If you must claim it now for whatever reason, try the JAXX method above, but it’s not recommended since it involves sending your coins to Electrum Cash, which seems legit, but its created by an anonymous developer…so yea, good luck with that.
Recommendation: keep in your XAPO wallet until they officially support it.
Should I Sell My Bitcoin Cash?
Now whether or not you should actually sell your Bitcoin Cash is another conversation. There are hardcore believers on both sides. Some think Bitcoin Cash is going to zero, and some think it will take over Bitcoin Core as the “real bitcoin”.
Let us give you some perspective. The last time there was a massive fork that had a similar back story was the Ethereum Hard Fork, the fork left us with the dominant Ethereum (ETH) coin and a Ethereum Classic (ETC) coin that was left to die. Below is a timeline of the brief life of ETC to give you some perspective of what COULD happen after a fork:
- July 20th, 2016 – Ethereum hard fork completed
- August 2nd, 2016 – price of Ethereum Classic (ETC) hit a peak “IPO price” of $2.76, with market cap of $194M
- November 29, 2016 – price of ETC proceeded to drop precipitately by 73% to $0.75, with market cap of $66M remaining
- Roughly a year after the fork, the price of ETC has rebounded (exploded) all the way up to $15.35 (market cap of $1.5B), or over 2,000% gain since the trough, and the price of ETH continues to outperform ETC, but both are thriving own its own
So the question you want to ask yourself, before you make a decision to sell: do you think Bitcoin Cash will follow the path of Ethereum Classic? If so, then you will want to “HODL”! If you would like to just sell your Bitcoin Cash, then Kraken has a great option to sell and exchange your Bitcoin Cash to Bitcoin or, as Randy Moss would day, straight cash homie.