If you held Bitcoin Cash (BCH) before its fork on the 16th, you now also hold Bitcoin SV (BSV). While exchanges handle the splitting process for assets stored with them, managing your own wallet requires a more hands-on approach. This guide walks you through safely splitting and transferring both BCH and BSV using the Electron Cash wallet.
What You Need to Know About the BCH Fork
The BCH network underwent a hard fork, resulting in two separate chains: BCH and BSV. If your BCH was stored in a personal wallet during the fork, both BCH and BSV are under your control. However, transferring them requires caution due to the lack of replay protection, meaning a transaction on one chain could be replicated on the other.
Why Choose Electron Cash Wallet?
Electron Cash is a versatile and user-friendly BCH wallet that supports multiple operating systems, including Windows, macOS, Android, and iOS. Its functionality extends to features like address format switching, customizable network connections, and support for various wallet import methods such as HD seeds and private keys.
Most importantly, it allows users to switch between the BCH and BSV networks, making it one of the few wallets currently supporting BSV transactions.
Installing and Setting Up Electron Cash
Download the latest version of Electron Cash from its official website. The installation process is straightforward—follow the default settings and set a secure password. You can import an existing wallet using a seed phrase or private key. If you are unfamiliar with these concepts, consider seeking assistance to avoid errors.
Navigating the Electron Cash Interface
The wallet’s interface is intuitive. Key tabs include:
- History: View past transactions.
- Send: Initiate transfers.
- Receive: Generate addresses for receiving funds.
- Coins: Monitor UTXOs and balances.
The bottom-right corner offers quick access to:
- Wallet encryption
- Address format conversion
- Settings
- Network switching
How to Switch Networks for BSV and BCH
To transfer BSV, you must first switch to the BSV network:
- Click the green network icon in the lower-right corner.
- In the network dialog, locate the branch starting with
114076—this represents the BSV chain. - Right-click and select “Follow this branch.”
- Once switched, you can transact on the BSV network.
To return to the BCH network, follow the same steps and select the branch beginning with 4626ff.
Splitting BCH and BSV Safely
Since there is no replay protection, it is crucial to split your coins before transferring them. Here’s how:
- On the BCH network: Send a small amount of BCH to your own wallet. For example, if you hold 10.515 BCH, send 10.514 BCH to yourself.
- Switch to the BSV network: Immediately after the first transaction, send a slightly different amount (e.g., 10.513 BSV) to yourself.
This process creates distinct transactions on each chain, reducing the risk of replay attacks.
Verifying the Split
Check the “Coins” tab to confirm that the transactions have been recorded on their respective chains. Each network should show different transaction histories and confirmation heights. Once both transactions are confirmed, your coins are successfully split.
Transferring BSV to an Exchange
After splitting, you can safely send BSV to an exchange. Ensure the exchange supports BSV deposits and uses the same address for both BCH and BSV to minimize errors. Always start with a small test transaction.
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Frequently Asked Questions
What is the difference between BCH and BSV?
BCH (Bitcoin Cash) and BSV (Bitcoin SV) are two cryptocurrencies that resulted from a hard fork. They share a transaction history up to the fork block but operate on separate networks with different rules and development goals.
Can I use any wallet to transfer BSV?
Most wallets do not yet support BSV transactions. Electron Cash is currently one of the few exceptions that allows users to switch between BCH and BSV networks.
What is a replay attack, and how can I avoid it?
A replay attack occurs when a transaction valid on one chain is broadcasted and confirmed on the other. To prevent this, always split your coins by sending small, unequal amounts to yourself on each network before making external transfers.
Is it necessary to split BCH and BSV if I use an exchange?
No. Exchanges automatically handle the splitting process for users who held BCH on the platform during the fork. This guide is for individuals managing their own private wallets.
What should I do if I make a mistake during the process?
If you encounter issues, consider using an exchange that allows deposits to the same address for both BCH and BSV. This reduces the risk of permanent loss due to replay attacks.
Are there fees for splitting and transferring?
Yes, each transaction requires a network fee. Fees are generally low but can vary depending on network congestion.
Conclusion
Splitting and transferring BCH and BSV requires attention to detail but is manageable with the right tools. Electron Cash provides a reliable way to switch networks and conduct secure transactions. Always verify splits carefully and consider testing with small amounts before moving larger sums.