Bitcoin Cash Mega Thread

boldHow I managed to convert my Bitcoin Cash to BTCbold

I had about one bitcoin on Poloniex, which I used for altcoin trading. Before the recent fork, I downloaded Electrum, and after the fork I transferred my BTC from Poloniex to a wallet that I created on Electrum (which I called Wallet 1). I then created a new Electrum wallet (which I called Wallet 2), and moved all my BTC to that new wallet, thereby leaving the original Wallet 1 empty. Then, on another computer, I downloaded Electron Cash from electroncash.org. I had read that downloading Electron Cash to the same computer where you have your "real" version of Electrum, and where your real BTC is stored, might be dangerous, and some corners of the www say Electron Cash is evil malware that gobbles up any BTC it can find on your computer. I have no idea whether that's true, but to play it safe I installed it on a separate computer. Then, using that second computer, I created a "standard" wallet in Electron Cash, just like I had done in Electrum, but in the second step, instead of choosing "create a new seed", I chose "I already have a seed", and then entered the 12-word seed that was generated when I created that original Wallet 1 on Electrum, i.e. that wallet that I had since emptied out. Then, as if by magic, suddenly all my new Bitcoin Cash appeared in that new Electron Cash wallet. I was thrilled. But what can one do with that Bitcoin Cash? You can't (yet) deposit it to popular exchanges like Poloniex or Coinbase, but I searched around a bit and found two exchanges that do allow Bitcoin Cash deposits: HitBTC.com and viabtc.com (neither of which I had ever used or even heard of). I checked them both out, and chose for HitBTC, mainly because viabtc.com required a mobile number and a scanned ID card, whereas on HitBTC all you need to sign up is an e-mail address. Then I went to the exchange section of HitBTC and created a receiving address where I could deposit my Bitcoin Cash. I then sent a small amount of Bitcoin Cash from my Electron Cash wallet to that HitBTC Bitcoin Cash address. It worked fine, and took maybe 20 minutes or so, so then I transferred the rest, which also didn't take very long. As soon as it arrived, I moved that Bitcoin Cash from my main HitBTC account (where it shows up by default) to an HitBTC trading account (which is instantaneous and free). Once I had that Bitcoin Cash in the trading account, I immediately exchanged it all for real BTC at whatever the going rate was at the time; I think one unit of Bitcoin Cash was then worth roughly $250, or about 9% of standard BTC. It had been about $400 only a few hours before, so I didn't want to wait around to see whether it would blossom. So I didn't finagle about getting the best rate on HitBTC; I was just happy to see that it was actually working. The trade went fine, and I suddenly had about 0.08 real BTC in my HitBTC account. I then transferred that BTC from my HitBTC trading account to my “main” HitBTC account (I think that's what it's called; you have to do that before you withdraw the BTC; I got a few error messages from HitBTC saying that it wasn’t working, but soon I figured out that was because the BTC was still in my trading account). Then I withdrew that BTC, using the address of my Eelctrum Wallet 2. HitBTC sent a withdrawal e-mail that I had to confirm, and once I did that, the BTC appeared in my Electrum Wallet 2 within about an hour. I was pretty amazed; I couldn't believe that I just earned $250 bucks so easily, just for having had BTC before the fork, and at every step in this process I assumed something would backfire (e.g. that Electron Cash would crash my computer, or that HitBTC was a fly-by-night exchange that wouldn't allow me to withdraw my BTC). My feeling is that once more people figure out how to do this, they will all massively dump their shiny new Bitcoin Cash before it becomes worthless, but I could be completely wrong, and maybe Bitcoin Cash will become the most valuable currency ever. In any case, I'm glad how it all panned out for me.

/r/btc Thread