What is happening with Bitcoin Cash (Bcash) and how does it affect TREZOR users?
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 broad 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 build up access to your Bitcoin Cash (Bcash) coins? Right now, nothing. Your activity 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 securely.
We will provide an interface, accessible from TREZOR Wallet, where you can access and securely 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 activity 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:
Significant Workaround Update (August 1st):blog.trezor.io
What is a replay protection?
Bitcoin Cash (Bcash) implemented a two-way replay protection, by adding a Bcash-specific switch 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 switches 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.
What does the “claiming process” do?
The process sends your BCH from a BTC address to a fresh 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 very first.
Resources concerning hard forks, soft forks and chain-splits. Intrigues and stories on online security, privacy and the…blog.trezor.io
TREZOR is the most trusted and ubiquitous hardware wallet in the world. It offers an unmatched security for cryptocurrencies, password management, 2nd Factor, while maintaining an absolute ease-of-use, whether you are a security experienced or a brand fresh user.