What happens if you send Bitcoin (BTC) to a Bitcoin -Cash (BCH, AKA BCC)?
Bitcoin Cash (BCH) is a decentralized digital currency that was created as an alternative to the original Bitcoin protocol. After his fork in August 2017, several new cryptocurrencies appeared, including Bitcoin Cash (BCH), Bitcoin Cash Classic (BCHC) and others. In this article we will examine what happens if you send Bitcoin (BTC) to a BCH address on August 1st.
The fork: August 1, 2017
On August 1, 2017, the Bitcoin network was significantly changed with the introduction of the Segwit protocol (separated witness). This led to a significant increase in block size and processing fees, which made it more expensive and time -consuming to validate transactions for miners.
To address this problem, a group of developers has created a new cryptocurrency called Bitcoin Cash (BCH). The main goal was to create an alternative that would allow the network to maintain its decentralized nature at the same time. BCH had a faster block time, lower transaction fees and improved security features compared to Bitcoin.
Send from BTC to a BCH address
If you try to send Bitcoin (BTC) to a Bitcoin -Cash address after the fork on August 1st, some things can happen:
* Reception BCH : If your Bitcoin letter bag contains funds that can be converted into Bitcoin -Cash, you will receive the equivalent amount of BCH.
* Conversion fee
: Depending on the exchange or platform you use, a conversion fee for the transaction can be used. This fee is usually paid in Bitcoin (BTC) and reduces the amount of BCH that you receive.
* Transfer to BCH address : As soon as the conversion fee has been processed, your funds will be transferred directly to the BCH address of the recipient.
Restore BTC when he was sent to BCH
If someone sends Bitcoin (BTC) to a Bitcoin -Cash address after the fork on August 1st and realizes that they have made a mistake, there are several possible solutions:
* Contact the sender : Contact the person who sent you the BCH and explain the situation. You can be willing to re -send your BTC or reimburse the amount.
* Use a cryptocurrency exchange : You can use a cryptocurrency exchange such as Coinbase, Binance or octopus to transfer your BTC to your main pocket again.
* Rebuy on Bitcoin Cash Market : If you believe that the price for BCH will increase in the future, you may be able to buy it back at a cheaper price and sell it for a profit later.
In summary, if you send Bitcoin (BTC) to a Bitcoin -Cash address after the fork on August 1st, there are several possible results. While some people may receive BCH or get their funds back, others may lose their investment options or arise unnecessary fees.