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What happens if you send Bitcoin (BTC) to bitcoin cash (BCH, aka BCC)?
Bitcoin Cash (BCH) is a decentralized digital currency that has been created as an alternative to the original bitcoin protocol. After the 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 BCH after 1 August fork.
fork: August 1. 2017
August 1, 2017, the Bitcoin network has undergone a significant change in the introduction of the segregated witness protocol (SEGWIT). This led to a significant increase in the size of the block and processing fees, making miners more expensive and time -consuming to verify the transactions.
To solve this problem, a group of developers created a new cryptocurrency called Bitcoin Cash (BCH). The main goal was to create an alternative that would allow the network to expand while maintaining its decentralized nature. BCH had a faster block block, lower transaction fees and improved safety functions compared to bitcoins.
Sending BTC to BCH
If you try to send Bitcoin (BTC) to a bitcoin cash address after August 1, a few things may happen:
* Acceptance BCH : If your Bitcoin wallet contains funds that can be transferred to bitcoin cash, you will receive an equivalent BCH amount.
* conversion fee : Depending on the replacement or platform you are using, a conversion fee may be applied to the transaction. This fee is usually paid in Bitcoine (BTC) and reduces the amount you receive BCH.
* Transfer to BCH
: After processing the conversion fee, your funds will be transferred directly to the recipient’s BCH address.
Restore BTC if shipped to BCH
If someone sends bitcoin (BTC) to a bitcoin cash address after August 1 and realizes that they have made a mistake, there are several possible solutions:
* Contact the sender : reach out to the person who sent you BCH and explain the situation. They may be willing to re -present your BTC or refund the amount.
* Use cryptocurrency exchange
: You can use a cryptocurrency exchange such as Coinbase, Binance or Kraken to transfer your BTC back to your main wallet.
* Rebuy on the Bitcoin Cash Market : If you think that the BCH price will increase in the future, you may buy it back at a lower price and later sell it for profit.
In short, if you send Bitcoin (BTC) to the Bitcoin cash address after August 1, there are several possible results. While some people may get BCH or get back their funds, others may lose investment opportunities or arose unnecessary charges.