The Blockchain network has expanded into new territory
There was a hard fork on November the 15th that successfully upgraded the network protocol to which in turn brought along with it some new consensus rules. The fork resulted in one of the most development focused cryptocurrency today, the Bitcoin Satoshi’s Vision coin (BSV). Users of this cryptocurrency will be able to claim their BSV through this if needed.
BTC.com which is one of the largest bitcoin mining pools and wallet providers in the space, with more than 1.5 million users are offering, replay protection to all its users who are transacting in Bitcoin Cash. The BTC.com team has also recently released a new extraction tool for Bitcoin SV that allows users to safely extract their forked BSV coins, BTC.com warns users of any hard fork procedures that there is an increased chance of scammers attempting to lure users into giving private keys in exchange for getting free forked coins.
This BTC hard fork has proven to be one of the most significant of the Bitcoin Blockchain as the upgrade used CTOR together with other protocol upgrades in order to improve the on-chain scalability issues. This change has made BCH much more suitable for a global, peer-to-peer user-friendly cash system in this new paradigm shift of digital currencies. Developers are also very enthusiastic about this upgrade as it has given the developers community more tools to create a stronger ecosystem of crypto assets.
The Bitcoin Cash Hard Fork was monitored by BTC.com through an announcement and the BTC wallets were altered before the hard fork, as there was no replay protection on the BSV chain. All transactions were later re-enabled in order to add a built-in replay protection feature into the BTC.com wallet.
Users that had an amount of BCH before the hardfork network upgrade will now have a chance to claim those same amounts of BSV. 1 BCH is still equal to 1 BSV so the amounts will remain the same when using the BSV Extraction tools provided by the BTC.com community.
Bitcoin SV Extraction tools for users of the cryptocurrency
The bitcoin Extraction tools must be on your Laptop or PC browser as this is where the tools will be made available and managed, the mobile application of this Extraction tool is not recommended. Users do not need to install anything but you should log on to your wallet from the web browser.
First users will have their stored coins tainted in order to protect the assets from any replay attacks, through sending their full BCH wallet balance back to themselves using the same address. This will be a mandatory step in order to safely extract the BSV to the wallet. The procedure is safe as all your funds will remain hidden inside the wallet and show up as a new transaction. Users will need to gain the replay protection by:
- Signing in to their web wallets and input their email address and passwords
- Change the BTC wallet to BCH wallet in the drop-down menu
- Click on “Continue to export BSV”
- After this, you will be sending your BCH balance to yourself, by entering your wallet password and clicking “OK”
- Click on “Continue to SV export”
The next step will be in order to Extract your BSV’s by:
- Clicking the checkbox, that confirms that you have tainted the coins, then Click on “Begin Extraction”
- Login to the wallet and add your email address and password
- Make sure that the wallet is changed from BTC to BCH
- Wait until the discovering process has scanned your wallet
- Enter the address where you want to receive your BSV’s
- Click on “Broadcast Transaction via SPV Bridge” and then “OK”
A more detailed description of how to extract your Bitcoin SV with replay protection and how to set up a wallet can be found here for users of the cryptocurrency.
According to the Bitcoin ABC community which was another hard fork that resulted directly after the Bitcoin SV fork, has stated that:
“The community has come together stronger than before the protocol upgrade, and we hope to continue to foster this collaborative environment as we work together to make Bitcoin Cash the best money the world has ever seen.”
Please allow all steps carefully or contact the BTC team support if you have any problems during this setup process.