If you sell your bch do you keep your btc
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This is a great benefit to long-term Bitcoin holders. Depending on how you hold your Bitcoin and in what wallet, there are various options to access it. Electron Cash is a clone of the popular Bitcoin desktop wallet Electrum.
However, note that you need a firmware upgrade to your Nano. This wipes the device out, so be extremely careful! Read the official Ledger guide for more information. Read the official Trezor guide for more information. KeepKey has a simple way to claim your Bitcoin Cash. They have a beta version of the KeepKey client that you can use to access your Bitcoin Cash.
Read the official KeepKey guide for more information. For this, you need exchanges, or other ways to convert your Bitcoin Cash to Bitcoin. Then ShapeShift will send you a unique address to send Bitcoin Cash to, and send the Bitcoin to your address. Just like that. Here's how this is possible. Source: Unsplash Article continues below advertisement Technology behind selling Bitcoin A decentralized ledger is really just a database that exists across many different locations or among many different participants.
These numerous databases are operated by hundreds, thousands, or even tens of thousands of individual databases, called "nodes. Every single transaction on the blockchain needs to be verified and voted on by all the nodes. If at least 51 percent of all the nodes agree to accept the transaction, it becomes accepted on the database.
Then, every node updates its database to include this new transaction, which is stored inside a block on the blockchain with a unique cryptographic signature. Article continues below advertisement There are a few different ways that nodes process these transactions. In Bitcoin and Ethereum's case, they use a consensus mechanism known as PoW Proof-of-Work , in which participants known as miners that process the transactions on the nodes receive rewards for lending their computation power.
What happens when you sell Bitcoin? However, what happens is that this transaction needs to get processed by miners, voted on by all the Bitcoin nodes out there, transcribed and written into a block on the blockchain, and finally updated onto each of the nodes out there. Article continues below advertisement While this might seem like a complicated process, most transactions are processed within a minute or two. However, it's possible for your Bitcoin transactions to get stuck, with some people having to wait hours for their transactions to get processed.
Usually, this happens when there's high demand for Bitcoin transactions at any given moment. If your transaction is "lower priority" than others, which usually means your transaction pays less in fees than other transactions, it will take longer for your Bitcoin sale to go through.
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Therefore, many Bitcoin holders want to sell their Bitcoin Cash for Bitcoin, in order to increase their Bitcoin holdings. At the time of this writing, Bitcoin Cash trades around 0. This is a great benefit to long-term Bitcoin holders.
Depending on how you hold your Bitcoin and in what wallet, there are various options to access it. Electron Cash is a clone of the popular Bitcoin desktop wallet Electrum. However, note that you need a firmware upgrade to your Nano. This wipes the device out, so be extremely careful!
Read the official Ledger guide for more information. Read the official Trezor guide for more information. KeepKey has a simple way to claim your Bitcoin Cash. They have a beta version of the KeepKey client that you can use to access your Bitcoin Cash. Read the official KeepKey guide for more information. For this, you need exchanges, or other ways to convert your Bitcoin Cash to Bitcoin. Article continues below advertisement Unlike trading a stock, which takes place on a centralized exchange, cryptocurrencies utilize decentralized, distributed ledger technology.
This means that there isn't a centralized server that processes and records every transaction. Although there are some centralized blockchains out there, most of them, including Bitcoin, aren't. Here's how this is possible. Source: Unsplash Article continues below advertisement Technology behind selling Bitcoin A decentralized ledger is really just a database that exists across many different locations or among many different participants.
These numerous databases are operated by hundreds, thousands, or even tens of thousands of individual databases, called "nodes. Every single transaction on the blockchain needs to be verified and voted on by all the nodes. If at least 51 percent of all the nodes agree to accept the transaction, it becomes accepted on the database. Then, every node updates its database to include this new transaction, which is stored inside a block on the blockchain with a unique cryptographic signature.
Article continues below advertisement There are a few different ways that nodes process these transactions. In Bitcoin and Ethereum's case, they use a consensus mechanism known as PoW Proof-of-Work , in which participants known as miners that process the transactions on the nodes receive rewards for lending their computation power.
What happens when you sell Bitcoin? However, what happens is that this transaction needs to get processed by miners, voted on by all the Bitcoin nodes out there, transcribed and written into a block on the blockchain, and finally updated onto each of the nodes out there.
Article continues below advertisement While this might seem like a complicated process, most transactions are processed within a minute or two.
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