It all started with Bcash in August 2017. A few months later, Bitcoin Gold launched. Then, we got Bitcoin Diamond, Bitcoin Pizza and hundreds of other forks.
Forks are very beneficial to Bitcoin holders, since you are essentially given a “free” coin that you never purchased. This coin can then be converted into more BTC, sold for other coins or converted into fiat to use as spending money.
2018 is already starting off strong. Bitcoin Private (BTCP) launched on March 2. All Bitcoin holders were given a 1:1 balance of BTCP:BTC. So, if you had 10 bitcoins you now also have 10 BTCP.
This post will explain how to claim your BTCP and how to sell for bitcoin or fiat.
As of writing this guide, for each bitcoin you’ll have 0.0075/$80 worth of BTCP.
All you needed to do to receive Bitcoin Private was to have Bitcoin in your wallet during block 511346. Holders of the coin Zclassic also received Bitcoin Private if they held ZCL.
The Bitcoin block 511346 was February 28, 2018 at about 5 PM UTC time.
There is no simple way to make sure that you had BTC at this time. But if you had BTC in your wallet on March 1, 2018 then you can be certain you also own some BTCP.
In order to claim your BTCP, you will need to import your Bitcoin private key(s) that held bitcoins during the time of the fork.
Before you import the private key to claim Bitcoin Private, move your Bitcoin into a new wallet. Do not import a private key to claim BTCP if it also contains bitcoin!
Once you have the private keys, you can import the key into one of the three following wallets:
DO NOT USE ANY OTHER WALLET BESIDES THE THREE LISTED ABOVE! One user was already scammed by downloading a fraudulent wallet.
We’ll show below how to do this for Electrum BTCP and Coinomi, with a tutorial for the full node to be added soon. If you had bitcoins in a hardware wallet, please see our note at the bottom.
First, download Coinomi wallet from the Android play store.
Once downloaded, it will ask you to write down your recovery phrase to create a backup. DO THIS!
Then, it will ask you to select which coin you want to make a wallet for. Find Bitcoin Private on the list, click it and continue.
Next, step the scanner icon in the top right corner.
Use this to scan your private key that contains BTCP. You should then be asked to confirm the balance:
Once swept, you should see a new transaction in the balance tab with your BTCP.
You’ll still need Coinomi, but you’ll first need to create an exchange account before sending. Continue down the page for directions.
First, download Electrum BTCP from the BTCP Github.
Once installed, you’ll be asked to decide on which wallet type. Since you want to import your own private keys, click “Import BTCP addresses or private keys”:
Now, paste in the private keys:
Hit next and you should now see a TX with the amount of BTCP matching what the amount of Bitcoin you had in the same address:
I blurred out the amounts in the image above, but you can see how I have a transaction on the list.
Now you have imported the keys and are able to send the Bitcoin Private to an exchange. The only exchange currently allowing users to deposit BTCP is Trade Satoshi. Its trading fees are only 0.2% per trade.
It is a new exchange, but I’ve tested it for this tutorial and it works fast. Deposits are confirmed on time and my BTC withdrawals processed instantly.
Once you’ve signed up and logged in, click “Balances” at the top and scroll down to find “BTCP”. Click “Create Address” to generate a deposit address.
Take the newly generated deposit address and paste it into your Electrum BTCP wallet or scan it from Coinomi on your phone.
Re-open Electrum BTCP, click the “Send” tab, and paste the deposit address given to you in the field marked below:
Hit the “Max” button if you want to send all of your balance. Then hit send!
Re-open Coinomi, scroll to the right to the send tab. Use the scanner to scan the deposit address on Trade Satoshi or manually enter the Trade Satoshi deposit address on your phone:
Now, go back to your browser and into Trade Satoshi. Scroll to the top and click “History”. You should now see your deposit show up:
You will have to wait for 25 confirmations before your BTCP deposit becomes tradeable. This should take about 1 hour, since BTCP has 2.5 minute blocks.
Now, you can obviously just hold onto your BTCP but since you came this far, it’s safe to assume you intend to sell your BTCP for something else!
Trade Satoshi does not have good liquidity for any other coins besides BTCP, so the best option is to convert your BTCP into bitcoins.
To do this, use the search bar on the left of the site to find the BTCP/BTC pair:
Click on “BTCP” and you should now be on the BTCP/BTC trading page.
Now you can sell your BTCP for BTC.
From there, you can:
To pull your BTC out of Trade Satoshi, just go to the top and click “Balances”. Scroll through the list to find BTC and you can submit a withdrawal request. The withdrawal fee is 0.002 BTC.
If you had bitcoins in a TREZOR, Ledger or KeepKey then the above process is going to be much different.
You’ll have to wait for the companies to support claiming Bitcoin Private unless you’re comfortable with the following process:
The above process is doable but if you don’t know what you’re doing it’d be better to just wait for TREZOR, Ledger and KeepKey to add support for BTCP.