What is the Best Way to Keep Your Bitcoin Cash Safe?
It’s been a full month since Bitcoin underwent a dramatic hard fork, giving rise to the new Bitcoin Cash (BCC). In that month, BCC has proven that it isn’t going anywhere anytime soon. So those holding onto a BCC stash need to start thinking about how to keep their new coins safe.
Why Should I Care About Bitcoin Cash Storage?
For starters, Bitcoin Cash is worth $570 USD as of press time. If you split your coins during the hard fork, you’re potentially holding on to a lot of money. The monetary value alone should make you interested in keeping your stash safe until you’re ready to sell.
Even if you aren’t interested in its profitability, BCC has proven its staying power in the cryptocurrency world, and may even become a serious competitor to Bitcoin. With BCC hashpower rising, and a larger block size clearing the mempool much faster than Bitcoin, we very well could see BCC take over as king of the crypto world.
For that possibility alone — even if you don’t believe it will actually happen — you might want to keep some BCC for safe keeping as a hedge.
So what options do we have for storing our BCC? In the days leading up to the hard fork, it was unsure which wallet providers, if any, would add support for Bitcoin Cash. However, after the fork, several providers have updated their software to allow storage of the forked coin.
The following list of BCC-friendly wallets consists of the most popular and well-regarded providers, but is by no means exhaustive. If you know of other BCC-compatible hardware or software wallets with good track records, please let us know so we can update our list!
Bitcoin Cash-Compatible Hardware Wallets
As of August 28, the beta version of KeepKey’s software and firmware for BCC support allows wallet users to send and receive Bitcoin Cash payments to and from their hardware wallets.
Bitcoin Cash Compatible Software Wallets
After a long wait and much demand from the community, popular bitcoin storage service BitGo announced on August 30 that it had finally completed full BCC integration. Now, users can store and transact BCC from their BitGo wallets.
Electron Cash emerged early on in BCC’s life as “Electrum Cash”, a fork of the popular Electrum bitcoin wallet. While Electrum Cash is one option for storing the forked coins on a desktop computer, Electrum’s original developers have stated that they are not involved with the Cash wallet’s development and do not endorse the wallet in any way. After this statement from the Electrum developers, the BCC wallet changed its name to Electron Cash.
At press time, Electron Cash’s website is down. Bitsonline will update this article with the status of the wallet’s availability as we gather more information.
BTC.com, a mining pool and a popular resource for network statistics, has recently added support for BCC to its web wallet service.
So there you have it, your list of the most popular options for storing your Bitccoin Cash, on both hardware and software platforms. Given the novelty of BCC’s existence, we can expect other wallet providers to follow the lead of these companies and add support for Cash in the future. Bitsonline will continue monitoring the status of BCC wallets and update this list as necessary.
How are you storing your Bitcoin Cash? Let us know in the comments below!
Images via Reuters/Jim Urquhart, Pixabay