Xapo: You Can Have Your Bitcoin Cash, but We’re Not Supporting It
Bitcoin services provider Xapo is allowing users to access Bitcoin Cash balances from any Bitcoin they owned pre-fork. However there’s a catch: you’ll need to send your BCC elsewhere or convert to BTC, because the company won’t be supporting it after this year.
Xapo notified users by email about the Bitcoin Cash situation and posted instructions on its blog. Users can follow the step-by-step instructions on accessing the BCC and then decide what to do with it. However they must either convert it to bitcoin or send to an external Bitcoin Cash address before 14th December 2017. Xapo won’t be supporting BCC at all after that.
On 2nd August, Xapo reiterated an earlier promise to let its users access BCC from any BTC balance at block 478558 on Tuesday, 1st August at 6:24PM UTC. The company has not stated what it will do with any BCC balances left unclaimed.
Getting the Bitcoin Cash From a Xapo Wallet
Finding the cash was easy enough — it automatically appeared in the currency balances. The app then asked us what we’d like to do with it.
Each time we tried to send the Bitcoin Cash to an external address, however, we encountered an error message. Our Xapo balance was only 0.0005 BTC/BCC, which was possibly too small — although the fee calculation was roughly half that.
Converting the balance to BTC was more successful though, and worked without any hassle.
Zurich-based and Hong Kong-registered Xapo was founded by well-known Bitcoin evangelist Wences Casares in 2013. It has raised around $40 million USD in funding.
As well as its mobile wallet apps it provides a secure storage vault and a bitcoin debit card. Although it’s a login service that tries to simplify bitcoin ownership by holding all private keys, users can check multisig addresses to verify the bitcoins are fully held in reserve.
Does this sound like a good way to handle things? Let us know.
Images via Xapo wallet, BitcoinCash.org
The ‘Bitcoin Cash’ section at Bitsonline is sponsored by Bitcoin Cash. In hopes of bringing cryptocurrency to the masses, Bitcoin Cash has set out to provide a digital currency with on-chain scalability, so everyone can use the blockchain affordably. Learn more at BitcoinCash.org.