When Bitcoin Cash (BCH) hard forked away from the Bitcoin (BTC) blockchain on August 1st, 2017, a new cryptocurrency was born. Up until recently, it was pretty difficult to claim your Bitcoin Cash if you held your BTC in a software wallet. However, with the release of the new Coinomi wallet, claiming your BCH is easy as pie! Here’s a step-by-step guide on how to claim your Bitcoin Cash using Coinomi:
First, download the Coinomi wallet from the Google Play Store or from the Coinomi website. Once you have installed the wallet, open it up and select the “Create new wallet” option.
Next, you will be asked to choose a password for your wallet. Make sure to choose a strong password that you won’t forget!
Once you have created your password, you will be given your seed phrase. This is a 12-word phrase that you can use to restore your wallet if you ever lose access to it. Make sure to write down your seed phrase and store it in a safe place!
Now that you have created your Coinomi wallet, it’s time to add some cryptocurrency to it. To do this, select the “Add Coins” option from the main menu.
From here, select Bitcoin Cash and then click on the “Next” button.
NOTE: WARNING! Claiming Bitcoin Cash (BCH) requires technical knowledge and can be very risky. Before attempting to claim BCH, you must ensure that you have a secure backup of your wallet and understand the process involved. Do not attempt to claim BCH unless you are absolutely certain that you know what you are doing, as there is a risk of losing your funds if done incorrectly.
Now, you will be asked how you would like to add Bitcoin Cash to your wallet. Since we are claiming BCH from a BTC address, we will select the “Sweep paper wallet” option.
On the next screen, you will be asked to enter your private key. You can find your private key by using a BTC block explorer like Blockchair.com or Blocktrail.
com. Once you have found your private key, copy and paste it into the Coinomi wallet and click on the “Next” button.
Coinomi will now scan the blockchain for any BTC that is associated with the private key you entered. Once it has finished scanning, all of your BTC should now be visible in your Coinomi wallet! All that’s left to do now is convert it into BCH by selecting the “Exchange” option from the main menu.
From here, select Bitcoin Cash as the currency you would like to exchange into and then click on the “Next” button again. On the next screen, confirm that all of the details are correct and then click on the “Exchange Now” button one last time.
That’s it! You should now see all of your BTC converted into BCH in your Coinomi wallet! You can now use this BCH to buy goods and services or send it to another cryptocurrency exchange to trade for other Altcoins.
9 Related Question Answers Found
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