Share this article
Couldn't Claim Your Bitcoin Cash? BTC.Com Now Has a Tool for That
In an effort to grow the pool of potential bitcoin cash users, BTC.com is launching a recovery tool for users who couldn't easily claim their funds.
Updated Sep 13, 2021, 6:50 a.m. Published Aug 18, 2017, 10:00 a.m.
Make us preferred on Google
Users who weren't able to claim their bitcoin cash in the wake of this month's hard fork now have a better chance of retrieving their lost funds.
Announced this week, BTC.com has launched a recovery tool for the cryptocurrency, one designed to let users whose wallets didn't support the switch to claim their coins.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Because users of some services still technically own bitcoin cash (but don't have access to it), the tool allows them to "extract" bitcoin cash from their wallets by exporting the keys and, then, move the currency into a new, supporting wallet.
If it sounds complex, it is. To put it simply, when bitcoin cash split from the bitcoin blockchain, anyone who owned bitcoin as the two networks parted ways were suddenly allocated an equal amount of bitcoin cash. However, many users were unable to access their new funds because the contentious and fast-moving fork caught many digital wallet providers off guard.
While some wallets supported the currency from the get-go, others decided against it because of concerns about confusing customers and a lack of technical resources to integrate the new cryptocurrecy.
In a blog post, BTC.com's online marketing manager, Nikol Daru, explained why the tool was needed, saying:
"Recovering bitcoin cash from a bitcoin wallet in a do-it-yourself manner can be a risky process that requires serious expertise. That's why we have developed this designated recovery tool, to make the process easy and seamless for everyone."
There's one big caveat, however: the service only works for specific wallets. According to the blog post, Blockchain and Mycelium are compatible with the tool, as well as unnamed others.
The launch could come as a relief to some in the community, including some who support bitcoin cash's technical roadmap and others who desire gains from holding or selling off the new asset.
And those funds are looking increasingly worth retrieving. A swift climb in price in the last 24 hours has seen bitcoin cash overtake Ripple as the third largest cryptocurrency by market capitalization. At press time, bitcoin cash is valued at $506, according to CoinMarketCap.
Binary code image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Robinhood CEO says tokenized stocks could prevent another GameStop freeze
Vlad Tenev blamed the trading halt on its app in 2021 on bad infrastructure, a problem that he says tokenization would solve.
What to know:
- Robinhood CEO Vlad Tenev says the 2021 GameStop trading halt was caused by slow, collateral-intensive settlement infrastructure, rather than bad actors.
- Tenev argues that even the shift from T+2 to T+1 settlement is insufficient in a 24/7 news-and-trading environment, especially for trades executed on Fridays.
- He is pushing to move stocks onto blockchains for real-time settlement, expand Robinhood’s tokenized stock offerings and 24/7 DeFi-style trading, and urge Congress to pass the CLARITY Act to force the SEC to issue rules on tokenized equities.
Top Stories
