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Crypto 101: How to Send and Receive Bitcoin Cash Via the Bitcoin.com Wallet

15/06/2020 by Idelto Editor

Bitcoin 101: How to Send and Receive Bitcoin Cash Via the Bitcoin.com Wallet

During the last few months in the midst of the coronavirus outbreak and faltering global economy, many individuals have shown an interest in bitcoin and other cryptocurrencies. However, oftentimes people can find the process a bit daunting because they are not used to using crypto assets and have never experienced the process. The following article is a quick guide on how to get a cryptocurrency address, receive digital assets, and send them as well.

Creating a Bitcoin Cash Wallet and Obtaining a Receiving Address

Amid the crazy economy, a lot of people have noticed a number of cryptocurrencies like bitcoin (BTC), ethereum (ETH), and bitcoin cash (BCH) have done far better performance-wise than a majority of stocks, bonds, and commodity assets worldwide. For instance, the crypto asset bitcoin cash (BCH) dropped to a low of $150 per unit on March 12, 2020, otherwise known as ‘Black Thursday.’ The price of bitcoin cash has gained 60.66% since then at today’s BCH price of roughly $241 per BCH. At a price of $9,453 per unit, Bitcoin (BTC) has gained 162% since March 12, when it traded for $3,600 for a brief period that day.

Besides the price rises, many people are beginning to understand the importance of a censorship-resistant and permissionless, electronic peer-to-peer cash. However, many people get frustrated when they try and learn the process of obtaining a crypto address, receiving digital currencies, and sending them to people after learning to store them in a wallet. In this article, you will learn the basics of all three of those tasks by leveraging a noncustodial Bitcoin.com Wallet and some practice.

Want to store BCH, BTC, and SLP tokens, as well as sending and receiving them, download the Bitcoin.com Wallet today.

In order to get a cryptocurrency address, you need a wallet. Basically crypto wallets are software applications that allow you to send, receive, and store digital currencies on a mobile phone, laptop, tablet, or desktop computer. The Bitcoin.com Wallet allows people to use bitcoin cash (BCH), bitcoin (BTC), and crypto tokens built using the Simple Ledger Protocol (SLP). For today’s testing, we are only focusing on the cryptocurrency bitcoin cash with the ticker symbol BCH. The Bitcoin.com Wallet is noncustodial, which means the company has zero access to the funds and you are 100% in control of the storage. This means when you create a wallet, you need to back it up immediately using the twelve-word mnemonic phrase.

Generating an Alphanumeric Address and Receiving Crypto Assets: QR Code or Copy & Paste

Once you have created a Bitcoin.com Wallet on one of your devices, the process of storing, sending, and receiving is very simple. All you need to do to obtain a bitcoin cash (BCH) address via the Bitcoin.com Wallet is by simply pressing “receive.” You need to choose what wallet you will be receiving to and in this example, it would be bitcoin cash (BCH). After selecting BCH, the wallet will generate an alphanumeric address that allows you to accept BCH to that specific address.

Receiving bitcoin cash is easy with the Bitcoin.com Wallet, by either sending a QR code or copying a bitcoin cash (BCH) address and sending it to another individual. With a crypto wallet, most applications allow you to change the address after every transaction. Leveraging a different address for every transaction improves privacy.

There are two ways to copy the address. One way is giving someone a copy or picture of the QR code, and a person with a QR code reader tied to their bitcoin cash wallet will be able to scan the code. The second way is by copying and pasting the BCH address by copying it to your device’s clipboard and sending it to another person. With this address, any person from anywhere around the world can send you bitcoin cash.

Sending Bitcoin Cash by Scanning a QR Code or Copying an Address to a Device Clipboard and Pasting It Into the Wallet’s Sending Screen

Once someone has sent you some bitcoin cash, you then have the ability to send it all to another address or send it in fractions to various individual addresses. To send someone some BCH, simply launch the Bitcoin.com Wallet and select the “send” button. This will direct you to a screen that allows you two options; either copy and paste the recipient’s wallet address into the address box or you can select “scan QR code.”

Sending BCH is just as simple. Just scan a QR code that’s tethered to a public BCH address or copy and paste an address that someone sent you in alphanumeric form.

After one of those two options has been completed, you need to choose a wallet that holds your unspent bitcoin cash (BCH) and enter the amount you wish to send to the individual. After selecting the number of funds you want to send, simply press the “next” button. There will be a confirmation screen that shows you all the details of your transaction and if you are happy with the details, simply “slide to send” to deliver the transaction. Alternatively, you can also send money from one wallet to another wallet within your device’s application.

Practice Makes Perfect

Obtaining a cryptocurrency address is very easy once you download a wallet, and most wallets follow the same standards when it comes to getting an address and the sending and receiving processes. There are many wallets that allow people to store cryptocurrencies in a noncustodial fashion.

Crypto 101: How to Send and Receive Bitcoin Cash Via the Bitcoin.com Wallet — The difference between an Ethereum (ETH – Top gray box) address and a Bitcoin Cash (BCH – Bottom white box) address. The sending and receiving process is relatively the same.

Also if it is a different cryptocurrency, obtaining an address and sending and receiving an address is pretty much the same process. The biggest difference is, each cryptocurrency has an alphanumeric string, but they look different in the beginning of the address. For instance, bitcoin cash (BCH) addresses look different than ethereum (ETH) addresses, but the process of sending and receiving is the same.

After doing these steps a few times, you should easily get the hang of obtaining a crypto address, and using a wallet to send and receive digital currencies. When practicing, try sending small fractions of a cryptocurrency like bitcoin cash (BCH) in order to feel more comfortable with the processes. A great number of crypto assets have a network fee associated with sending a cryptocurrency, and bitcoin cash (BCH) fees are always less than a U.S. penny per transaction.

On the BTC and ETH networks, fees could be higher than you realize, and you may have to adjust a transaction accordingly. Besides fees, doing this step-by-step process regularly with even just a few dollars in bitcoin cash, will turn you into a well-seasoned machine in no time. Also, check out the video below to get a visual presentation of these processes as well.

What do you think about the step-by-step process of obtaining an address and sending and receiving cryptocurrencies? Let us know in the comments below.

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Venezuelan Government Launches Crypto Remittance Service

04/03/2019 by Idelto Editor

Venezuelan Government Launches Cryptocurrency Remittance Service

The government of Venezuela has begun offering a cryptocurrency remittance service. Remittances can be sent using two types of cryptocurrency. The service was launched by the Superintendency of Cryptoassets and Related Activities, the country’s main crypto regulator, which has also set a monthly limit and a commission per transaction.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

Government’s Remittance Service

The government of Nicolas Maduro has started offering a cryptocurrency remittance service. The Superintendency of Cryptoassets and Related Activities (Sunacrip), the main regulator of all crypto activities in Venezuela, announced the launch of the service on its Patria platform last week. According to its website:

The cryptocurrencies that can be used to send [remittances] are bitcoin and litecoin.

Once the cryptocurrency transaction is confirmed, the funds will be available on the platform in sovereign bolivars, Venezuela TV reported, noting that “The system will allow the user to receive a maximum of cryptocurrency equivalent to 10 petros per month [in bolivars].” However, with specific approval by Sunacrip, the recipient can receive up to “the equivalent in euros of fifty (50) petros.”

The petro is Venezuela’s national digital currency which the Maduro government claims to be a cryptocurrency backed by oil, gold, diamond, and other natural resources. Each coin was previously worth 3,600 sovereign bolivars (Bs.s). However, President Maduro raised its rate to 9,000 Bs.s in December and again in January to 36,000 Bs.s.

Using the Patria Portal

The terms and conditions page of the Venezuelan government’s remittance website states that “To be a recipient of crypto remittances, the natural person must be registered with the Patria platform, be of legal age and reside in the Bolivarian Republic of Venezuela.” Senders, however, can be outside of Venezuela.

To use the platform, the sender must enter an email address to which a code will be sent in order to log in. “The code sent is a one-time password … a new one will be sent each time that it is required to access the remittance system,” the Patria website details. Upon entering the system, the sender will be prompted to enter their first and last name, date of birth and country of residence. The sender will then be asked to enter the national identification number and date of birth of the recipient.

The next step is to select the cryptocurrency and the amount of remittance to send. At this point, the sender “will see the reference exchange rates at the time of the transaction and the type of cryptocurrencies: bitcoin and litecoin,” Agencia Venezolana de Noticias (AVN) elaborated.

Exchange Rates

The exchange rate of the cryptocurrency sent “will depend on the date and time of the transfer” which will be determined based on its value in euros shown on the Patria website, Venezuela TV described. Its value in bolivars will be determined based on the official rate published by the Central Bank of Venezuela (BCV).

Emphasizing that the recipient will receive the amount of the cryptocurrency sent based on its rate “in euros and the official exchange rate of the euro in bolivars,” the publication added:

The value of the remittance will be deducted by a commission, calculated and shown on the platform, up to a maximum of 15%.

“The minimum commission amount will be the equivalent of 0.25 euros [~$0.28] in bolivars for each transaction,” Patria’s website states, adding that the exchange rate of the cryptocurrencies “will be adjusted every ten (10) minutes or when required and will be published on the website of the platform.”

What do you think of the Venezuelan government starting its own crypto remittance service? Let us know in the comments section below.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither Bitcoin.com nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, the Patria platform, and Sunacrip.

Need to calculate your bitcoin holdings? Check our tools section.

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Bitcoin Cash-Focused Ifwallet Implements Cash Accounts Name System

15/02/2019 by Idelto Editor

Last month, on the 10th anniversary of the Bitcoin genesis block, Bitcoin Cash (BCH) developer Jonathan Silverblood launched his Cashaccount.info platform. The Cash Accounts platform allows users to tether human-readable names to BCH addresses in order to make payments easier. Now the Chinese BCH light client Ifwallet has become the first public wallet with Cash Accounts sending support.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Ifwallet and Cash Accounts

Bitcoin addresses are long strings of numbers and letters, a format that to some users can be nerve-racking and cumbersome. Over the last few months, BCH software programmer Jonathan Silverblood has been working on a project that helps bypass some of the friction associated with BCH addresses. He’s created Cashaccount.info, a platform that allows users to register a one-time human-readable name that is tied to a BCH public address. News.Bitcoin.com tested the application on January 2, the day before the official launch on Bitcoin’s 10th birthday. The platform hashes a name into the BCH blockchain by using an OP return transaction and after the transaction is registered into a block the name will be validated.

When Silverblood first launched the project he also mentioned that he had been reaching out to wallet developers so they could possibly support Cash Accounts in the future. The Cashaccount.info website shows that the programmer has discussed the idea with Electron Cash, Edge, BRD, Bitcoin.com, Stash, Ledger Wallet and more. On Feb. 14 the Cash Accounts founder explained that the Chinese cryptocurrency light client Ifwallet has added support for the name address system within the sending interface.

“Congratulations to Ifwallet for releasing the first public wallet with Cash Accounts sending support,” Silverblood stated on Thursday.

The developer continued:

When you go to send you can now type in a Cash Accounts name and if they have compatible payment information in them they will show up in a dropdown list.

Experimenting With Ifwallet and Cash Accounts

Ifwallet is a cryptocurrency wallet with a focus on bitcoin cash and provides users with a secure asset management tool for token support. The mobile wallet is backed by investors such as Coinex and is partnered with projects like Johnwick.io, Viabtc, BCH Club, and Wormhole. Ifwallet also supports the Wormhole project by implementing WHC integration and incorporating the token factory. Recently the Ifwallet project launched the decentralized applications (dapp) store module and deployed a variety of dapps that can be used with the wallet.

On Feb. 15, news.Bitcoin.com tested the Ifwallet application and the client’s speed was similar to using the Japanese Yenom wallet. The wallet makes you create a six-digit PIN to access the interface but biometric settings like Apple’s Face ID/Touch ID can also be set up. The wallet doesn’t compel you to back up the wallet’s mnemonic phrase immediately and there is a warning message displayed until this part of the process is complete. I sent 0.00041575 BCH – or a nickel – to the Ifwallet, without realizing there was an identical amount of BSV attached to the BCH. The Ifwallet split the transaction into two and my wallet ended up with 0.00041575 BSV as well.

After the transaction confirmed, I simply used Silverblood’s directions and sent money to the Cashaccount.info name “Jamiecrypto#116.” The transaction immediately showed a sent transaction to the Cash Accounts name and the process was much simpler than copy and pasting an alphanumeric string to use as an address. Overall the application worked well and if more wallets integrate this feature it would likely make sending and receiving easier for newcomers. However, some people will definitely take issue with reusing addresses and may not find the Cash Accounts payment system compatible with efforts toward financial privacy.

What do you think about Ifwallet implementing Cash Accounts support? Do you think concepts like Cash Accounts is a good idea? Let us know what you think about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. This editorial is for informational purposes only.

Image credits: Shutterstock, Ifwallet, Bitcoin.com’s Block Explorer, and Cashaccount.info.

Need to calculate your bitcoin holdings? Check our tools section.

The post Bitcoin Cash-Focused Ifwallet Implements Cash Accounts Name System appeared first on Bitcoin News.

Bitcoin Cash-Focused Centbee Launches Open Alpha Wallet

24/07/2018 by Idelto Editor

There’s a new bitcoin cash (BCH)-focused wallet called Centbee that recently launched its alpha testing version on the Google Play store. The Johannesburg-based Centbee’s wallet is a bit different than most light clients as it offers a simplistic user interface, with plans to provide an in-wallet buy and sell feature, and merchant payments service that enables BCH payment processing and account integration.

Also read: A Look at Leverage Trading: Learn to Run With the Bears and Ride the Bulls

Bitcoin Cash Centric Wallet Centbee Launches Alpha Version

The Bitcoin Cash ecosystem has a lot of unique wallets that users can choose from for storing, sending, and receiving BCH. Now a firm based out of South Africa called Centbee has launched their open alpha wallet, which can be downloaded via the Google Play store. Centbee has been slowly building its application for quite some time now, and the firm is also backed by the London-based blockchain firm Nchain. The wallet’s creators want people to test the open alpha version so they can get feedback on how well the software works.

“We are making Centbee the easiest way to store, spend and send bitcoin cash safely on your mobile phone and we know our fans cannot wait to download it, play around with it and let us know what you think!” Centbee explained during the Alpha launch.

Using Centbee with Testnet Coins and the Firm’s Collaborative Efforts with Nchain

News.bitcoin.com decided to give the Centbee wallet a test drive and found the interface was easy to use compared to some wallets that are very cluttered. There’s not much to the wallet as it offers very basic BCH storing, receiving and sending features. Anyone can test Centbee’s alpha version by utilizing testnet coins so users can experiment without losing real funds. You can find testnet BCH online or you can send an email to [email protected] with “Buzz me!” as the subject header and leave a receiving address in the email. As soon as the company gets the email, Centbee will forward the user some BCH testnet coins. The in-app exchange services and merchant features were not yet available in the testnet Centbee version.

The team behind Centbee are big believers in the potential of bitcoin cash and the firm is also working with Nchain by developing a merchant Point-of-Sale (PoS) software development kit (SDK) for the worldwide market. Centbee recently announced the news during the Coingeek conference in Hong Kong and explained the SDK will be a set of “open-source tools, processes, and interfaces that software developers and system integrators can use to enable retailers to easily and quickly accept Bitcoin cash at the till-point.”

Centbee Operates Similarly to Yenom

With Centbee’s alpha wallet, users can integrate their phone contacts in the wallet interface as well so people can connect with BCH using the app. The Centbee light client doesn’t have a bunch of features you’d see in other wallets like Shapeshift or Changelly integration. Nor does it have annoying advertisements and promotions. The main point of the Centbee wallet is to make BCH usage as easy as possible and without all the frills. The user experience is very much like the Japanese BCH wallet Yenom which is also very simplistic, but Yenom doesn’t have a wallet backup. Centbee does provide a mnemonic seed phrase when starting the wallet and it also makes the user double check to see if they wrote it down correctly during the wallet creation process.

Have you tried the Centbee wallet? What did you think about this bitcoin cash wallet and how it worked? Let us know your thoughts on this subject in the comment section below.

Images via Centbee, Google Play, and Jamie Redman.

Want to create your own secure cold storage paper wallet? Check our tools section.

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How to Shuffle Your BCH Coins Like a Boss

08/05/2018 by Idelto Editor

Installing the Electron Cash Wallet 3.2 Release and the Cashshuffle Plugin

There are a bunch of unique bitcoin cash wallets these days and even more interesting clients on the horizon. However, there is one particular bitcoin cash (BCH) wallet called Electron Cash that’s been around since the inception of BCH offering a secure platform and now the ability to shuffle BCH with the Cashshuffle plugin.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

The BCH-Centric Electron Cash Wallet

Today we’re going to discuss how to install the Electron Cash wallet, a light client that provides users the ability to control their own private keys. The platform provides users with a secure SPV wallet that doesn’t need to download the entire BCH chain. The Electron Cash client is a fork of the Electrum wallet software and was developed by a programmer that uses the pseudonym ‘Jonald Fyookball.’ The latest release of Electron Cash is the 3.2 version which can be found at electroncash.org website alongside the source code which is also located on Github. In order to install Electron Cash, you need to choose which operating system works best out of four choices — Windows, Linux, Mac OS, and Android.

Creating a Standard Wallet With Electron Cash

After downloading the desired client for your operating system, open the application when the download finishes. Some machines will require an administrator password to open the Electron Cash client. When the program begins the user is then asked whether or not they want to tether to a manually configured server or auto-connect to the client’s servers. Choosing the auto-connect is the easiest route, and then Electron Cash asks you to name your wallet or you can leave it named as “default wallet.”

The next step shows one of the Electron Cash features other BCH wallets don’t provide — The ability to create a multi-signature wallet. This means more than one individual can share a wallet, and the Electron Cash program will not sign a transaction unless the other person authorizes the transaction. Essentially, the multi-signature technology allows Electron Cash to send and receive encrypted transmissions of partially signed transactions. For a full explanation on how Electron Cash multi-signature wallets work, and how to create one, can be found here.

At this stage, you can also import an existing address or private keys but for this walkthrough, we chose to create a ‘standard wallet.’ Following choosing the ‘standard wallet’ option the program will ask the user if they want to create a new seed and encrypt the wallet with a password. Encrypting the wallet with a password is optional, but a less secure option if it is not used. If you choose a good password, make sure you write it down as it is required to access the funds held on an Electron Cash wallet. If an encrypted password is not chosen you can leave the field blank and users can encrypt the wallet at any time after creation.

After choosing to create a new seed the Electron Cash wallet gives a twelve-word phrase as a backup. The program will show you the seed and its best to write down the twelve words on a piece of paper that’s ultimately kept hidden and safe from prying eyes. After being shown the seed phrase Electron Cash will ask the user to verify the twelve words by typing each one in the next field. After completing this task the wallet is ready for receiving, sending, signing digital signatures, and more.

The Cashshuffle Plugin

Now for those who are touch more tech savvy they can download the Cashshuffle plugin that works for Windows and Linux. The Cashshuffle plugin allows users to mix their coins by utilizing a Coinjoin method so the origins of where the BCH derived from is obfuscated. Essentially you need to edit a few lines of code within the Readme file to add the Cashshuffle feature into your Electron Cash directory. After the editing of the code is complete the shuffling feature will be available within the wallet interface.

In order to make a shuffle, you need an address with at least 0.01 to 0.1 BCH held in the UTXO’s in your wallet and then choose a server from the list. After choosing a server and selecting a change address and shuffle output address you can then enable the shuffling process. When five participants are on the same server, the mixing process will start and if things go wrong you will see an error in the dialogue window. Moreover, you can also configure the servers list and add your own server to the index. An in-depth walkthrough about the necessary code changes needed to install the Cashshuffle plugin alongside the plugin’s source code, and the plugin itself can be found here.

iOS and Feature Phone Client Coming Soon

The Electron Cash wallet is a simple to use and secure light client for multiple operating systems and offers a few features other wallets don’t provide. According to the Github repository, Jonald Fyookball is the Electron Cash lead developer, but 205 contributors have helped this project according to the repo. As mentioned above, the wallet is available for most operating systems, but unfortunately, there is no client software built for iOS devices. However, the development team recently announced that Coingeek will be funding the Electron Cash project and more features were recently added to the software roadmap. Electron Cash developers are planning to launch an iOS version and a feature phone (Nokia) version of the wallet as well.

What do you think about the Electron Cash wallet? Let us know your thoughts in the comments below.

Disclaimer: Walkthrough editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online.

Images via Pixabay, Github, the Electron Cash Wallet, and the Coinshuffle Plugin.

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