BTC.com Adds Replay Protection Support Along with Bitcoin SV (BSV) Extraction Tool
BTC.com has developed by adding replay protection and a coin extraction tool for BTC’s hard fork. As a result, those who spend Bitcoin Cash can feel confident that the transaction and Bitcoin SV are safe throughout the process. Users can also split their coins and receive a component from Bitcoin SV and Bitcoin Cash.
The protection mechanism is a method that allows users to prevent a replay attack, which is a problem when there is a hard fork. The attack is possible because user information does not change before or after the split. As users perform a transaction, they sign it to signify that they truly hold the private keys. In the event of an attack, the attacker will duplicate the information and as a result, the signature is accepted on the next chain, despite the attacker not holding the key.
There are two ways that replay protection can be conducted – by the coin developer level or to have users move coins to a safe place after the form. BTC.com has thought ahead and it provides a mechanism for the latter. Users can send their BTC Cash to themselves. This way, any upcoming transactions cannot be valid on Bitcoin SV’s blockchain because they will be from an address not on the chain. The true address would be the users’ address. Once the process comes to an end, users can extract Bitcoin SV from BTC.com and then transfer to a SV-compatible wallet.
Those who are not members of BTC.com or have their own wallet that they want to split, then BTC can take care of it. The process requires users to register if they are not a member or to log-into their existing account. Then, click on “import wallet” and alter the wallet time from BTC to BTC Cash. Once imported, the user will have Bitcoin Cash in BTC.com, which the user can split. Once split, users can transfer both to their wallet.
Essentially, hard forks are not easy to deal with. The good news is that BTC.com and other platforms are working to make the process easier, especially with its coin protection mechanisms.