Post
Topic
Board Beginners & Help
Re: Riddles and Brain-Teasers for Bitcointalk Members (Newbies – Members)
by
rosenbauer02
on 21/03/2021, 06:00:53 UTC
Riddle #2

Anna thought she bought bitcoin but it was bitcoin cash. Bitcoin cash would not be compatible with any bitcoin wallet because bitcoin cash or BCH in short is a different coin and only alternative coin to bitcoin in abbreviation of BTC. BTC and BCH are again completely different, hence the transaction she had made will not appear to bitcoin wallet neither to blockchain.

Quote
Because both BTC and BCH can sometimes share a similar address format (Legacy address format), it is possible to accidentally send a Bitcoin Cash (BCH) transaction to a Bitcoin (BTC) address, but the funds will only exist on the BCH blockchain.
If you have the same backup phrase for both your BCH and BTC wallets, then the sent BCH will automatically show up in your BCH sub-wallet, so you don’t need to recover them.

If your BTC wallet that received the BCH transaction has a different recovery phrase, then you will need to follow the instructions below to recover your BCH:

1. Press "Home" icon in the bottom left side of the app

2. Press "Add +" on the right of the "Wallets" section

3. Import a wallet. Choose the “Recovery Phrase” tab and make sure that the "coin" is set to (BCH)

4. Enter your (BTC) wallets 12-word recovery phrase and press “Import wallet”.

5. The recovery wallet will be imported to your BCH wallets list. Your Bitcoin Cash (BCH) will now appear in your BCH recovery wallet.

Anna could still recover her funds by obtaining BCH wallet. However, in this case it was being bought in an exchange wallet so I still need to figure it out how could he she recover the funds using the BCH wallet in the exchange.

Lesson learn,

No knowledge is better than half knowledge. Having little knowledge is more dangerous than no knowledge at all. This will also similar to the phrase that curiosity kills the cat. Whatever the things we do especially in cryptocurrency, one should learn first get the full knowledge needed to get it done successfully not like Anna.