BTC.com Launches Recovery Tool to Get Your ‘Trapped’ Bitcoin Cash
BTC.com has launched a recovery tool in mid-August 2017 that would allow holders of the new cryptocurrency token Bitcoin Cash to access and recover their tokens.
A recent price surge has increased the interest in Bitcoin Cash. Those who have been holding Bitcoin prior to the Aug. 1 fork have their Bitcoin Cash trapped when a few exchanges decided not to support SegWit.
Now, depending on which wallet they’re holding them in, these Bitcoin Cash may still be recovered.
Cryptocurrency wallet BTC.com has launched a recovery tool in mid-August 2017 that would allow holders of the new cryptocurrency token Bitcoin Cash to access and recover their tokens.
The new token was introduced when the Bitcoin platform was split into two in early August due to disagreements among the developers. During the split, owners of Bitcoin tokens were allocated an equal amount of Bitcoin Cash.
In their blog post, BTC.com online marketing manager Nikol Daru said that the tool was developed to facilitate the recovery process:
"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."
During the split of Bitcoin and Bitcoin Cash, some cryptocurrency wallets have already supported the new currency.
Others, however, opted not to support it due to concerns about possible confusion among their customers, as well as the absence of technical resources for the integration of the new virtual currency.
You will need a BTC.com Bitcoin Cash wallet to recover Bitcoin cash to and your Bitcoin wallet backup phrase.
Limited wallets supported
The launch of the new tool, however, is not an assurance that all Bitcoin Cash holders will recover their tokens.
The service is only applicable to certain virtual currency wallets. Among the cryptocurrency wallets that are compatible and supported by the tool are Mycelium and Blockchain.info.
Meanwhile, Bitcoin Cash continues to perform solidly in the market following its launch.
The new digital currency has already overtaken Ripple as the third-biggest cryptocurrency in terms of market capitalization, following a sharp increase in its price in the past 24 hours.
As of press time, the value of Bitcoin Cash is pegged at $795.