Category: Tenx (PAY)

Bitcoin Fork: Simple trick to secure your coins WITHOUT replay protection — Transcript

Below is a full transcript

Welcome everyone to this short video,

My name is Julian, one of the co-founders of TenX

I made a video on Bitcoin Gold and what it means if there is no replay protection, and I’ve received hundreds of messages and questions, asking “what do you do if there is no replay protection? How do you split your coins?”

Instead of replying to everyone, I decided to make a follow-up video even though it doesn’t have anything to do with TenX. Sometimes, I feel that we have to give value back to the entire community, especially in this case because this has not been explained properly. It is one of the most dangerous things if there is no replay protection, you send one of your splits, but instead you send both.

So, how can you split your coins safely so that they cannot be replayed on the other chain? This is very simple. Add a few coins to one of the forks, then send the entire pile away because that’s not replayable.

Imagine we have a fork, applicable to both the Bitcoin Gold and Segwit2X forks since neither of them have replay protection. Go to an exchange, and buy a little bit of Bitcoin. It can be really small, maybe 0.01 Bitcoin. Buy it, let’s say on Kraken, and withdraw it to your large pile.

When you withdraw 0.01 Bitcoin, you should now have 1.01 Bitcoin. Check your other pile if there is also something being added to that. If there is, keep buying on that exchange because they are sending you free coins! But normally these exchanges will understand that they can split their coins as well, and you should not get these extra coins.

Now, send the large amount to an address that you control, that you have not held Bitcoin in before.
For example, from Breadwallet, to Jaxx, or Jaxx, to Ledger.

Since you are sending a larger amount, in this case, 1.01, for example, from Bread to your Ledger wallet, this transaction cannot be replayed on the other blockchain. This is because you only have only 1 Bitcoin/Bitcoin Gold/Bitcoin2X here. As soon as you send the larger amount to the new address, it is not replayable. From that point onwards, you have properly split your coins.

In summary, add a small amount, to lets say Bitcoin, and you need to check that it doesn’t get added on the other side. If it gets added, it has been replayed, which means that you are getting free coins, so keep buying because obviously the exchange has not properly split the coins. But we assume that the exchange has split the coins properly, then we will have a larger amount in let’s say, Bitcoin, and you send it from here to another wallet where you have nothing on, which is also in your control. From this moment on, you do not have to worry about being the victim of a replay attack.

I hope that makes sense, if it doesnt, let me know it the comments below.
If you get value out of this, please share this video, because replay attacks can be really tricky and iffy so please let other people know about that.

Hope you get value out of this, I know I didn’t mention anything about TenX this time, but I really wanted to do this video as a follow up.

If you want more about TenX, we have our regular Q&As on Tuesdays. Join us on Youtube Live, just subscribe you will be automatically notified. Follow us on Facebook/Twitter. We are also on Riot, a new community which keeps on growing.

Thanks for tuning in.

Yours Truly,

Julian

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Bitcoin Fork: Simple trick to secure your coins WITHOUT replay protection — Transcript was originally published in TenX on Medium, where people are continuing the conversation by highlighting and responding to this story.

This article was originally published on: The TenX Blog on