Withdrawing bitcoin cash
 
 

Did you know that there is now two types of Bitcoin Cash address?

Bitcoin Cash LogoProblems withdrawing Bitcoin Cash? There is the original ‘Legacy’ version of the address, as well as the new ‘CashAddr’ version of the same address. As yet, not all exchanges, wallets or payment processors support the new CashAddr version. This means that now every Bitcoin Cash address has two versions, the legacy, and the new CashAddr version.

Sending Bitcoin Cash to any of the two versions of your address will put the BCH into the same wallet.

On the Bitcoin Cash withdraw page of the iceCUBED exchange we currently have a warning about the new address format.

DO NOT use a CashAddr. This is NOT supported yet. Please only withdraw to a bitcoin cash address that uses the legacy format, NOT the CashAddr format. Only use the Legacy version of the address when you withdraw.

Until further notice, please ONLY use the legacy version of your Bitcoin Cash address when you make a Bitcoin Cash withdrawal from iceCUBED, and NOT the CashAddr version of a BCH address.

The new CashAddr version of BCH addresses is NOT supported by our payment processors yet. At this time, if you use the new CashAddr format, we are getting an error as an ‘invalid address’ when processing your transaction.

How do you know which version of Bitcoin Cash address you have?

You can convert from the old format to the new CashAddr format, or vice versa using a converter tool. If you are not sure, please visit a converter website and convert the address you are withdrawing to.

You will be able to choose the ‘Legacy’ version to be 100% sure that you are using the correct format. Once all the payment providers are up to date, you can safely use the new CashAddr format, but until then, please use the legacy BCH address format.

We recommend using the converter tool here: https://cashaddr.bitcoincash.org/

Just visit the website and paste the address you would like to convert. Press the ‘Convert’ button, and then the ‘Legacy’ tab to get the legacy address. Copy that address and paste it into the withdraw address text field that you want to withdraw Bitcoin Cash to on the iceCUBED exchange.

bitcon cash address converter

Why is there new Bitcoin Cash address formatting?

Until earlier this year, bitcoin and Bitcoin Cash addresses looked the same and used the same format. This made it it difficult to ensure you were transacting using the correct currency’s address. Too many people have sent BTC to a BCH address and vice versa.

Bitcoin Cash has therefore started a new address format called ‘CashAddr’. The new bitcoin cash addresses using CashAddr format look slightly different from bitcoin addresses now.

A legacy Bitcoin Cash address format looks like this: 1BpEi6DfDAUFd7GtittLSdBeYJvcoaVggu
A new Bitcoin Cash address format now look like this: qpm2qsznhks23z7629mms6s4cwef74vcwvy22gdx6a
They can sometimes also have a prefix: bitcoincash:qpm2qsznhks23z7629mms6s4cwef74vcwvy22gdx6a

This updated format only changes how your Bitcoin Cash addresses are displayed, not the underlying private and public keys.

Since Bitcoin Cash is a fork of bitcoin, each Bitcoin Cash address also has a “legacy address”, which is it’s corresponding bitcoin address. Sending to the new CashAddr version of the address may give you an error, if a wallet hasn’t been upgraded, it doesn’t know about the new format yet.

Withdrawing Bitcoin Cash from an exchange

The legacy Bitcoin Cash address will always work with every wallet and payment processor, while only wallets and processors that have been updated to the latest version will understand the new format.

Before withdrawing bitcoin cash, remember that any legacy Bitcoin address format will convert to one and only one CashAddr format, and the same is true in reverse.  So there will always be 2 versions (legacy and CashAddr) of any given address, and they are interchangeable because they correspond to the same set of private and public keys.

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Disclaimer Notice:

This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.