Lately, there has been a lot of hype around a new token called BitcoinHex (BHX). What is BitcoinHex? Who created it? For what purpose? Who can claim BitcoinHex (BHX)? How to claim BitcoinHex - BHX? How Many BitcoinHex Tokens You'll Get? What's the total supply of BitcoinHex? What Are BitcoinHex Staking Reward?
In this article, I will try to answer all of these questions, to do so, I've read countless articles about BitcoinHex and watched many hours of boring videos so you don't have to.
What Is BitcoinHex, Who Created It And For What Reason?
On BitcoinHex website: BitcoinHex, they list four people that are behind this project: Richard Hearth [Founder], Cody Lamson [Developer], Brent Morrissey [Marketing Executive] and Dan Emmons [Contributor].
BitcoinHex is the brain child of Richard Heart, a Cryptocurrency expert and "thought leader" as he likes to call himself. Richard Heart thinks that instead of sending money to china for buying bitcoin mining hardware to people who turn out to be bad actors, people who can attack your network, make those guys rich so they can inflate the hash-power race so they have to sell more coins to pay for their electric bill driving the bitcoin price down. Why don't we instead of rewarding those bad actors, why don't we give the money to holders, and then the people who actually bring value to the ecosystem by making the price go higher, by removing supply, those guys get all gains.
Richard Heart likes to use the word maximal-ish, for him, this is someone who wants to be a Bitcoin maximalist but couldn't because there are some stuff that you just can't accomplish with just one coin (Bitcoin), like issuing tokens, decentralized exchanges, anonymous transactions etc.
In simple terms, the founder of BitcoinHex Richard Heart thinks that Bitcoin is great, but Bitcoin doesn't pay interest and he thinks that any programmable money must have a product that offers paying interest to holders. For this reasons he wants to create a "better" alternative that pays interest to anyone who locks their BitcoinHex BHX token for a certain period of time.
Today you can do the same with Bitcoin, but you'll have to rely on third parties like exchanges where you can deposit your bitcoins to and lend it to other users and they'll pay you interest on your loan, but the problem with this is that you are relying on a third party to hold your bitcoins, a third party that can lose all your coins. With BitcoinHex this is different because you don't have to deposit your BitcoinHex tokens anywhere, the same smart contract that minted the Bitcoinhex tokens will be responsible for paying interest to stakers. So your BitcoinHex tokens are always in a secure place.
The way I see it is that BitcoinHex is like a Proof-Of-Stake version of Bitcoin on the Ethereum blockchain. BitcoinHex will be an Ethereum ERC20 token, in other words, this will be a token that lives on the Ethereum blockchain. There will be no ICO (initial coin offering) no mining or something similar. The way BitcoinHex token will be distributed is by an airdrop to bitcoin owners by taking a snapshot of the Bitcoin blockchain about 7 weeks from the publishing of this article [For exact date, visit: BitcoinHex ]. The Bitcoin addresses at the snapshot date that had any amount of bitcoins on them will be able to claim free BitcoinHex BHX tokens in proportion of the amount of bitcoins that address had at the snapshot date.
Who Can Claim BitcoinHex Tokens?
About 7 weeks from now [For exact date, visit: BitcoinHex ], People behind BitcoinHex will take a snapshot of all Bitcoin addresses with positive amount of bitcoins, they will store the list of these bitcoin addresses along with the amount of bitcoins each address has. This is the data that will be used by BitcoinHex to determine whether a user can claim their free BitcoinHex or not.
If you had any amount of bitcoins at a certain address at the time of the BitcoinHex snapshot, then you'll always be eligible to claim your BitcoinHex tokens, provided that you still control that address with your private keys and that you can sign messages using that address. After the snapshot is taken, you can send and receive bitcoins to that address and it won't affect how much BitcoinHex you receive, because all matter is how much bitcoins you had at that address at the time of the BitcoinHex snapshot.
Does It Cost Any Money To Claim BitcoinHex?
BitcoinHex tokens are a free airdrop to bitcoin owners. So no it won't cost you any money to claim BitcoinHex.
With that said, I suggest you have some very small amount of ETH in your Ethereum address that you want to use to receive BitcoinHex tokens in. This small amount of ETH will be used to pay for the transaction fee of claiming your BitcoinHex tokens. The transaction fee in the Ethereum blockchain vary from time to time, for peace of mind, I suggest you have $0.1 equivalent of ETH in your Ethereum address to pay for the transaction fee. At the time of writing this article, the transaction fee cost $0.03, so if I would claim BitcoinHex tokens right now, I will pay 0.00025 ETH for the claiming transaction.
Note that this transaction fee doesn't go to the BitcoinHex founder, but rather, it pays the miner who helped you broadcast and verify this transaction to the Ethereum blockchain.
When Will Claiming BitcoinHex Starts And For How Long After The Launch Will You Be Able To Claim?
BitcoinHex project is still under development, they predict that BitcoinHex will be ready to be deployed in around 6 to 7 weeks from now. The exact time may vary depending on the outcome of their smart contract audit that they will perform to make sure that the code will be running as intended. [For exact date, visit: BitcoinHex ]
After the claiming of BitcoinHex starts, you'll have 50 weeks window to claim your BitcoinHex tokens. However, you'll get rewarded if you claim early by getting more BitcoinHex tokens, and you'll get penalized if you claim late. After the 50 weeks ends, you won't be able to claim BitcoinHex any longer. More details about the rewards for claiming BitcoinHex earlier and penalties for claiming BitcoinHex late, all these details will be available in the rest of the article.
What Will The Total Supply of BitcoinHex Be?
No one can predict exactly the supply of BitcoinHex tokens before the end of the 50 weeks claiming period, simply because the total supply will depend on many factors such as, how many bitcoin addresses claimed Bitcoinhex, how many bitcoins were used for claiming BitcoinHex, how long have the users waited before claiming BitcoinHex, how many users got different kinds of rewards and finally how many users get penalized by different kinds of penalties.
Don't worry, I will talk later about all the rewards you can get and penalties you should avoid to get the most out of claiming BitcoinHex process.
With that said, Richard Heart, the founder of BitcoinHex estimates that there will between 250 and 300 billion BitcoinHex tokens at the end of the 50 weeks claiming period.
You may think why such high number of coins? the creator of BitcoinHex think that people have a unit bias, in other words, people prefer cheap coins, and they don't like to own fractions of a coin. He's targeting a supply that is double or triple that is of Ripple (XRP) and Stellar Lumens (XLM).
BitcoinHex is an ERC20 token, and in the world of Cryptocurrencies, the total market cap of a coin matter, and it's what makes a coin successful or not in the eyes of many people. This also helps the coin stand out among other thousands of coins that exist in the market today.
How Many BitcoinHex Tokens Will You Get?
The number of BitcoinHex tokens that you'll get depends on the amount of bitcoins you have in the addresses that you'll use to claim your BitcoinHex tokens with. Another variable is how much time have you waited to claim your BitcoinHex tokens after the BitcoinHex smart contract launched. To be more exact, this is how BitcoinHex reward is calculated:
If you claim your BitcoinHex tokens in the first week of launch, you'll get 10,000 BHX token for every bitcoin you own plus a 20% bonus. This reward is for people who claim in the first week.
If you wait and don't claim until the second week, then the 10,000 BHX per bitcoin reward will be reduced by 2% and you'll only get 9,800 BHX per bitcoin. The bonus that was 20% in the first week will also get reduced by 0.4% and you'll only get a 19.6% bonus.
Each week you wait, the reward will be reduced by 2% and the bonus reduced 0.4% until week 50 where nothing will be left to claim.
You don't have to own a full bitcoin to claim BitcoinHex, You can claim if you have fractions of bitcoin, For example if you have 0.1 BTC, If you claim in the first week , you'll get 1000 BHX and you'll benefit from a 20% reward. So in this example you'll get 1000 BHX + 20% = 1200 BHX. If you don't claim in the first week, both the BitcoinHex reward and bonus get reduced by 2% and 0.4% respectively.
What is BitcoinHex Annual Inflation Rate?
The BitcoinHex inflation rate is very small, smaller than Bitcoin's inflation which is around 4%. Having this small inflation rate doesn't mean you only make 3.69% annually, you'll actually make more if you read my post and followed my advices to get most Staking Bonuses and to avoid getting penalized.
The 3.69% annual inflation of BitcoinHex will be paid to the staking pool, this staking pool will also receive all penalties paid by misbehaved stakers. So the staking pool will have an amount bigger than then annual inflation of 3.69%. But what's more important to understand is the way this staking pool funds will get divided among stakers.
Take a look at the above picture. The less people stake, the more interest you'll get. If for example all BitcoinHex tokens are staked, that is 100% are staked, then you'll receive 3.69% of your staked tokens (slightly more if you benefited from the staking bonuses), but this 100% number is very unrealistic, as in reality far less people will stake their Bitcoinhex tokens. If for example only 50% of people stake their BitcoinHex tokens, you'll get double the rate of 3.69%, that is 7.38%, if only 25% BitcoinHex tokens are staked, you'll get 14.76% interest, if only 1% of BitcoinHex tokens are staked, you'll get a whopping 369% interest.
Why Claim Your Free BitcoinHex Tokens And What Will The Price Of BitcoinHex Be?
You may be wondering why should you claim this BitcoinHex tokens. The answer is simple, BitcoinHex is a free airdrop to bitcoin owners, it's completely free, if it succeed and its price increases, then you got yourself free coins, if it flops, then all you did was lose your time worrying about whether it was going to succeed.
What I like about this new token is the game theory behind it. I can't predict what will the price of BitcoinHex tokens be at launch, but I think their game theory is sound and encourage people not to sell their tokens but instead lock them for longer periods of time.
It punishes people who end their stake prematurely and reward longer period stakers. If you learn more details about this token, you'll like its game theory and won't be able to predict what will the price be in the future because it will be a function of how many people claim/stake and also how many people get penalized by different types of penalties etc. we really don't know what the future holds for this new token and anyone who says otherwise either has a crystal ball or is lying.
How To Claim BitcoinHex?
To claim your BitcoinHex tokens, Basically, what you'll need to do is install MetaMask add-on on your browser, go to the Claiming Tool Link that will be available at launch time at BitcoinHex website, this Web Tool will take your Ethereum addresses from the MetaMast add-on that you're running in your browser, using this data, they will generate some text that you'll need to sign using the bitcoin address that you want to use to claim BitcoinHex tokens, this will prove that you're the owner of both Bitcoin and Ethereum address. After you signed that message, copy the signature and go to the BitcoinHex Wallet, paste the signature there and click on submit/claim.
After this, they will look at the amount of bitcoins you had at the snapshot time and they will send your BitcoinHex tokens to the Ethereum address, the amount of BitcoinHex that you'll receive depends on how much bitcoins you had at the bitcoin address that you used to claim and how long have you waited before claiming BXH tokens after BitcoinHex got live.
Here is a step-by-step:
1- Go to metamask.io and install MetaMask Ad-don in your browser.
2- Go to The Official BitcoinHex Website and find a web-page for the claim tool (not available yet as of writing this)
3- Copy the message that your find in the Claim Tool.
4- Go to your Bitcoin wallet and sign that message.
5- Copy the signature that you got from signing the message.
6- Go to BitcoinHex Wallet and paste the signature there.
7. Click on Submit or Claim.
That's all you need to do to claim your BitcoinHex tokens. After you click submit/claim, you will get the BitcoinHex token in your Ethereum wallet in the Metamask add-on.
This is just a summary, I will go into details on the rest of the article, and also step by step on how to claim your BitcoinHex tokens using most popular bitcoin wallets. I will also answer some possible frequently asked questions that you may be wondering about in the rest of this article.
What Are The Wallets That Support BitcoinHex Token?
BitcoinHex Token is an ERC20 token on the Ethereum Blockchain, so any wallet that support ERC20 tokens will support BitcoinHex token. But remember that this support is partial and even though a wallet support ERC20 tokens, you'll only be able to send and receive BitcoinHex tokens using such wallets.
The best way to take full advantage of all BitcoinHex features and custom functions is to install Metamast add-on on your browser and use the Official BitcoinHex Wallet that you can find at the Official BitcoinHex Website. Using BitcoinHex Wallet while having Metamask installed on your browser, you'll able to run all BitcoinHex custom functions such as Start_Stake, End_Stake and Good_Accounting.
Metamask is where your BitcoinHex address will be stored at along with its private key, so make sure to back up your Metamask wallet. The Official BitcoinHex Wallet will only serve as a way to send commands to the Metamask add-on to run BitcoinHex custom functions.
What To Do Before The Snapshot?
1) Before you start anything,you need to know that there are currently three bitcoin address formats that are in use, these are P2PKH, Bech32 and P2SH . How do you know which format your Bitcoin address is? easy, if it start with "1" than it's P2PKH, if it starts with "bc1" then it's Bech32 and if it starts with "3" then it's P2SH.
Why am I telling you this? well, you may read from other sources or watch old videos of Richard Heart talking about how to claim BitcoinHex where he mentions that only addresses that start with "1" or "bc1" are supported. That was true in the past, but they have now managed to solve this and they now allow all three types of Bitcoin addresses to be used for claiming BitcoinHex token.
TLDR; There are some information on the Internet that only addresses that start with "1" or with "bc1" can claim BitcoinHex tokens. This is old information, right now all Bitcoin addresses are supported and you can claim BitcoinHex using any Bitcoin address whether it start with "1", "bc1" or "3", they will all work.
2) BitcoinHex claim will rely on a browser add-on called MetaMask, if you don't already have this add-on installed, go to <a href="https://metamask.io>metamask.io, and install the add-on in your browser. You'll use Metamask to create an Ethereum wallet, this is the Ethereum wallet where your claimed BitcoinHex will go to.
3) Another thing is that if you are a Bitcoin whale that happens to own a lot of bitcois on a single address, you'll need to spread your bitcoins on multiple addresses in such a way that each address doesn't surpass 1000 bitcoins, well you'll need to do that unless you don't mind a 50% to 75% cut in your BitcoinHex reward. This is because BitcoinHex has a silly penalties for bitcoin address whales, if an address with more than 1000 bitcoins claims BitcoinHex, they will get 50% penalty, if an address with more than 10K bitcoins, they will get a 75% penalty. And of course, if you are planning to do so, you'll need to spread your bitcoins before the snapshot, otherwise, there is no point is doing so after the snapshot because all the distribution will already be set. In my opinion this is implemented to discourage exchanges from claiming BitcoinHex tokens as they are less motivated to move their bitcoins to claims BitcoinHex.
TLDR; If you own more than 1000 bitcoin on a single address, make sure to spread them in multiple addresses in a such way that no address have more than 1k bitcoin, otherwise you'll get a 50% to 75% reduction on the BitcoinHex tokens you'll receive. And make sure to do this before the snapshot happens
What To Do After The Snapshot?
Bookmark the Official BitcoinHex Website and wait until they announce when the snapshot of the Bitcoin blockchain will happen. They will announce the date, but to be more exact, they will tell you at what Bitcoin block height the snapshot will happen.
When that happens, you'll need to go to BitcoinHex Website and visit the BitcoinHex Claim Tool web-page. This web-page will take your Ethereum address from the Metamask add-on, use that Ethereum address to create a unique message, this is the message that you'll need to sign using your Bitcoin address that you want to use for claiming your BitcoinHex tokens.
After knowing what message you're going to sign, go to your bitcoin wallet, select the address that you want to use to sign the message, copy it then go to the wallet menus, look for something that says "Sign message" or something similar, click on it (I will link to a step-by-step guide on how to sign a message on the most popular bitcoin wallets at the end of this article). A new windows will appear, paste in the address that you want to use to sign the message, also paste in the message and click on sign, type in the password if you wallet is password-protected, and voila, you've created a signature of the message.
Now that you got the signature, copy this signature and go to the BitcoinHex Wallet web-page, paste it at the right text field and click on claim or whatever the wallet web-page has to proceed. You've now claimed your BitcoinHex, all you have to do is wait until you receive your BitcoinHex BHX tokens at your Ethereum wallet.
Note: If you have multiple bitcoin addresses that you want to use for claiming BitcoinHex tokens, then you have to repeat the same steps for each bitcoin address.
Now That You Have Your BitcoinHex BHX Tokens In Your Ethereum Wallet, Should You Stake Your BitcoinHex Tokens?
You got your BitcoinHex tokens for free and it's up to you to do whatever you want with your money, you can for example wait when BitcoinHex BHX tokens hit an exchange and trade them for another Cryptocurrency. Another thing that you should probably think about doing is staking your BitcoinHex tokens.
The whole purpose of BitcoinHex is that it will allow users to stake their BitcoinHex tokens and get rewarded for doing so. The same smart contract that minted the BitcoinHex tokens will be responsible for paying stakers. The exact numbers on how much more BitcoinHex tokens you'll get by staking your coins are still being finalized. However, what you should know is that the reward you'll get by staking will depend on two factors, how many BitcoinHex token you'll stake and for how long you'll stake them.
There are other factors that you can't control but will also be part of what determines how much reward you'll get by staking your tokens. for example, each week passes, 2% of all unclaimed tokens will be paid to stakers weekly, so the less people claim, the more reward you'll get but remember that only stakers will be able to benefit from this reward.
Another reward that will benefit you if you stake your BitcoinHex tokens is the interest bonus. The interest percentage that you will receive if you stake your coins will depend on how many other people are also staking their coins. This is how it will work. BitcoinHex has a 3.69% annual inflation, this 3.69% of newly minted tokens will be placed in a pool and will be divided rewarded to stakers only. If for example all circulating supply of BitcoinHex are being staked, then you'll get a 3.69% reward on your stake, if for example only 1% of circulating supply is staked, in this case you'll get a 369% reward on your stake. So you get the idea, that the less coins are staked, the more reward you'll get by staking your coins.
Another important thing that you should know before you commit to staking your tokens for along period is that if you ever decide to stop the stake before the period ends, then you'll pay a penalty, this penalty is equal to half the reward that you would have gotten if you finished your stake, so in theory if you stopped your stake before even half the period is finished, you'll risk that you'll end up with less tokens than you started with.
Another penalty that you should watch for is this. After you finish the committed period of time you staked, you will have 2 weeks to end your stake or you'll be paying a 1% penalty for each week delay that you don't end the stake.
These penalties that is gathered from the two above mentioned penalties will be added to the reward pool and get redistributed to other stakers. So this rewards good users and punishes bad users.
There are other rewards that will only be rewarded to stakers only, more information visit the Official BitcoinHex Website.
What Are All BitcoinHex Staking Rewards That You Can Benefit From?
After you claimed your BitcoinHex tokens and you've decided that you'll start staking your BitcoinHex tokens or a portion of them, now you need to know what are the rewards that you'll get by doing so.
Before we go into details about how much rewards you'll get by staking your BitcoinHex tokens, let's first understand how you get rewarded by staking and who exactly gives you these rewards.
What you should know is that there is a pool of funds called the staking pool, this pool is where the annual inflation of 3.69% and all the penalties get sent to. From this pool, stakers get paid based on the staking shares they own. So if you own 1% of all staking shares, you'll get 1% of all BitcoinHex that are in this pool.
What you should know also is that the staking shares are different from the number of coins you stakes. For example if you stake 10 000 BHX for 1 year you'll benefit from 20% more staking shares, so you stake 10 000 BHX but you get 10 000 + 20% = 12 000 Staking shares. These are the shares that represent you in the staking pool, so the more staking shares you have, the more BitcoinHex you'll get when you end your stake.
So to get the most rewards from staking your BitcoinHex tokens, you should increase your staking shares by getting all staking bonuses.
Staking shares rewards for staking BitcoinHex are divided into two periods.
THE FIRST PERIOD
The first period is during the 50 weeks claiming periods. So even though you've claimed your BitcoinHex tokens, other people still didn't claim their BitcoinHex tokens, if you stake during this period you'll be able to benefit from these 3 rewards throughout your staking period within this 50 weeks period.
These Staking Bonuses are:
- We're All Satoshi Staking Bonus: 2% of all unclaimed coins will be paid to stakers daily. This 2% of unclaimed coins will be sent to a pool and get paid to stakers in proportion of the staking shares they have in the staking pool. The more staking shares you have, the more payment you'll receive. Note that even though this payment is paid weekly, this will amount will get added to your stake automatically and you'll get it when you end your stake along with all other rewards you get.
- Critical Mass Staking Bonus: This bonus increases stakers pay by 10% times (claimed coins/max claimable coins). So the more bitcoins are used to claim BitcoinHex, the more pay stakers will get.
- Virality Staking Bonus: This bonus increases stakers pay by 10% times (claim events/max claim events). So the more bitcoin addresses are used to claim BitcoinHex in relative to the maximum addressses that are eligible to claiming BitcoinHex, the more pay stakers will get.
THE SECOND PERIOD
The second period is during the first 50 weeks and also after the 50 weeks ends, these bonuses will still apply during and after the claiming period ends.
These Staking Bonuses Are:
- Newly Minted BitcoinHex Token Through 3.69% Annual Inflation: These newly minted BitcoinHex tokens will be sent to the staking pool each day and be paid to stakers based on how many staking shares they have. The interest pool is compounded every day maximizing your gains. Note that these newly minted tokens are not sent directly to you, but rather sent to the pool and then divided between stakers based on their staking shares.
- LocalStaker: The staking pool will also receive found that are gathering users paying penalties such as Emergency_End_Stake and Late_End_Stake. The fist is when someone ends their stake prematurely, that is before their staking period ends, and the second penalty is when someone forget to ends their stake after their staking period ends. These penalties increase the amount of BitcoinHex token in the staking pool, thus increase the pay out for stakers who played by the rules.
- LongerPaysBetter The longer the period you commit to stake your shares, the more LongerPaysBetter staking bonus you'll get. To be more exact, if you commit to stake for 1 year, you will receive 20% staking shares, if you commit 6 months, you'll receive 10% more staking shares, if you commit 3 months, you'll receive 5% more staking shares, you can also receive this bonus if you stake for just 1 day but it will be very small, it will be 1/365*20% bonus. Another example if you stake for 3 years, you'll get 60% more staking shares. Note that staking for 1 year 3 times is different from staking for 3 years 1 time, the latter pays better than the former.
The idea here is that you should get most staking bonuses by staking for the longest period of time that you can handle, also by staking early, you'll benefit from all bonuses like 2% of unclaimed tokens, Virality and Critical Mass, these bonuses will be sent to staking pool, so you can imagine that the staking pool will have more funds at the beginning and these funds will decrease as more people claim their tokens. So being early to stake your coins is important.
What Functions Can I Use To Interact With The BitcoinHex Smart Contract?
As you already know, BitcoinHex is a smart contract that is running on the Ethereum Blockchain. The BitcoinHex token is an ERC20 token that is issued by this smart contract. Since this token is an ERC20 token, you can use any Ethereum wallet that support ERC20 tokens to send and receive BitcoinHex tokens.
However, BitcoinHex uses other functions that are not part of the ERC20 standard, these functions are, Claim, Start_Stake, End_Stake and Good_Accounting functions.
Here is what each function does:
- Claim:You will call this function when you decide to claim your BitcoinHex for the first time, after that, you won't need to call it anymore
- Start_Stake:As the name may suggest, this is the function that you'll need to call to start staking your BitcoinHex token, you'll need to provide the amount of BitcoinHex that you want to stake and the period of time that you want to stake. Using this function, you'll lock up your BitcoinHex tokens, they'll be sent to the smart contract that minted them, this smart contract will hold them for you, so you don't have to leave you wallet online or anything.
- End_StakeWhen your staking period ends, you'll need to call this function to end the your stake and get your BitcoinHex token unlocked and sent to your address. If you don't End_Stake after your staking period ends, you'll have 2 weeks grace period, after that you'll get a 1% penalty for each week that passes that you don't end your stake
- Good_AccountingIf your staking period ends and you want to end your staking without unlocking your BitcoinHex tokens for some reason, like for example tax reasons, and you also don't want to get hit by the 1% penalty for not ending your take, all you need to do is call this function, it will take your staking shares out from the staking pool, so you won't get penalized, but you BitcoinHex token will still be locked until you call End_Stake function.
Remember that I said that these function: Claim, Start_Stake, End_Stake and Good_Accounting are not ERC20 standard function. For this reason, you'll need a Special Wallet for calling these functions. All you need to do to call these functions is have Metamask add-on installed in your browser and go to BitcoinHex-Website and then go to BitcoinHex-Wallet. Using Metamask with BitcoinHex-Wallet you'll be able to call these special functions.
How To Sign A Message Using Most Popular Bitcoin Wallets?
For most wallets it very straightforward how to sign a message using an address in your Bitcoin wallet. All you have to do is find search your wallet menus/options and find something that says something like "Sign Message" or "Sign" etc, click on it and specify the address that you want to use to sign the message, after that specify the message that you want to sign and then click on "Sign" or "OK" etc. This will generate a new text, this is the signature that you'll need to submit to the BitcoinHex Wallet web-page to get your BitcoinHex tokens.
Note that even though most popular Bitcoin wallets support signing a message, not all of them do. If your wallet doesn't support signing a message, then you'll have to use a wallet that does. If your wallet doesn't support signing a message then Bitcoinhex website recommend using Electrum on Desktop or Coinomi for Android wallet.
Here is a list of Bitcoin wallets that support signing a message along with detailed step-by-step guide with pictures.
https://bitcointalk.org/index.php?topic=990345.0
You can also check BitcoinHex Website Video Section as they'll have tutorials on how to claim BitcoinHex tokens along with detailed guide on how to sign a message using popular Bitcoin wallets.
Frequently Asked Questions About BitcoinHex:
- Do you have to lock your bitcoin when staking BitcoinHex tokens?
No, after you get your BitcoinHex tokens, these tokens will have no relation with your bitcoins. Your BitcoinHex tokens will be ERC20 tokens on the Ethereum Blockchain and your bitcoins are on a totaly different blockchain i.e. the Bitcoin blockchain. - When staking BitcoinHex, if I cancel the staking, do I lose BitcoinHex only or also my bitcoin?
No. When you receive your BitcoinHex token in your Ethereum wallet, you should forget that BitcoinHex is related to Bitcoin because it has nothing to do with Bitcoin. So anything you do with your BitcoinHex tokens wont affect your bitcoins.
However, If you cancel your BitcoinHex staking prematurely, the BitcoinHex tokens you'll get back is all the BitcoinHex tokens that you earned so far by staking until you ended the stake, minus half the reward you would have gotten if you continued staking through the whole period. - Why would I lock more than 1 year if I will get 20% bonus every year?
With BitcoinHex, continuous staking gives you more reward than separate stakes. For example, if you stake for 3 years, you'll get 60% bonus throughout these 3 years. However if you stake 1 years three times, then for each year you'll only get 20% bonus, whereas in the first case, you'll get 60% bonus each year.
You don't have to know the details to conclude that BitcoinHex gives the best rewards for people who stake longer, so stake as long as you can and you'll benefit from getting the best reward possible. Just remember to stake for a period that you know for sure that you won't un-stake prematurely, otherwise, you'll get hit by a heavy penalty. - do you still have to hold the Bitcoin in wallet once snapshot is done?
Once the snapshot is done, you can transact using your bitcoin addresses and it won't affect how many BitcoinHex you'll get. So you could send your bitcoins to another address or sell them and that won't affect how much BitcoinHex you'll get. But remember to keep the bitcoin addresses that hold any amount in them at the snapshot event, and don't throw their private keys because these are the addresses that you'll use to claim your BitcoinHex tokens. - Since people don't have to stake the BTC with which they claim BHX. What is to stop someone from then moving said BTC to a privacy coin then to a new BTC address and starting over with a new claim during the first week/ first 50 weeks?
That won't work because the claiming tool only cares about the balance that a bitcoin address had at the snapshot event. So if you claim using your bitcoin address, the claiming tool will find how many bitcoins your address had at the snapshot event and will reward you in proportion of how many bitcoins you had at that time in your address. - How is BitcoinHex related to Bitcoin?
BitcoinHex has the the "Bitcoin" name in it because bitcoin owners are the only one who can claim BitcoinHex tokens. After the claiming period end, this token will be unrelated and separate from Bitcoin and it will have no relationship with it. In fact I won't be surprised if we see a complete re-branding of BitcoinHex after the claiming period ends. - Can I Stake A Portion of my BitcoinHex
The minimum staking amount is the smallest unit of BitcoinHex BHX which is called "Heart" and is equal to 0.000000000000000001 BHX, that's 18 decimal precision. - Is BitcoinHex a fork of Bitcoin?
No, BitcoinHex is not like Bitcoin Cash or Bitcoin SV, these are forks of Bitcoin. BitcoinHex is an ERC20 token in the Ethereum Blockchain. The only reason that BitcoinHex name contain the word "bitcoin" in it is because BitcoinHex is an airdrop to bitcoin owners. - Do You Need To Pay The Gas For BitcoinHex Claiming Transaction?
You may get away with broadcasting the BitcoinHex Claiming Transaction without any gas if somebody from BitcoinHex finds your transaction and rebroadcast it with a higher gas, however, this is not guaranteed.
In my opinion, you should send some $0.1 equivalent of ETH to the Ethereum address in your Metamask add-on, and use this to pay for some gas so that your transaction is accepted by an Ethereum miner. So for fast and guaranteed claiming process, pay for the gas yourself. - Do I Need To Keep My Ethereum Wallet Online For Staking BitcoinHex?
No, when you call Start_Stake and lock up your BitcoinHex tokens, your staking will start and you can turn off your computer and forget about your BitcoinHex until the staking period ends where you'll need to go online to end your stake and unlock your BitcoinHex along with the staking rewards. - Can I Have Multiple Stakes Using The Stake BitcoinoHex Address?
There will be a limit on how many stakes you can have on a single BitcoinHex address, you will be able to having more than 1 stake using the same BitcoinHex address, however, how many exactly is still unknown. - Why Do We Get Penalized For Not Ending Our Stake On Time?
When you make a stake you're reducing everyone's pay out in the staking pool because you're adding shares to the pool, what that means is that when your stake is over you need to pull your expired shares out so that everyone else can get paid what they deserve to be paid.
For BitcoinHex smart contract to update the shares in the staking pool, someone needs to call it, because smart contracts on Ethereum are not automatic and they won't do anything unless someone calls them. Because it's your stake that ended, it's your responsibility to call it and let it know that your stake has ended so that BitcoinHex smart contract can update the shares in the staking pool so that other stakers get paid what they deserver.
- What Are The Exchanges That You Can Use To Trade BitcoinHex Tokens?
As of the time of writing this article, BitcoinHex has not launched yet, so there is no exchanges yet. With that said, I predict that at least some decentralized exchanges will add it very early because BitcoinHex is an ERC20 token and it's extremely easy to add an ERC20 token to a decentralized exchange. - Can I Claim BitcoinHex With My Bitcoins In An Exchange?
No. To be able to claim BitcoinHex, you have to have your bitcoins on a wallet that you control, this means a wallet where you have the private key of the address that have your bitcoins.
If you have your bitcoins on an exchange you won't be able to claim your BitcoinHex tokens. To be able to claim, you have to send your bitcoins to your Bitcoin wallet where you can sign the BitcoinHex message to claim BitcoinHex.
For more in-depth FAQ, Visit BitcoinHex - FAQ
I hope I did a good job at explaining everything concerning BitcoinHex and if you still have any questions concerning claiming or anything related to BitcoinHex, don't hesitate and post your questions in the comment section and I will make sure to answer them as soon as I can.
If you liked this post, don't forget to up-vote and follow me @arnoldwish.
Links Mentioned In This Post:
- Metamast Addon.
- BitcoinHex - Official Website.
- BitcoinHex - Tool That Gives You The Message To Sign.
- BitcoinHex - Wallet To Use For Claiming BitcoinHex Token.
- BitcoinHex - FAQ.
- BitcoinHex - Videos.
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