BCH Bull works as a non-custodial, permissionless web
application that creates contracts on the Bitcoin Cash
mainchain. You are in control of your funds at all times and
any contract you create and fund will be set by the terms of
agreement that only you chose to define and accept.
To get started, you will need to accept the terms and conditions of the BCH Bull web application, whilst also acknowledging that it is a non-custodial service and that securing the account key are the sole responsibility of the user.
Once the terms have been accepted, you must set up a Bitcoin Cash payout address - the address that the contract will pay funds to upon maturity. This must be a Bitcoin Cash address (beginning with bitcoincash:). Once an individual contract has been made, the payout address cannot change for that particular contract, and so it is strongly recommended that the user is the sole owner of the payout address, and that an exchange address should never be used.
For future contracts, the payout address can be changed in the "Address" option located in the main menu.
Backing up your key
When you visit BCH BULL, a web wallet is created for you and
you are given the key to this wallet. You are the sole owner
of this, and therefore it is important to keep a backup in a
secure manner. Accessing your web wallet will allow you to
monitor your matured and current BCH BULL contracts.
To back up your key, go to the accounts section in the menu. Here you can copy your key, or download it as a text file and secure it however you wish.
You will also be able to import this key to another device should you wish to monitor your contract positions using different devices that are accessing the BCH BULL web application. Simply paste your key or upload your text file into the upload section and click the button. You will then be asked to confirm you wish to restore your chosen wallet.
Should you wish to create positions with a newly created web wallet, simply log out with the current wallet, and re-start BCH BULL to start afresh for a new wallet to be created.
Speculating allows you to long Bitcoin Cash against the
available assets in the application. To create a long
position, go to "Speculation" in the menu, choose the asset
you wish to long against, and the value in that asset. After
that, choose when you wish the contract to end (contract
maturity date), and your chosen amount of leverage. A
liquidation warning will be given, which informs you at what
price value your position will be liquidated (thus losing all
Once you are satisfied with the parameters chosen, a contract will be offered by the liquidity provider including a fee for the service. If this is acceptable, simply pay the amount in Bitcoin Cash to the address with the exact amount of funds within the allocated time. If the contract does not complete within this time, or if the wrong amount of funds are sent, or any other error occurs, any funds paid into the contract will automatically be sent to your payout address with an error message explaining the reason for the failure.
Hedging Bitcoin Cash allows you to preserve the value of your
Bitcoin Cash in the chosen asset you are hedging against. To
hedge, go to hedge in the menu, choose the asset you wish to
hedge against, and the value in that asset. After that, choose
when you wish the contract to end (contract maturity date) and
the protection percentage you require. If the value of the
asset drops below the protection percentage during your
contract timeframe, the contract will settle early and you
will receive your hedged asset amount earlier than
Should your contract end early, you will need to hedge the funds again if you wish to continue protecting the value of that asset against on-going price volatility.
Once you are satisfied with the parameters chosen, a contract will be offered by the liquidity provider including a fee for the service. If this is acceptable, simply pay the amount in Bitcoin Cash to the address with the exact amount of funds within the allocated time. If the funding payment does not complete within this time, or if the wrong amount of funds are sent, or any other error occurs, any funds paid will automatically be sent to your payout address with an error message explaining the reason for the failure.
Monitoring your contracts
Through the web application, you will be able to view a
summary of your open and completed contracts. Furthermore, you
will be able to view specific details of individual contract
data, including the links to the on-chain transactions
associated with the contract.
This overview is based on your BCH BULL web wallet, and there are numerous privacy options within the application to protect access to this data whilst using the app.
Contract maturity and liquidations
The contract matures at the time and date that is set by the
user. At contract maturity, the contract pays out to the
assigned payout address.
However, it is important to understand there are certain circumstances when the contract ends early. If you are speculating with a long position, and the price drops to the liquidation price or lower, your contract will liquidate. That is, it will settle early, with all funds in the contract paying out to cover your counterparty's hedge position.
If you are hedging, and the value falls below your chosen protection amount, the contract will end early. You will still receive the hedged value of the asset however.
Understanding the oracles
The BCH BULL uses AnyHedge as the protocol to create and complete on-chain contracts. The contracts require a verifiable, accountable price data source to calculate the final payouts, and thus use the signed and verifiable price data oracles found at Oracles.Cash.