Crypto Forks

Crypto Forks

Several cryptocurrency forks happened in the previous years. So what are the crypto forks? In very simple words, let’s start to say that crypto forks can be of different types. A hard fork generates a split from an original cryptocurrency. In this case, the cryptocurrency’s existing code is changed generating an old and new version, bringing the users towards two blockchains and two coins. For example, think the case of Bitcoin Cash, a hard fork of cryptocurrency Bitcoin. A bit different is the soft fork, where only one blockchain and so one coin will become dominant as the users adopt the update. Let’s think the case of Segwit. It may happen also a co-fork, where two cryptocurrencies can merge into new one.

How obtain a gain from a crypto fork? Well, first you need to have an amount of the forking cryptocurrency on a wallet platform before the block height at which the fork occurs. It is required because at a specific block height a snapshot block occurs and you must have your balance recorded on the ledger before the block.

Once block has been recorded, to get really the forked coin for free, you should have a wallet platform supporting the forked coin or alternatively you should own the private keys and /or passphrase of your wallet, to import them to another wallet supporting the forked coin.

If you want to know more about wallet platforms, read our review of best crypto wallets.

Crypto Fork Ratio

The reward ratio from a crypto fork is often a direct proportion of the amount that you held at block height when forking occurs. For example, at time of Bitcoin Cash fork the reward ratio was 1:1, so if you had 100 Bitcoins you receive 100 Bitcoin Cash.

ETH - Ethereum Forks

Ethereum Classic Vision

ETCV

Block: Undefined

Ratio: 1 to 3

Date: 11th Jan 2019

BTC - Bitcoin Forks

Bitcoin Private

BTCP

Block: 511346

Ratio: 1 to 1

Date: 28th Feb 2018

XMR - Monero Forks

MoneroV

XMV

Block: 1564965

Ratio: 1 to 10

Date: 3rd May 2018

Important Guideline

Pay attention – If you are going to claim coins from a fork using your private keys and /or passphrase into another wallet platform, move your balance to another wallet first. It is a recommendation, since if something goes wrong you could lose your original coins, in case the wallet declaring support of the forked coin then it reveals to be a scam or not legit.

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