Fork what is it? how gain $$ with it?

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: Ru1016 on December 01, 2017, 04:43:08 PM

so if you owned a bitcoin before the fork to bitcoin cash, you get both, correct?

Yes this is correct.
For example, at the time of the bitcoin cash fork I has 0.66BTC and converted my BCH to BTC so I got ~0.1BTC.
At the current fork, I had 1BTC and now hold 1bcg (which I'm still waiting on selling - though I don't think BCG has as much support behind it as BCC did).

Quote from: Ru1016 on December 01, 2017, 04:43:08 PM

so does that mean in effect the value of a "bitcoin" is 12500? 11k for bitcoin and 1500 for bitcoin cash?

Essentially yes. But we (as a community) don't tend to classify it that way as they become two separate currencies straight after the fork.

Ru1016

newbie

Activity: 66

Merit: 0

so if you owned a bitcoin before the fork to bitcoin cash, you get both, correct?

so does that mean in effect the value of a "bitcoin" is 12500? 11k for bitcoin and 1500 for bitcoin cash?

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: Julio_Sorel on December 01, 2017, 03:21:35 PM

Thanks all.
This is simply beautiful Grin

Edit: one more question, how the ratio of the new coin is decided? 1/1?

Normally the ratio is 1-1 there's nothing to say it has to be that, that's mainly to keep it simpler and what other number would you choose? Techincally it could be anywhere from a 1:infinity or 1:0 ratio it dpesned on what the developers decide. As the BCG developers changed the algorithm (which hadn't been done in a fork before) there is a lt more that will be possible for them to edit in their newly created chain.

Julio_Sorel

newbie

Activity: 3

Merit: 0

Thanks all.
This is simply beautiful Grin

Edit: one more question, how the ratio of the new coin is decided? 1/1?

brontosaurus

sr. member

Activity: 441

Merit: 250

Quote from: Julio_Sorel on December 01, 2017, 01:32:56 PM

Hello, i have some doubts about the fork.
From what i know i have to have my bitcoins in my wallet, not in an exchange. So far so good.
But what to do after the fork? How do i get the other currency generated from the fork? How do i redeem it?

Fork is basically splitting any cryptocurrency and taking it onto a whole new blockchain which would run parallel to the old blockchain. Its something like creating a parallel universe and let it work independently now.

For a fork the developers and miners team take a snapshot at the specific block decided earlier. At this very block every currency holder is automatically credited with the new currency on his private key.

After the fork has been done. The developers or the miners involved in the fork usually come up with their own wallet project which can be used to store up the forked currency. You simply have to import your old private key from the previous wallet to the new wallet and you will already have that certain amount of new currency which your wallet contained at the block when snapshot was taken.

Xavofat

hero member

Activity: 938

Merit: 559

Did you see that ludicrous display last night?

Ideally, you would first move your BTC to a new wallet, because all of these new forks are unlikely to have very stable software (for example, BTG's client was temporarily infected with malware).

Then you export your old, empty private keys into a wallet for the fork. Your best bet would probably be their reference client.

After that, you can send to an exchange and sell, then you're done. Alternatively of course you can do whatever else you like with the new formed coin.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Quote from: Julio_Sorel on December 01, 2017, 01:32:56 PM

Hello, i have some doubts about the fork.
From what i know i have to have my bitcoins in my wallet, not in an exchange. So far so good.
But what to do after the fork? How do i get the other currency generated from the fork? How do i redeem it?

Wait a few days after the form to check any network bugs are removed.
Download the forked coin's client software from their website.
Redeem your private keys in the new software. Send to an exchange and sell!

Move coins to a new wallet address first in case the other wallet is a scam, also try loading the other wallet and try to use a VM/sandboxed machine for storage if possible.

Julio_Sorel

newbie

Activity: 3

Merit: 0

Hello, i have some doubts about the fork.
From what i know i have to have my bitcoins in my wallet, not in an exchange. So far so good.
But what to do after the fork? How do i get the other currency generated from the fork? How do i redeem it?

Topic: Fork what is it? how gain $$ with it? (Read 224 times)