Cryptocurrency hard forks are big business. As documented in CoinDesk’s State of Blockchain Report, hard forks generated approximately $44 billion of value in 2017. While the most significant hard forks tend to come from Bitcoin—which makes sense given its position at the top of the crypto food chain—a hard fork can come from any cryptocurrency. Recently we have seen multiple Monero forks, Litecoin Cash forking from Litecoin, and Bitcoin Candy forking from Bitcoin Cash.
Why Bitcoin and other hard forks are becoming popular
Hard forks occur because there is a motivation to change the protocols of the original coin. One of the most popular hard forks, Bitcoin Cash, was created because the community behind it wanted to increase the block size from 1 MB to 8 MB and remove SegWit. While it won’t likely create a new currency, the upcoming Bitcoin Cash hard fork is meant to increase this size even more. Those who held Bitcoin at the time of the hard fork can claim the new coin for free, and because there are bids on the exchanges, the new coin instantly has value. Who doesn’t want free value?
The Trouble with Claiming Coins
While the forked coins may be free, that doesn’t mean that claiming them is easy or without risk. In fact, there are a lot of troubles with claiming coins generated by hard forks. Some of these include:
Scams: When hard forks occur, malicious actors pop up scam wallets—these wallets were designed to send your private keys to an external source where the person can then steal any coin holdings available from that address. In one well-known scam, a fraudulent wallet was used to take over $3 million USD in Bitcoin from users looking to claim their Bitcoin Gold. Additionally, in some cases, the forks themselves are the scam, as was the case with Bitcoin Platinum.
Claiming Forks yourself: You need to fully research the process and make sure you do everything according to protocol. Otherwise, you could lose the coins rather than gain them. Claiming forked coins yourself can be hard if your funds are in BIP39 mnemonics like Trezor or Ledger seeds. Funds in Electrum 2FA wallets or SegWit addresses can add an additional layer of complexity.
This can be a time-consuming process. There are many steps involved in claiming your coins, from moving your current balance from the original address, to closely monitoring the forked coin, to the arduous process of actually getting the coins. Many users find the process to be confusing and overwhelming, to the point that some do not bother claiming the coins that are rightfully theirs. Sometimes sacrificing value is better than risking current value if you don’t know what you are doing.
Dig.Walleting.Service makes it easy to claim your coins
With the Walleting.Services Automated Forked Coin Extraction Service, the process of claiming forked coins is simple and secure. Their auto-digging service currently covers 14 different forked coins, and the team will manually extract others upon request. The company has been in service for approximately one year with stellar online feedback from users. All you need to do is empty your current bitcoin wallet to another wallet you control, then enter your old seed or private key, enter receiving address, and then press a button; the service extracts the coins and sends them to your desired address, taking a 10 percent fee of the extracted coin.
The whole process is completed within minutes, making it quick, easy, and most importantly safe for those who do not understand how to claim coins for themselves. Claim your forked coins today by heading over to dig.walleting.services.