Welcome to MyBTCForums.
>>>>>IMPORTANT!!! Please take the utmost care in understanding what you are doing before you spend a large sum of money. If you are new, it is recommended you spend a week trading actively with $100 or preferably less to get a feel of the market behavior. We know people who had lost a lot of money jumping in big when still new. Please read the posts in the How-To section as it will help you if you are a beginner.
>>>>>Thank you and we hope to share as much information with everyone in the community as much as possible. Please do not hesitate to reach out to the admins or moderators if you need some help and advice.
>>>>>Disclaimer: Advice here not professional in nature. They are experiences, ideas and strategies shared by active members of the crypto currency trading community. Please take the advice given at your own risk. Please contact the forum admins and moderators if you notice any wrong advice or misleading information. Thank you very much.

General DiscussionA Guide to Forks/Splits and how to benefit from it.

General subjects

Moderator: Ultimatebtc

User avatar
tabrisli
Site Admin
Posts: 14
Joined: Sat Nov 25, 2017 3:52 am

A Guide to Forks/Splits and how to benefit from it.

Postby tabrisli » Sat Dec 09, 2017 11:35 am

Hi everyone,
when I first started trading and first heard about the concept of a fork, I still remember I had no idea what it meant.
Thankfully my friends explained to me patiently (hell no... just kidding) and its quite a unique thing to crypto currency.
Its not too difficult to understand in the end.

Why do we split
Basically, inefficiencies in the design and software code for a crypto currency may result in higher mining fees due to higher computation consumption. And these are the things we want less of, not more of.
Another reason for wanting a fork could be that a bug is discovered in the current way the blockchain is built.

So what is a split
And in a nutshell, there will come to a point where the current code version's inefficiencies so detrimental, the community decides to make a newer version of the crypto currency and hence you will have two prevailing codes of the same crypto currency in circulation.

How does it happen
The community will decide on a certain block number when the split will occur, announce to the public and then vote whether to proceed.
Do note that whether the split proceeds or not needs a majority vote of the key stakeholders, personnel including miners and software advisors/gurus.

How can you benefit from it
Check out the link above to understand how you can gain from a fork/split.
https://news.bitcoin.com/a-bitcoin-user ... ifications

NOTE: this does not happen everytime. But when a split occur, you can sometimes get 1 of each of the coin that the first coin split into.
Its worth checking but sometimes the free coin may not be worth going for... or is it? :)

Where you can find out more on forks
Check here: http://www.coincalendar.info
The coin calendar tells you when splits and major events are occuring :)



User avatar
Ultimatebtc
Site Admin
Posts: 53
Joined: Sat Nov 25, 2017 3:52 am

Re: A Guide to Forks/Splits and how to benefit from it.

Postby Ultimatebtc » Mon Dec 11, 2017 8:42 am

yes, need to make sure we got the coin in the coin compliant wallets for the bonus "forked" coin (if any).
Buy in fear. Sell in Greed.


Who is online

Users browsing this forum: hoobialm, johnEt, Proosurgy, SitWityday, UndundUtek, Uttercetig and 2 guests