Crypto Daily Topic

A Definitive Guide to Bitcoin Forks and How to Claim Them

A split in the Bitcoin network is referred to as a Bitcoin fork. A Bitcoin fork results from an alteration of some original Bitcoin rules resulting in a similar coin with slight changes.

What is a BTC Fork?

The rules of the game are always changing in the Bitcoin Network, and that’s what BTC forks are about. A Bitcoin fork is the change of the existing Bitcoin code or protocol.  

Let’s say there is a universal game with a set of globally accepted rules, and then someone decides to change part of the rules. Some people will disagree with the changes while others accept the change.

This means there will be two versions of the game- one with the new rules and another with the old rules. This means there will be a fork in the game.

That is exactly what happened with the Bitcoin Code. So the fork means there is ‘New Bitcoin’ and ‘Original Bitcoin.’

Forks that allow new rules to be applied alongside the old rules are called soft forks. But not all forks are created this way. Some lead to the formation of a different coin altogether. These are what we call hard folks.

Bitcoin Cash Fork

The Bitcoin Cash fork happened in August 2017 when Bitcoin Cash(BCH), a new coin, came into existence. Bitcoin Cash’s block size was 8MB compared to Bitcoin’s original size of 1MB. This was meant to increase the number of transactions for each block.

A Step by Step Guide for Claiming BTC Forks

Claiming BTC forks is not a straightforward process. It entails enormous risks that only experienced traders can avoid. So before you proceed to claim them, you will require some safety tips and guidelines. Here are a few things you need to know.

Step 1- Safety Tips and Important Guidelines

Claiming these coins can put your privacy at risk because it exposes all the data on your BTC holdings to several networks. However, observing the guidelines below can help protect your financial information and reduce the risks considerably.

i) Guideline 1- Use a new wallet

Before you commence the claiming process, you must transfer the BTC fork coins to a new wallet with an entirely new seed recovery phrase.

As you may know, you’ll be required to share the private keys of your BTC wallet during the claiming process. This means you are giving the claiming tool access (keys) to your wallet. Some malicious software can capture this data and later access your active BTC wallet and drain the remaining BTC. So using a new wallet with different private keys from your main wallet will cushion you from any harm or possible Bitcoin theft.

ii) Guideline 2- Risk vs. Reward of Claiming

It should be clear by now that claiming BTC forks is a risky and complicated venture. So before claiming the coins, ask yourself if it’s worth the hassle. You should only proceed if you think the reward outweighs the risk.

But how can you tell if the reward is worth it? Well, this will require you to make a personal decision. For instance, if you own 0.5 and are eligible for 0.5 BTC Gold, then the profit may not be worth the risk. So check what you have against what you are eligible for to decide.

To make an informed risk-reward ratio decision, the following are some factors you should consider.

a) Fork Height

This refers to the time and date a fork occurred. Only the address in a Bitcoin that contains a value at the time of the fork will receive forkcoins. BTC addresses with no value at the time of the fork or those that receive the value after will not be eligible for forkcoin rewards.

b) Reward Ratio

Typically, the amount of forkcoins awarded is directly proportional to the bitcoin in the address. For example, if you have 1.582 BTC, you will be awarded 1.582 forkcoins. However, this ratio can vary, so be sure to check before claiming the forkcoins.

c) Market availability

Some forkcoins, particularly the major ones, have ready markets thanks to their rigorous advertisements and partnerships. This means you can trade your coins immediately after you claim them.

The small unknown forks, on the other hand, can be challenging to trade. Some are even untradeable. In the end, you remain with your forkcoins with nowhere to take them. So do the due diligence to check the available markets before claiming your forkcoins.

iii) Guideline 3- Select a Trusted Guide

There are many people out there who are after ripping you off your Bitcoin. To be on the safe side, only follow guides from the trusted and well-known wallets like Ledger.

Alternatively, you can use the information available in credited publications. While most of these publications are trustworthy, they will not be held responsible in case you lose your Bitcoin. Therefore, be sure to cross-check any information you get from publications before using it.

Step 2- Preparations

There are essential initial preparations to undertake when claiming your BTC forkcoins. They include;

i) Exporting your private keys

To claim your coins, you must export the private key in a compatible format with the import tool. To do this, you can follow the instructions available on your wallet’s documentation.

In cases where you cannot export the private keys, as is the case with hardware wallets, you may be required to input the wallet’s seed recovery phrase in another tool and run it offline. One such tool is Ian Coleman’s BIP39 Tool.

ii) Check and add only claimable keys

You don’t have to import all private keys for claiming. Some don’t have any value, and you will save time by excluding them. Tools like can help you gauge the value of your Bitcoin addresses before claiming.

Step 3- Claiming Process

One way to claim your forkcoins involves downloading the authorized wallet of the forkcoins, then importing the private keys. This process has several downsides. First, it is time-consuming, and second, it may expose you to malware.

There are faster and safer DIY methods that you can use. The two commonly used methods are;

i) BitPie and Bither

These two wallets go hand in hand. You can use the Bither to extract your forkcoins and sell them through BitPie

The two wallets are reliable. For instance, Bither is available on site and can be used on Android smartphones and desktops. BitPie, on the other hand, is available for Android users. For users without android smartphones, you can operate the wallet on your desktop, but first, you should install the BlueStacks Android emulator.

ii) Ymgve’s fork claimer

Ymgve’s is another excellent DIY method to claim your forkcoins. Ymgve’s script is the most preferred method because besides having lower mining fees compared to BitPie/Bither, it also supports SegWit addresses and allows users to transfer coins to any address. This includes sending the coins directly to the account of the exchanging party.

While this method has many benefits, it isn’t very easy to operate. You will be required to use a command-line where you will input up to 180 characters for every address.


Bitcoin forks are slight changes made to the original bitcoin to get a coin with different rules. While these forks have made it easier for users to claim coins, it has also become even easier to get conned. It is advisable to do thorough research before claiming your BTC forkcoins.

Once you’ve decided it’s safe to claim your coins, there are two common DIY methods to use – which are BitPie and Bither or Ymgve’s fork claimer. While you get a ready market for using the former, it is cheaper to use the Ymgve’s fork claimer method.

With time, we should expect to see more forks coming up. This means we should be keener when choosing which forks to invest in to prevent issues when claiming for the coins as well as to avoid being scammed.

Crypto Guides

A Simple Guide To Cryptocurrency Fork & Its Types


We have discussed many topics concerning cryptocurrencies in our previous guides. Some of them are basic, and some belong to the intermediate and advanced category. If you have been following us, you would have realized that we have chronologically structured this Crypto Guide series. Because we want you to get a clear understanding of the entire crypto market from a very basic level. Since we have completed most of the basic concepts, let’s go a bit deeper to understand more complex aspects of this space. In our article today, let’s understand the concept of Forking in cryptocurrencies.

What is a cryptocurrency fork?

You must be aware of the software updates that we keep receiving in our smartphones. These software updates typically fix the reported bugs in the existing software version or may add many other features to it to make it more secure and robust. This applies the same for cryptocurrency networks as well. Every network needs an update, and that update is known as ‘Forks.’

However, this is only one of the reasons why Forking is done. There is another crucial reason behind every blockchain Fork that has happened until now. Before understanding that, let’s understand what a Protocol is. It is essentially a set of rules that must be followed by all the existing nodes in a crypto network. Some of the rules in a protocol include Block Size, Rewards, etc. Now, let’s see the actual purpose of a Fork.

The Purpose?

When a significant part of the existing stakeholders like Miners, Developers, etc. do not agree with the updated protocols, the need for the fork arises. In simple words, when a set of important individuals in the network are not ready to follow the newly updated rules, the entire network is forked, and the process is known as Forking. Once the fork is done, a part of the network follows the new rules, and the other set follows the previously existing rules. Now, let’s understand the different types of Forks that occur in a blockchain.

Types of Forks

There are two types of Forks in the world of cryptocurrencies – Hard Fork & Soft Fork.

🍴 Hard Fork

This kind of fork results in the permanent splitting between the existing blockchain. Meaning, the network is completely divided into two and results in two different cryptocurrencies altogether. In a Hard Fork, the old nodes that resist upgrading won’t be able to process the new transactions or add new blocks to the blockchain.

For instance, let’s say after the upgrade, the new block size is changed from 4 MB to 8 MB. If the new node, which is upgraded, processes a block of 6MB, the old nodes consider them as incompatible and reject the block altogether. Each of these blockchains will have a separate community, and developers altogether. One important thing to remember is that all the transactions for the parent blockchain are copied to both of the newly formed ones. That is, if you were a part of a cryptocurrency’s original blockchain, you would be getting cryptos of newly formed ones as well.

To explain this, we would like to take one best example of a hard fork which is the Bitcoin and Bitcoin Cash. Since Bitcoin is the original blockchain, and the hard fork occurred, if you were holding 10 Bitcoins, once the fork is done, you will be receiving ten coins of Bitcoin cash as well.

🍴 Soft Fork

Unlike hard fork, the old nodes that aren’t updated with the new rules can still process the new transactions and add new blocks to the network. Hence there is no need for dividing the entire network into two different networks. The older nodes can upgrade to the new ones whenever they want to, or they can remain the same way. Also, the transaction history will remain intact until the time of the fork.

The only rule here is that the old nodes must not violate the new rules after the soft fork is done. For instance, let’s say a soft fork is done in a blockchain, and the block size is decreased from 8MB to 4 MB. The older nodes can process new transactions and add newer blocks to the network, which are only of size less than 4 MB. If the older nodes try to add a block that is of 6MB, the new nodes will reject it as the updated rules aren’t followed.

That’s about Forking and types of forks in the world of cryptos. These forks are and will continue to be an integral part of the crypto space as the adoption is increasing with time.

Crypto Guides

Understanding The Basics Of Bitcoin Cash


As the name suggests, one can easily conclude that Bitcoin Cash is forked from the original Bitcoin protocol. It is also called as Bcash and is created in 2017. A Mining pool known as ‘ViaBTC’ proposed the name Bitcoin Cash for this cryptocurrency. In 2018, Bcash was further split into Bitcoin Cash ABC and Bitcoin SV (Satoshi Vision). This coin is traded in the cryptocurrency exchanges with BCH as the symbol.


The central vision of Satoshi Nakamoto to invent cryptocurrency is to enable the usage of the cryptos in day to day transactions. That, too, without any central authority having control over the same. As Bitcoin gained traction, the transaction fees, and the validation of the transaction started taking longer than usual. This unusual time to validate the transaction didn’t make it suitable for the day to day transactions. Hence the industry experts, after much deliberation, decided to fork the original Bitcoin protocol and create a new coin.

How is the BCH different from Bitcoin?

The block time, i.e., the time take for the generation of each block by validating the transactions, is 10 minutes, which is typically the same as Bitcoin protocol. But the block size, i.e., the number of transactions that a block can hold is around 1 MB for the Bitcoin network at the time in 2017 (when the network was forked to create BCH), but the block size of a block in BCH is designed to be 8 MB to 32 MB. The number of transactions that the BCH protocol can hold during a test in September 2018 surged to more than 25,000 transactions per second, giving fierce competition to traditional operations performed by VISA and Mastercard per second. Bitcoin Cash also doesn’t incorporate Segregated Witness (SegWit), a protocol in which the Bitcoin network used to increase the number of transactions per block. (Segregated Witness is an implementation in the system to remove metadata of the block to increase the block size)


BCH also uses a POW consensus algorithm, just like Bitcoin protocol. Both Bitcoin and BCH are capped at 21 million coins. The complexity of the challenge proposed by the network changes for every 2016 blocks as they both use an algorithm with similar complexity for mining the coins.

Market Capitalization

Bitcoin Cash stands at the fifth place in terms of market cap with $3.8 Billion in value while the price of each coin being $210.51 (as on 23/10/2019). The 24-hour trading volume is $1.6 Billion, with a supply of ~18 Million BCH coins in the market.

Price History

In August 2017, the coin started trading for the first time at $294.60. By January 1st, 2018, it was trading at $2534.82, which is around 760% increase compared with the initial inception. The surge in pricing is due to the crypto boom between November and December 2017. By January 16th, it saw a decline of 26% and traded at $1,772. From then on, this coin had a continuous decrease till November 2018, when the currency split into two medals.

BCH had a tremendous growth as the block size started at 8 MB and reached 32 MB at present as per the plan during its inception. This makes this crypto, a viable currency for day to day transactions.