A Look at the Long and Annoying Process of Claiming Bitcoin Forks – Technology Bitcoin News

Over the past year, there have been a ton of coins forking on the Bitcoin Core (BTC) codebase in various forms and with all sorts of interesting names. There are about 40-70 fork coins in the ecosystem that are worth a few dollars, while some of them are worthless and not worth your claim. Over the past three weeks, news.Bitcoin.com has begun the process of collecting as many forks as possible, just to see if the process is easy or difficult to claim these tokens.

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Attempt to claim large amount of BTC Forks

If you’ve been involved in the crypto space for a few years, you’ve certainly heard of all the forked bitcoins that exist. At the time of writing, there are around 40-70 coins that are snapshot-like replicas with large to small differences reflecting the BTC codebase over a given period of time. There are bitcoin diamond (BCD), bitcoin private (BTCP), bitcoin gold (BTG), bitcoinx (BCX), bitcoin god (GOD), new bitcoin (NBTC), bitcoin cloud (BCL), bitcoin holocaust (BTHOL), bitcoin smart (BCS) and many more features. Seeing that there are so many and some with a bit of value, we decided to give our readers a taste of what it feels like to claim the multitude of BTC-based forks in existence.

Make sure you emptied your wallet and carefully studied the claim process

The first and foremost thing to do before starting the BTC fork request process is to take your BTC wallet and transfer it to a completely different wallet, as you will need the empty wallet private keys. This means simply sending your coins to another wallet and you can now use your old seed phrase or private key to start the collection process. You should never do this with a wallet that still contains funds. Next is coin searching and there are many of them, but we also find that a large portion of these forks are still unattainable. News.Bitcoin.com used data collected from the website Forkdrop.ioand Latest research from Bitmex also lists a large collection of recorded BTC forks. We then did further research on the large number of tutorials and procedures found online regarding the fork collection.

Looking back on the long and frustrating process of claiming Bitcoin Forks
Forkdrop.io lists the same forks as the Coinmarketcap website.

Coinomi, Different Derivative Paths and Ian Coleman’s Standalone Memoizer

One of the easiest ways to collect a large portion of BTC-based forks is the Coinomi app, which can be found on both the Android and iOS mobile app stores. With Coinomi, we can easily derive four forks from the huge list of existing clones. This includes bitcoin gold (BTG), bitcoin private (BTCP), bitcoin atomic (BCA) and bitcore (BTX). There are several other BTC-based forks that Coinomi holds but for some reason we are unable to obtain these coins using the platform. Furthermore, not all BIP 39 formats are the same and we used the BRD Wallet seed which uses a different derivation path than other wallets. To get the private keys for our BRD Wallet seeds and scan them into Coinomi and other fork wallets, we used Ian Coleman’s BIP 39 Mnemonic Code Creator standalone feature offline. The platform not only generates seeds, but also reveals private keys derived from easy-to-remember phrases in all formats like BIP 32 and BIP 44.

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Looking back on the long and frustrating process of claiming Bitcoin Forks
Ian Coleman’s BIP 39 mnemonic code generator.

You can download the client and use it offline and after entering the mnemonic it will show you all the private keys for all related addresses and the extended private key. After importing the existing seed into an empty wallet, the tool will provide copy-and-paste private keys along with a scannable QR code so that anyone can scan the private keys with a mobile phone. The tool also warns that some mobile scanners may be malicious and may save scanned images.

Looking back on the long and frustrating process of claiming Bitcoin Forks
The Coinomi wallet for Android or iOS provides users with access to a variety of BTC-based forks. We can claim bitcoin gold, bitcore, bitcoin atom, bitcoin z and bitcoin private using Coinomi.

Electrum Wallet Forks, shady site and obvious scam

Looking back on the long and frustrating process of claiming Bitcoin Forks
Electrum fork for bitcoin diamond (BCD). We were able to validate BCD using our existing seed.

After using both Ian Coleman and Coinomi’s tools, we then visited several forked coin sites that offer different wallets and tools where you can claim tokens from one existing seeds. We visited bitcoin diamond’s website and used the BCD forked version of Electrum. Other sites like bitcoin hush (BTCH) have used other clients like the Agama wallet.

Visitors of these sites should be aware, many of which are insecure sites without certificates, and downloading some wallet apps can put your operating system at risk. Some forks are easy to get and others are extremely difficult and completely impossible to buy.

Super bitcoins are born on block height 498888. We cannot earn super bitcoins.

With a wallet containing 1 BTC and 30 Fork sites visited, we collected $85

From the BRD Wallet that used to have 1 BTC in it, we were able to get about 9 different forks out of the 30 sites visited, valued at around $85. About a third of the websites we visited had security warnings and wallet tools were purely scams and appeared to be blatant attempts to steal keys, so we avoided them. after a certain point during the claim attempt. Some coins like BTG, BCD, BTCP were collected very easily. With other forks, even after acquiring them, users will find no exchange in their country offering trading pairs with these forks and some without exchange support making them unable to trade. can be sold.

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The Bitcoin file (BIFI) was born on block height 501225, there are about 21.21 billion coins. We can’t get the bitcoin.

Processes can put your privacy and operating system at risk, and depending on the amount of funds – A very small collection may not be worth the time.

Over the past three weeks, collecting $85 worth of forks has taken more than 24 hours from visiting the sites and following the per-coin claim process. The energy spent on validating all the forks is only worth it if you have a decent amount of BTC held in your wallet before the block height of each token splits. Not only is this process time consuming, but it also puts your privacy at risk when using an old wallet that used to contain BTC. This means that someone can connect the dots back to your original wallet by referencing wallets that confirmed these splits.

Hot Bitcoin (BTH) was born on block height 498848. BTH claims to have 2.1 billion coins, but we were not able to get BTH successfully.

Given the amount of energy and ingenuity involved in this process, it is unlikely that many people would have received these coins. This means that a small number of users have tried and collected these forks easier to keep track of. But if you want a few bucks and are willing to follow the procedures safely it might be worth it to collect a bunch of these coins and sell them for something you really trust – Unless you totally think the future of bitcoin is going to be hot (BTH) will revolutionize the planet.

What do you think about the fork request process? How many forks have you received in the past year? Let us know your thoughts on this topic in the comments section below.

Disclaimer: The guiding editorials are for informational purposes only. There are many risks and methods of security that are ultimately taken by the user’s discretion. There are various steps mentioned in the reviews and tutorials and some of them are optional. Neither Bitcoin.com nor the author is responsible for any loss, mistake, omitted steps or security measures not taken, as the process makes the final decision to make any any of these are the responsibility of the reader. For good measure, always cross-reference instructions with other guides found online.

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Image via Shutterstock, Coinomi, Forkdrop.io, Bitcoin Hot, Super Bitcoin, Bitcoin File, Pixabay and Ian Coleman’s BIP 39 tool.

Cards in this story

BIP 39, Bitcoin Core, bitcoin gold BTG, bitcoin private (BTCP), BRD Wallet, BTC, Coinomi, Electrum, Forks, mnemonic, N-Technology, private key, Scams, Seed, Snapshots, Wallets

Currently living, Satoshi Pulse. Comprehensive, real-time listing of the cryptocurrency market. See prices, charts, trading volumes and more for today’s top 500 crypto trades.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about the groundbreaking protocols emerging today.

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