What are fork coins?
Do you know how in China they make knock-off brands? Like, instead of Adidas they might make Adibas, hoping people won't notice the difference and buy inferior products.
Now they do it with Bitcoin too. Just to clarify, some of forks have nothing to do with China, but most forks are made in China, supported by Chinese pools and are traded on Chinese exchanges.
Obviously, Bitcoin forks have none of Bitcoin's security, safety or adoption, but some people still buy them (most likely just to speculate).
Worth noting that not every coin with "Bitcoin" in the name is a hard fork
. Many of them are just alt-coins which you can't dump unless you buy them first.
Why should I dump forks?
The obvious reason is to embiggen your Bitcoin stash. Some forks give you 1-2% per Bitcoin which is kinda nice.
But it's not just good for you, dumping forks is actually good for Bitcoin: it sends a market signal that forks are worthless, thus discouraging making and trading them. Thus it helps to fight with confusion and brand dilution.
Sadly brand dilution is an actual problem now. My local financial news site which doesn't post much about Bitcoin now happily reports forks on a fairly regular basis. People who are new to Bitcoin get a wrong impression that there are now many different Bitcoins. They might wrong assume that Bitcoin isn't scarce because everybody can fork it.
List of forks
There's a rather comprehensive list here: https://iconow.net/list-of-bitcoin-forks/
The only fork which I know exists in the wild but isn't in that list is Bitcore (BTX).
Not all forks on that list are alive. As a rule of thumb, check CoinMarketCap. It's only worth trying to dump a fork if it's listed on CoinMarketCap and is traded on exchanges.
The practice of dumping
First of all, it's convenient to dump fork if you have your bitcoins concentrated in few addresses, e.g. in a cold paper wallet. Otherwise it might be too much hassle.
It's strongly advised
to move your actual bitcoins to a new wallet/address before dumping fork coins. This is necessary because dumping often requires importing private keys into poorly tested and untrustworthy wallets. If you use HD wallet, you might need to create a new wallet because a non-hardened privkey will reveal your master private key, i.e. it might compromise your entire wallet, not just an address. Also note that dumping might be bad for privacy. So if you are not sure, just forget about it, 1-2% gain isn't that much.
Note that shitcoin wallets might try to steal your bitcoins, so it's better to install them on separate VM or phone. Be careful!
Here's a typical dumping process:
- You start with a private key of an address which used to hold your bitcoins at time of fork, but no longer does. A private key in WIF format works with all wallets, but sometimes HD wallet seed might work too.
- Import this private key into a wallet which supports forked coin. Sometimes you can find a mobile wallet which does that, this is more convenient than installing full-node software.
- Move your coins to an exchange which supports this fork.
- Sell them.
- Withdraw bitcoins to your normal wallet.
Practically dumpable forks
Not all fork coins are really worth dumping: they might be worthless, traded only on some obscure exchanges (if at all), have no working wallet, etc. Here I assembled a list of fork coins which actually can be dumped relatively easily. Enjoy!
(All prices are actual only at time of writing, obviously.) Bitcoin Cash, BCH.
This is the mother of all forks which really started this spin-off coin craze. Some people say it's even a legit coin. It's fairly easy to find information on wallets and exchanges so I won't go into details. Value per bitcoin: $1700, or 14.5% of Bitcoin value. Bitcoin Gold, BTG
. Well-established fork which is GPU-mineable. Supported wallet: Coinomi (which is quite nice) and other. Supported exchanges: many, including HitBTC, Bitfinex, OKex. These exchanges do not require ID. Note that OKex UI is pain in the ass, but they support many forks, so consider making an account. Value per bitcoin: $189 or 1.5% Super Bitcoin, SBTC
. Now we are in the weird territory. Wallet: I used a combination of Bither + Bitpie, but presumably Bitpie might work by itself. Note that Bither can only move this coin to Bitpie address. Exchange: OKex. As mentioned above, quite a PITA, but doesn't require ID. Value per bitcoin: $58, or 0.5% if you use OKex. There are exchanges with higher price, e.g. HitBTC, but they do not support deposits. I.e. people can only dump it on OKex, which is why price is lower there. Bitcon Diamond, BCD
. Wallet: Bither + Bitpie (same as Super Bitcoin). Exchange: OKex. How much you get: 1% on OKex. Note that you get 10 diamonds for 1 BTC, so $11.37 per diamond translates to $113 per bitcoin.
This ends the list of coins I already dumped, the rest is only a theory.
Forks to watch
For coins below I see no easy way to dump, but they seem to have non-negligible value so worth checking out in future. BitcoinX, BCX
. Wallet: Full node wallet from github. Exchange: It seems no exchanges support deposits (I checked gate.io and OKex). Potentially you get $270 per bitcoin because you get 10000 of these coins per 1 bitcoin. Bitcoin God, GOD
. Shit wallets and exchanges, but $70 per coin. Bitcoin Atom, BCA
. Just launched so no support, but very fancy web site promises many features, so I assume it will get a lot of marketing. Futures are traded at $76 per coin. Lightning Bitcoin, LBTC
. Some Chinese crap with no wallets, but futures are traded at $218 at some shit exchange called EXX. Happy dumping!
This Bitcoin testnet faucet has been running almost continuously since April 2013. So far 63586 coins have been sent to 69651 recipients. Here's a list of the last transactions that went through: Bitcoin Core is a community-driven free software project, released under the MIT license. Verify release signatures Download torrent Source code Show version history. Bitcoin Core Release Signing Keys v0.8.6 - 0.9.2.1 v0.9.3 - 0.10.2 v0.11.0+ Or choose your operating system. Windows exe - zip. BitCore BTX was born as a response to the concerns of the Bitcoin community and has been growing and providing many more solutions to the community BitCore BTX - Your Coin, Your Money BitCore has one of the lowest transaction fees on the market while possibly providing the best on-chain scaling solution in the entire crypto-sphere. Close bitcoind and then start bitcoind in a terminal or bash shell like so: "bitcoind -testnet" Using that should cause bitcoin to use a test network.. Although on windows you might need to find the bitcoind.exe and execute that if the command bitcoind is not added to the system path. This information was retrieved from bitcoin's core using "bitcoind -help" and a quote from it says "-testnet An ideal situation for learning how to use Bitcoin would not involve trading real money in the process. In this post, I’d like to cover the Bitcoin Testnet: a zero-risk testing network that allows the beginner to trading Bitcoins as if they were on the main network. The Bitcoin network is divided, so to speak, into three networks: