Why can’t forked coins be withdrawn (How to obtain forked coins)

08/15/2023 09:38 • Metaverse Matters • 104 views

Why can’t forked coins be withdrawn? The reason is that the codes of the forks are all “BCH”, and they have split the blockchain world. Therefore, many users believe that the issue of not being able to handle forked coins is due to the loss or theft of the hard disk. But one thing is clear: the hard disk itself is not the digital currency of Bitcoin, but a blockchain system developed based on Ethereum code. After the fork, Bitcoin will continue to develop and upgrade at the previous pace. However, due to the inability of the forked Bitcoin to communicate, trade, and transfer assets with other blockchains, it is also difficult to achieve payment functions (such as transfers).

We know that currently, most crypto communities have a problem: the Bitcoin wallet after the fork stores private keys that are stored in exchanges, while the Bitcoin addresses after the fork are one’s own private keys. This situation leads to the inability of branch institutions to send messages to each other and transfer funds between them, making it difficult for the project side of forked coins to have enough time to complete this task. (Shenzhen TechFlow)

How to obtain forked coins

According to a Coindesk report, in a blog post published on CoinDesk, holders of forked coins said that they will receive hard forked tokens. Branch institutions or exchanges usually mark transactions and user assets to track the source of funds and recover the coins they hold.

According to data from CoinMarketCap, as of the time of writing, over $500 million worth of bitcoins have been mined and sold to other investors. This includes some exchanges, miners, and other entities. Therefore, these numbers may be inaccurate (like CoinMarketCap) or suspicious, as most cryptocurrencies are in hibernation mode.

To ensure safety, there are two ways to obtain forked coins: sending a large amount of bitcoins to a wallet through an exchange, or transferring coins worth $10,000 to $20,000 to an address through a third-party service.

Currently, there are many options on the market to purchase forked coins. However, the price of forked coins is linked to their own prices. But technically, if you want to obtain this new issuance method, you need to find the right person to buy it from.

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Why can’t forked coins be withdrawn (How to obtain forked coins)

How to obtain forked coins

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