Everything you need to know about hard forks | BTC Direct

How do I claim the new coin after a fork?

After a Bitcoin hard fork you will own both bitcoin and the newly originated currency. But how do you claim the new coin and what do you need to take into account? We will provide you with some tips:

Store your bitcoin in a hardware wallet
It’s always a good idea to store your coins in a hardware wallet, but in times of a hard fork it could be even more convenient. When a new coin gains enough support from the community, hardware wallet manufacturers like TREZOR and Ledger for example are usually the first providers to develop a splitting tool. Such a tool can be used to split your coin in the old and new one.

Be careful in the first days after a fork
If you make a transaction in one of the first days after the fork you could become a victim of a so-called replay attack. The best way to explain a replay attack is by using an example:

During a split, data from the old blockchain is copied to the blockchain of the new coin. If you make a transaction with coins from the new network, hackers can take the transaction data from this transaction, and copy it to the old network.

Hackers can then use this transaction data to remove coins from your wallet. Receiving addresses are generally anonymous, so miners can’t see that it is a hacked transaction.

This problem is usually solved within a few days, by replay protection. This is an adjustment in the algorithm of the new coin, which makes a replay attack impossible.

Be careful with services provided by third parties
This could be a scam. We recommend to wait until your wallet provider supports the new coin, or until you can claim your coins at a reliable exchange. When in doubt, you can always contact us.