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What does currency forking mean (Where to get new coins from currency BCH forking)

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Currency forking refers to a process of hard forking, which typically refers to

What does currency forking mean (Where to get new coins from currency BCH forking)

Currency forking refers to a process of hard forking, which typically refers to a mutually substitutable relationship between old coins and new tokens. In the digital asset market, due to the price volatility of newly issued cryptocurrencies, which do not support any other currency or payment method (including Bitcoin), two different currencies emerged – Bitcoin and US Dollar. In both cases, they belong to the same category: one point of view is that there is a certain controversy over a specific currency, while the other perspective suggests that this currency has not been fully accepted and can be freely traded, while another viewpoint asserts that it cannot be used as a value reserve to purchase certain things, as fiat currency can.

So, what happens during a currency split? First, it is important to understand the meaning of “duality,” which indicates the difference between the two. If a holder of legal tender decides to exchange their country’s currency for another country’s legal tender held by another central bank, the currency of that country will become a digital form. When users want to transfer these virtual assets to their own wallets, they need to send these currencies to the address of the person or bank account they trust the most, so that there will be no redemption issues, as only this country can ensure the security of their funds and is willing to bear some losses (cointelegraph).

Where to obtain new coins from currency BCH forking

Editor’s note: This article is from BlockBeats (ID: 0x2a6b) and authorized to be reprinted by Odaily Star Planet Daily.

According to the official announcement by Bitcoin Cash, Bitcoin Cash will fork into new coins BCH, namely new BTC or BCHABC and BCHSV. The specific process is as follows:

1. Miners can use BCHA as collateral to mine on the BitcoinSV chain.

2. Users can directly obtain new coins BCH by pledging BCHA or choose to exchange BCHA in other networks to generate new coins BCH and retrieve old assets through a new wallet.

3. It should be noted that if users’ new accounts do not have enough quantity, please transfer them to the BitcoinSV platform as soon as possible. Currently, there are two ways to possibly obtain the Bch token: one is to purchase it through the Bitcoincash trading platform, and the other is to deposit a certain amount of BCH into a wallet supported by BitcoinABC.

In order to safeguard the interests of users, exchanges will require users to transfer 10BCH from Coinbase to their accounts; another option is to use a third-party exchange to complete the process of receiving the deposit reserve.

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