How do I claim my forked coins?
Have you ever been puzzled by the word hardfork? This article goes into more detail about hardfork and forked coins (BCH, BSV, YEC, and others).
In this article:
What is a blockchain fork?
The first digital asset, Bitcoin (BTC), has a similarity to other blockchain projects: It operates according to laws, which are programmed into its computer code.
For example, Bitcoin has been programmed to offer a fixed supply of 21 million BTC. There is a maximum size of 1 MB of data that can be contained in a Bitcoin block. It also uses computer code to adjust its mining difficulty every 2016 blocks. These are a few examples of Bitcoin's hard-coded rules, which cannot be altered.
Since Bitcoin and other blockchains are defined by these "hard", inflexible rules, changing one of them will create a completely new blockchain, because the original chain will only agree to follow its original set of rules. This event is known as a hardfork.
If everyone does not agree to make the change, then two blockchains are formed where only one blockchain originally existed. Bitcoin's first split occurred on August 1st, 2017, during the Bitcoin Cash hardfork.
Which forked coins does Exodus support?
Exodus wallet currently supports claiming Bitcoin Cash, Bitcoin Gold, and Bitcoin SV through our user interface. A simple Exodus wallet sweeping tool makes claiming these established forks easy.
Trying to support all forks of a coin is simply not feasible for Exodus, and is often technically impossible as well. This applies to many of the forks of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, ZCash, EOS, and other assets that have occurred over the years. Many of these forks may offer little to no market value, or they may suffer from a lack of developer support.
How do I claim my forked coins?
We understand that some of our users are active traders who would like to seek profit from these forks. The good news for Exodus users is that they can always claim any forked coin from the past or in the future. However, we do generally discourage this for security-related reasons.
Do your own research and verify the legitimacy of any wallet you decide to use. Scam wallets often target people trying to claim forked coins. If you import your private keys into a scam wallet, both your forked and original coins will be stolen! If you have ANY doubts about the legitimacy of a wallet, don't use it! You can always ask us.
If you still want to claim your forked coins, you’ll need to find a wallet that supports the forked coin which also supports the importing of private keys.
As an example, Exodus has such a feature for the currencies we support.
Most client-side or software wallets will have such a feature. Once you find a safe wallet that's correct for the job, you can view your Exodus private keys and import them into the wallet which supports the fork.
You should be extremely cautious when using your private keys! Do not give them out, because they allow anyone who has them to drain your wallet of your funds. We have had customers lose their assets in the past to scam sites and wallets that ask for private keys or a 12-word secret recovery phrase.
As previously mentioned, we generally recommend against claiming forked currencies outside of Exodus. The process exposes your private keys, and can also put you at risk of a replay attack in certain cases.
If you would still like to claim the forked coins, please do your own research in order to determine which legitimate wallets are offered, and the details of how to import your private keys. You should keep in mind that you will be doing so at your own risk! If your funds are stolen as a result of importing your private keys into another wallet, there is nothing that can be done to retrieve them.