2.1.0. Two Examples of Hard Forks that Produced Millionaires

2.1.0. Two Examples of Hard Forks that Produced Millionaires

Example (1): BCH Airdrop of 2017

Bitcoin was created in 2009 by Satoshi Nakamoto to be a digital currency. To become a true currency, Bitcoin transactions must be fast and transaction fees must be low so that anyone can own and use Bitcoins. This feature is referred to as scalability.

But as Bitcoin transactions increased, the speed started to slow down and charged fees increasingly became expensive. That is, scalability became a huge problem. Hence, Bitcoin was gradually turning into digital gold for store of value rather than a true digital currency.

As at present, people buy and hold Bitcoin as a means of preserving their wealth instead of engaging the coins for daily transactions. With the price above 40 000 dollars and each transaction costing as high as 30 dollars, would you use your Bitcoin to buy a cup of coffee?

Thus, on 1st August 2017, Roger Keith Ver and his group initiated a hard fork on Bitcoin blockchain to produce Bitcoin Cash, which has the symbol BCH.

Bitcoin Cash proposed to remedy the slow transaction speed of Bitcoin by increasing the size of blocks to between 8 MB and 32 MB, thereby enabling the processing of more transactions per block.

The good news was that on the day of the hard fork, each Bitcoin holder received an equivalent amount of Bitcoin Cash as airdrops. Thus, those who participated in the airdrops were able to multiply the number of coins they own.

Bitcoin Cash debuted on cryptocurrency exchanges at an impressive price of 900 dollars. By 20 December 2017, Bitcoin Cash’s price reached all-time high of 4355 dollars.

Many millionaires were born as a result of this hard fork and subsequent airdrops in 2017.

But that is not the whole story!!

Example (2): BSV Airdrops of 2018

The newly created Bitcoin Cash soon brought sharp disagreement, now popularly referred to as the “Bitcoin Civil War,” among stakeholders.

A group, led by Craig Steven Wright and Calvin Ayre, made a proposal to increase the BCH block size limit from 32MB to 128MB to make it much faster in transaction processing and to incorporate the use of smart contracts onto the BCH blockchain.

But another group, led by Roger Ver and Jihan Wu of Bitmain, opposed Craig’s suggestion.

As a result of this “Bitcoin Civil War,” on 15 November 2018, a hard fork chain split of Bitcoin Cash occurred resulting in the creation of Bitcoin SV led by Craig Steven Wright and his group.

Bitcoin SV is a short form for Bitcoin Satoshi Vision, because Craig Steven Wright and his group believe the new coin is the original vision of Satoshi. In fact, Craig Steven Wright claimed that he is the real Satoshi Nakamoto!

Following the creation of Bitcoin SV from Bitcoin Cash, each BCH holder received an equivalent amount of Bitcoin SV as airdrops.

On 15 November 2018, Bitcoin Cash traded at about 289 dollars, and Bitcoin SV traded at about 96.50 dollars, down from 425.01 dollars on 14 November for the un-split Bitcoin Cash.

Imagine if you were in the market and participated in these airdrops! Financial fortunes were made. That is one way you can become rich through cryptocurrency. And this kind of event takes place every now and then. For you to know about them, you need to know the market and become informed of crypto. The more you know, the more money you make! It is that simple.