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Be careful not to make your "claim" on an altcoin that has a very low value compared to Bitcoin. Why? Well, to be safe, you need at least on Bitcoin transactio
by vog 9y ago
Be careful not to make your "claim" on an altcoin that has a very low value compared to Bitcoin.
Why? Well, to be safe, you need at least on Bitcoin transaction [1]. But that means you'll receive a loss if those transaction fees are larger than the exchange value you get from trading the altcoin back to Bitcoin.
[1] This is to avoid exposing a still-valuable (within Bitcoin) secret key to an unknown altcoin client.
- illumin8 9y agoCouldn't you just make a single transaction with all of your BTC you currently hold (provided you've held it in the same wallet for recent history, when all these forks have occurred), then cash out all of your forks/airdrops using the old secret key? You still run a small risk that a shady fork/airdrop could try to use your secret key to transfer other forks/airdrops, but you would avoid the risk to your BTC holdings.
- vog 9y agoGiven the current Bitcoin exchange rates and transaction fees, this "single transaction" could still be more expensive than the value you get out from all altcoins combined. It depends on how much Bitcoin you have, though.
- tehlike 9y agoWhy not just sign a message?
- vog 9y agoDo you care to elaborate? Your proposal doesn't make any sense to me. What message? What kind of signature? How does it help to claim some altcoins with a net positive outcome?
- tehlike 9y agoSome airdrops ask you to prove ownership of a wallet, which can be achieved by using private-key to sign a message (usually the address of the wallet).