To put it simply, Bitcoin forks are different versions of Bitcoin; the most famous being Bitcoin Cash(BCH). And while the original Bitcoin(BTC) is what really matters, people can sell their forked bitcoin to potentially increase their Bitcoin(BTC) holdings.
To be able to claim Bitcoin forks though, you’d need to enter your Bitcoin(BTC) wallet’s private keys to the Bitcoin fork’s wallet. And while there are legitimate Bitcoin fork wallets out there, there are also a lot of fraudulent ones.
- How the scam works
-You’ve learned about a recent Bitcoin fork, and you’re planning on claiming the airdrop for you to be able to sell them.
-You download the Bitcoin fork’s software, and you enter in your recovery phrase.
-The fraudulent Bitcoin fork then gains access to your wallet and takes away your coins.
- How to protect yourself
Make sure the software you’re using is actually safe, or don’t collect bitcoin forks at all as it’s mostly not worth the risk.