On a blockchain, a hard fork is an upgrade with new rules that are not compatible with the older version of the blockchain. Because of the incompatibility, the blockchain is split in two at the time of the fork: the ‘new’ blockchain with the new set of rules, and the ‘old’ blockchain, which rules are unchanged. Both chains share the same data history before the split since they used to be the very same blockchain, hence the ‘fork’ denomination. Forks used to be a mean for code improvements on a blockchain by its community. But people realized they could use forks to lure careless investors. Here is how:
Step 1: Find a famous cryptocurrency
This step is important: you must choose the crypto that will let you fool as many people as possible. As a rule of thumb: the more famous the crypto, the less its adopters know about it, and thus the more people you can fool. That is due to the fact that when a crypto becomes famous wannabe investors who heard of it but don’t know much about its actual purpose will rush to invest in it as soon as possible.
Bitcoin is a good starter as the huge majority of its adopters doesn’t even know what a consensus algorithm is. They still invest though, because they forgot that the ones who lost it all during the dot-com crisis are the ones who understood the least internet technologies.
Step 2: Find a catchy name for your crypto
Be creative, you are looking for a name that sounds both professional and catchy. Besides, don’t forget that the people you will fool are looking for 1,000% returns on equity, that’s why the name of your crypto must refer to Cash, Gold, Crystal, or whatever shiny that might give tangibility to the intangible coin.
Step 3: Get trusted (optional)
Getting trusted is boring, but the aura you will get can be really worth the investment. The basic strategy consists in creating a blockchain-related company. Whereas it could sound exciting to make that company profitable, you will soon enough realize that since you are about to make a lot of money, creating a valuable company is not worth the hassle. Just focus on the appearance: have a beautiful website coded for your company by a freelance engineer and make some nice videos.
If you don’t have any idea, go for a cryptocurrencies exchange platform: You can start by faking your figures (your website will display millions of trades that actually never happened) in order to acquire new customers and look professional.