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Author Topic: Is there a Fake Bitcoin?  (Read 524 times)
Sapphire915
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August 12, 2020, 07:05:28 AM
Last edit: August 12, 2020, 11:08:06 AM by Sapphire915
 #1

In the real world, we used fiat or physical money in our daily spending. And this physical notes can be use in fraudulence or a so-called Fake Money.
How about in Cryptoworld, is there also a Fake Bitcoin? If there's any, how can we identify it?

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August 12, 2020, 07:07:16 AM
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 #2

Yes.

It's called Bitcoin Cash.

Smiley

Another one is Bitcoin Satoshi Vision.

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August 12, 2020, 07:08:08 AM
 #3

Here's a list of some of them: https://coinsutra.com/bitcoin-forked-coins-list-dates-claim/

Additionally, there are scammers out there that are trying to sell their testnet bitcoin as main-chain bitcoin. While not necessarily "fake" bitcoin, watch out for that as well.

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August 12, 2020, 07:10:14 AM
 #4

The fork coins are the fake bitcoins. They claim that the "real" bitcoin is them.

But in reality, they are the copy cats that have copied bitcoin and taken bitcoin's name on their boat so that people will recognize them.

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August 12, 2020, 07:10:24 AM
 #5

Yes there're so many Fake Bitcoin (e.g. Bitcoin Cash, Bitcoin Gold, Bitcoin SV) all you need is stay away and don't invest in these coins.

Read more : How Many Bitcoin Forks Are There? You will be surprised!!!

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August 12, 2020, 07:12:23 AM
 #6

Most altcoins are either Bitcoin clones under other names or forks from other alts that have copied BTC as well. But if you're asking whether there's a fake Bitcoin out there as in if you can receive a Bitcoin on the mainnet that doesn't exist, no - your answer is somewhere in the first pages of Satoshi's Whitepaper. That could only happen if you get fooled by someone trying to double spend using RBF (Replace-By-Fee) - yet that still doesn't count as "fake". Remember: use mainnet and only consider your received/sent txs complete once you get at least 1 confirmation.





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August 12, 2020, 07:34:07 AM
 #7

There might be no equivalent scenario as the fake fiat money you mentioned, since there is no way another coin can pop up in the mainchain, but somebody can trick you in various ways. Which is why having a general idea of how bitcoin address looks like is important. If you scroll through this forum, there are many cases where people thought they buy bitcoin but did not receive them.

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August 12, 2020, 07:38:29 AM
 #8

There are many fake bitcoins or say duplicates from the fork and I think these fake coins can still be traded on major exchanges so they are still valuable in cryptoworld in these fakes, but the fake ones in any bitcoin, the type of coin can still be used even though it is on a low exchange.
And I don't think there are many who suggest investing in the fork of bitcoin because many claim that they are genuine and these accusations have not been proven.

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August 12, 2020, 07:46:41 AM
 #9

It's rather easy to identify them based on the current ones out there tbh, if the coin is named as Bitcoin + something else, then most likely the said coin would either be a fork or a completely new but fake coin that was based on Bitcoin. A simple introduction for a fork is when the path of Bitcoin branched out into two, creating another entity that was made because of reasons, you could easily look them up and a few posts above already listen some links about it. As for fake Bitcoin, it's more likely to be just word play on that side, confusing the investor so that the scammer can sucker in the funds from them. Just do your research when trying to invest, and when buying Bitcoin, go to those official exchanges for guaranteed transactions.

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August 12, 2020, 07:56:05 AM
 #10

How about in Cryptoworld, is there also a Fake Bitcoin? If there's any, how do we know?

If the coins are on Bitcoin main blockchain, they are Bitcoin. Anything else is not.
And from here the list of "fake" coins can get big:
  • Bitcoin forks, misleading because they contain "Bitcoin" in their name and some even advertised as the true bitcoin. The list is big, most known are BCH and BSV.
  • Bitcoin testnet coins. Bitcoin testnet is for testing, so those coins don't hold value. Testnet blockchain is also reset from time to time and the very old coins cannot be used.
  • "Home brew". Anybody can make his own blockchain, the source code is public, and can have his own Bitcoin at home. Of course the chance to stumble over such Bitcoin is slim (there were some time ago discussions about a hypothetical scam based on such coins).
  • Tokens. Various altcoin blockchains offer the possibility to create tokens. Ethereum and Waves are 2 such networks, but the list is big. The tokens don't have their own blockchain and the tx fees are (usually?) in the "parent" coin. Tokens can have basically almost any name, so tokens called Bitcoin or with Bitcoin in their name can exist. Those are, again, not Bitcoin.



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August 12, 2020, 07:56:12 AM
 #11

Yes.

It's called Bitcoin Cash.

Smiley

Another one is Bitcoin Satoshi Vision.

I am not a BCash or Bitcoin Fork fan, but I kinda disagree with this assumption that these are fake bitcoins. Remember, when someone counterfeits Fiat currencies, they make an exact (or close) copy of the original Fiat currencies. (notes or coins)  

These forked coins are not an exact copy of the original Bitcoin (BTC) ....they tweaked several aspects of it and they used a different token to differentiate it from the original.

The strategy with these tokens are to use the word "Bitcoin" in their token to confuse people, in the hope that they would buy the wrong coin. (Just a cheap marketing strategy, like telling people that you have a Sale of up to 80% off on all items and you only have 2 items at a 80% reduction on the price.)  Roll Eyes

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August 12, 2020, 08:11:45 AM
 #12

There would be fake bitcoin, but its verifiable to the main chain. Also, there is some coins owner claim their coin is real bitcoin which are totally fake. Testnet coin also is a fake coin as well, sometimes scammers attempt to scam innocent people by testnet coins. Every coin has its main net, so you should verify them before buying/sell. For ERC20, it would be verified via the contract address. Check the original contract address from the official website. There are so many scams happen via fake ERC20 token. Remember, frauds are everywhere, either in online or real life.





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August 12, 2020, 08:36:42 AM
 #13

Is there a Fake Bitcoin?

Yes. Every alternative forked Bitcoin chain that isn't BTC and is using or claiming ownership of the Bitcoin name i.e.

BitcoinSV and Bitcoin CASH etc.,

They even state in the license that they are a forked copy of a forked copy of the original Bitcoin BTC ...

- https://github.com/bitcoin-sv/bitcoin-sv/blob/master/LICENSE

Quote
... The Bitcoin SV blockchains are defined,
for purposes of this license, as the Bitcoin blockchain containing block height #556767
with the hash "000000000000000001d956714215d96ffc00e0afda4cd0a96c96f8d802b1662b" and
the test blockchains that are supported by the un-modified Software.

One would imagine the real satoshi to have provable ownership to his own yard, right!  Cheesy

Craig Wright is NOT satoshi and BSV is NOT Bitcoin.

...

If you are asking if any Bitcoin (BTC) exists on-chain created as counterfeit money - see: https://en.wikipedia.org/wiki/Counterfeit_money - then the answer is currently no. We know this by the circulating supply.

However, "On August 15 2010, it was discovered that block 74638 contained a transaction that created 184,467,440,737.09551616 bitcoins for three different addresses ..."

Value overflow incident
- https://en.bitcoin.it/wiki/Value_overflow_incident

The 'bug' and value overflow incident was quickly corrected by satoshi (and others).

- https://github.com/bitcoin/bitcoin/commit/d4c6b90ca3f9b47adb1b2724a0c3514f80635c84#diff-118fcbaaba162ba17933c7893247df3aR1013

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August 12, 2020, 08:57:54 AM
 #14

The forks and frauds listed are all totally separate systems that cannot interact with Bitcoin.

I assume OP is asking whether anyone can create a 'fake' Bitcoin to fool someone on the main chain. The answer is no. It would be rejected every step of the way. Verification is at the core of everything.

If it was possible this forum wouldn't be here as the entire thing would be useless and therefore worthless.

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August 12, 2020, 09:15:31 AM
 #15

The forks and frauds listed are all totally separate systems that cannot interact with Bitcoin.

I assume OP is asking whether anyone can create a 'fake' Bitcoin to fool someone on the main chain. The answer is no. It would be rejected every step of the way. Verification is at the core of everything.

If it was possible this forum wouldn't be here as the entire thing would be useless and therefore worthless.

Yes those are important points @gentlemand. Reiterated.

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August 12, 2020, 09:17:14 AM
 #16

In the real world, we used fiat or physical money in our daily spending. And this physical notes can be use in fraudulence or a so-called Fake Money.
How about in Cryptoworld, is there also a Fake Bitcoin? If there's any, how do we know?

Same question!
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August 12, 2020, 09:29:58 AM
 #17

In the real world, we used fiat or physical money in our daily spending. And this physical notes can be use in fraudulence or a so-called Fake Money.
How about in Cryptoworld, is there also a Fake Bitcoin? If there's any, how do we know?

Same question!
I am also wondering about if there is a fake bitcoin. 🤔 Coz I never heard any news about it. Well there is, I hope that these coins are easy to spot if it is fake or not for the scammers not to be able to use these coins frequently because those who will be involved in their scams are so damn pitiful.

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August 12, 2020, 09:46:40 AM
 #18

I guess you mean counterfeiting of fiat currencies, or no?
Well, I think counterfeiting well decentralized/consensus driven and transparent currency will be very hard thing to do.
I have always wondered if currencies can be numbered in series according to their totals supply, and information stored decentrally to make the currencies hard to counterfeit and easy to check/verify the total supply or the numbers. But this will be abit challanging on centralized inflationary currencies without fixed supply like fiat... Or maybe they do this already on fiat currencies? Unfortunately there is no easy to verify that (assuming they do it) considering the secretive/opaque/centralized nature of centralized fiats.



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August 12, 2020, 09:46:48 AM
 #19

Yes.

It's called Bitcoin Cash.

Smiley

Another one is Bitcoin Satoshi Vision.
I'm thinking about it.How come that coin with the first name bitcoin is already a fake bitcoin? It means in crypto space it's easy to identify the real and fake bitcoin.Because in fiat money Fake money is almost the same with the original one that's why sometimes it's difficult to identify it fast. I think those fork coin are not really fake bitcoin because they have separate systems which does not interact with Bitcoin instead the creator of that put that name just to make sure that their coin will also known and can attract people because they have a bitcoin name at first. It's just like a marketing strategy.Well,whatever it is, for me there is only one Bitcoin (BTC) in crypto world.
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August 12, 2020, 09:50:59 AM
 #20

Yes.

It's called Bitcoin Cash.

Smiley

Another one is Bitcoin Satoshi Vision.
I'm thinking about it.How come that coin with the first name bitcoin is already a fake bitcoin? It means in crypto space it's easy to identify the real and fake bitcoin.Because in fiat money Fake money is almost the same with the original one that's why sometimes it's difficult to identify it fast. I think those fork coin are not really fake bitcoin because they have separate systems which does not interact with Bitcoin instead the creator of that put that name just to make sure that their coin will also known and can attract people because they have a bitcoin name at first. It's just like a marketing strategy.Well,whatever it is, for me there is only one Bitcoin (BTC) in crypto world.

We can identify them as a fake bitcoin because they think they it is the real bitcoin. They are saying that the bitcoin that we are using and holding right now is not the plan or the visual of the creator of it, Satoshi Nakamoto. The reason there are a lot of these altcoins saying they are the real bitcoin, but they aren't. They are not separated, they are forked from bitcoin.

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