Is there a Fake Bitcoin?

Nathan

New member
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?
 

Emerson

New member
Yes.

It's called Bitcoin Cash.

Smiley


Another one is Bitcoin Satoshi Vision.
 

Karson

New member
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.
 

Tobias

New member
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.
 

Brady

New member
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.
 

Clayton

New member
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.
 

Francisco

New member
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.
 

Zander

New member
How about in Cryptoworld, is there also a Fake Bitcoin? If there's any, how can we identify it?
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.
 

Walter

New member
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.
 

Cash

New member
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.
 

Martin

New member
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.
 

Jorge

New member
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.
 

Josue

New member
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.
 

Lane

New member
I absolutely learned from all those opinions that you guys had been shared here. Thank you so much for the additional knowledge. So deeply appreciated.
 

Damien

New member
From my personal view to there is fake bitcoin. This is used by the scammers, in specific people have a simple understanding about bitcoin as a virtual asset that doesn't have any physical state as the traditional currency. This is been used by the scammers as an advantage and used to send just numbers and make money out of it. This is what I state a fake bitcoin.
 

Kairo

New member
banknotes can be counterfeited in the exact same way as the original by reprinting but not using the same material as the original, bictoin forged with a hard fork and different from the original, maybe that is the difference between counterfeit banknotes and fake bitcoin.
and bitcoincash, one of which is fake bitcoin.
 

Cruz

New member
All coins that use the name Bitcoin, like all Bitcoin forked, can be said to be fake Bitcoin. Unlike fake money, which does not apply
when used and also violates legality. Meanwhile, fake Bitcoin is still valid and can be used as an investment. So from that fake Bitcoin
alone can provide profit, especially real Bitcoin is definitely more valuable.
 
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