The YoBit cryptocurrency trading platform will conduct a fork of Bitcoin and distribute new coins among exchange users who have BTC on their balance.
From October 25 to November 8, users of the YoBit.net exchange will participate in distributing the new Bitcoin fork, which will be conducted by the exchange. During this period, users of the exchange will receive one coin of the new fork daily for each BTC on their balance, in a ratio of 1:1.
For example, if a user has 0.01 BTC on his balance, the exchange will automatically credit his account with 0.01 of the fork coins.
Giveaway of free Bitcoin forks coins usually occurs after a new chain formation to draw attention to the cryptocurrency asset. One of the most successful forks is Bitcoin Cash. According to CoinMarketCap, the coin is currently worth over $600.
According to YoBit.net statement, the promotion of a new fork of Bitcoin in a way of free distribution will allow coins to be spread among the vast community of cryptocurrency users from the entire world. Both the name and ticker symbol of the coin are not disclosed and will be made public after the launch on the YoBit exchange.
How to participate in BTC fork on YoBit?
- Create an account on the YoBit.net exchange. KYC verification is not required to register at the platform.
- Deposit BTC to the account or buy a cryptocurrency asset on the exchange using fiat payment systems.
- From October 25 to November 8, BTC must remain on your balance to ensure participation in the distribution of the new coins.
Previous successful forks of the YoBit.net
Earlier, the YoBit exchange had already successfully conducted a Bitcoin fork. YoBit initially released its YO token as a fork of the first cryptocurrency. In 2019, the exchange distributed the coins among all platform traders similarly: all users with a balance in BTC received a new cryptocurrency asset in a ratio of 1:1.
According to CoinMarketCap, currently, YoBit Token is traded for $2,700. Along with that, the daily trading volume reaches $280,000. In two years, the price of the cryptocurrency asset has increased 15 times.
The YoBit exchange was launched in 2014 in Panama by a group of anonymous cryptocurrency enthusiasts and is currently one of the oldest platforms in the cryptocurrency market. Over 8,000 currency pairs are traded on the exchange; it has built-in liquidity pools and DeFi mechanisms.
The trading platform conducts IEOs and runs staking programs regularly. According to authoritative cryptocurrency bloggers, such as Satoshi Stacker and VoskCoin, the exchange has an easy and user-friendly interface, while remaining one of the largest anonymous centralized platforms with fiat deposits and withdrawals support. Moreover, YoBit was highly rated by leading cryptocurrency media outlets.