- Monero V is a fork of the Monero block chain
- The planned fork date is April 30th
- You must hold Monero on the fork date
- You will get 10 whole Monero V for every 1 whole Monero you own
More and more pools are enabling #MoneroV $xmv mining! Get started –https://t.co/VTmFc15plshttps://t.co/37p3IWFshThttps://t.co/CLckanRYDChttps://t.co/du9CGWCZGlhttps://t.co/zdYwrOlxkYhttps://t.co/yaW6FrIIExhttps://t.co/BtRZfCiKe7 https://t.co/JvbBaNOHFf
— MoneroV (@monero_v) May 14, 2018
How do you get your Monero V?:
- Buy Monero from any supporting exchange (I would check www.coinmarketcap.com/currencies/Monero and access the exchange from the ones listed there).
- Once you have some Monero, which like Bitcoin you can buy any fraction of a whole, you either need to move it to an exchange that is supporting the fork, or move it to an official Monero wallet. More detail below
- Monero Wallet– advantage, not having your coin stored on an exchange, if the exchange is hacked you’re ok. Disadvantage, you need to download the wallet and then use your private key to claim your Monero V (see ‘but what if it’s a scam’ below). For the Monero wallet, access the Monero site via coinmarketcap as above and download.
- Supporting exchange– advantage, you’ll probably get your Monero V quicker, can trade quicker (if that’s what you want to do) and don’t have to enter any private keys. Disadvantage – your Monero is stored on an exchange and this can make it vulnerable. I have decided for the sake of these forks, if a legit exchange supports it, I store the coins on there for the fork only, but you have to be comfortable with the risk the exchange gets hacked and you lose them. Monero V have announced that Ovis exchange is supporting the fork. This is on their twitter but not updated on their website yet. Access Ovis via coinmarketcap
The #MoneroV Mainnet is now LIVE!
— MoneroV (@monero_v) May 8, 2018
What to do post fork:
This really depends on your circumstances. If you only bought Monero to get Monero V, and both were only to make a bit of money and move on, then the answer is sell both soon after at the ‘right price’ (anyone getting this right please tell us how!). Personally, I see Monero V challenging the price of Monero (in the long run) due to what they are changing about it. For this reason I will sell the Monero at some point post fork, and keep the Monero V for a while. If we learn from the recent Litecoin fork that created Litecoin Cash, you are better off selling the source coin a few days after the fork because the price dipped very quickly once the fork had happened, then went above pre-fork price a few days after. Anyone that tells you Monero will be worth this much, and Monero V this much after this amount of time, is just guessing to get attention, no one can say for sure what will happen. That said, Monero is currently just over 50% of the all time high, so there’s every chance that when the whole market recovers, you can also get a nice profit from the Monero.
- Monero V will perform a hard fork of the Monero blockchain to create this new chain/coin
- This is scheduled for April 30th
- The award ration is 10:1
- You need to hold Monero in either a supported wallet or exchange on the 30th April
— BitcoinSocial (@BitcoinSocial9) May 13, 2018
But what if it is a scam???????
- If you use the exchange method you’ve not risked anything but the purchase of Monero, which you can sell again and is currently well off of its all time high.
- If you use the wallet method and therefore have to enter your Monero private key into the Monero V wallet, this is perfectly safe from a scammer SO LONG AS YOU MOVE YOUR COINS TO A NEW WALLET FIRST!!!!!!!!!!!!! This is fine, so long as your Monero is in the wallet in question on the 30th April you will get your Monero V. Take your time, move or sell your Monero first then the use your private key to get your Monero V.
- Go to www.monerov.org and from there follow all their social media options to keep up to date with developments
- Find the Monero block explorer if you want to watch the blocks countdown to the fork. Check the site above to see which block it is happening at
Finally, please comment or ask questions, and let me know if the info was clear and concise. I think we will see a lot of forks this year, and some with inventive methods so I will do more of these. And I’d like to know if this would be better as a video or a long post, or both?
Thanks for reading
Title picture taken from the Monero V twitter page