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The Growing List of Bitcoin Forks Which Never Made It



There has been a growing influx of hard forks and airdrops pertaining to Bitcoin, although Bitcoin is still Bitcoin and remains the world’s leading cryptocurrency. In fact, there are so many different iterations of Bitcoin, it is impossible to keep track of them all. Most people will have never heard of most of them, nor will they in the future.

A Growing Pile of Bitcoin Clones

While it is certainly evident that Bitcoin is not a perfect cryptocurrency, improving upon this concept can be done in many different ways. As is evidenced by all the hard forks one can find on Reddit, there is still plenty of work to be done. Additionally, there is also a growing number of coins simply capitalizing on the Bitcoin name first and foremost, yet they all seem to be struggling.

Among the better-known currencies which successfully hard forked from Bitcoin is Bitcoin Cash, and perhaps Bitcoin Gold. The latter currency has seen its fair share of issues, though, as there have been multiple 51% attacks against the network. Additionally, Bitcoin Gold doesn’t serve any real purpose as of right now, nor will it in the near future.

There are a lot of Bitcoin forks which will never see any real traction, for rather obvious reasons. Some of the more unique names on the list include Bitcoin Hot, Oil Bitcoin, Bitcoin World, Bitcoin Faith, Bitcoin File, and so forth. People tend to get a bit creative with these names, although it is slowly turning into a very silly industry. With other currencies such as Bitcoin Pizza, Bitcoin Ore, and Bitcoin Lunar also circulating, it is evident something will need to change sooner rather than later.

Even so, it seems highly unlikely there will be fewer Bitcoin forks in the future. This industry has grown into a sandbox for money grabs and people with get-rich-quick expectations. Additionally, anyone can take Bitcoin’s existing code, change a few names and variables, and create their own hard fork in the process. It is a downside to the open-source nature of Bitcoin and other cryptocurrencies.

Even though virtually none of these coins will make any meaningful impact moving forward, they will not disappear into obscurity either. These “shitcoins” have a tendency of sticking around far longer than they should, although it remains to be seen what the lifespan of Bitcoin Pizza will be, for example. Additionally, it will be interesting to see how many more of these forks will come to market, as some of the initial hype has quieted down in the past few weeks.

One positive side to all this is that the free market can decide whether or not any of these new currencies are worth keeping tabs on. Every coin will find its initial niche and community, although the hype surrounding most of these coins will die down pretty quickly. For the time being, the list of Bitcoin hard forks will continue to increase, but only time will tell if that is a good thing.

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“Bitcoin (BTC) Prices Yet To Hit Rock Bottom”: Bitcoin (BTC) Technical Analysis (June 18, 2018)

With every slide in the cryptocurrency market, Bitcoin dominance increases. As a matter of fact, Bitcoin ball park control stands at 40 percent in the last seven days or so. That’s when bears took more than $30 billion despite supportive news from the SEC. Going forward, it could be worse for cryptocurrency portfolios because any break below $6,000 and we might see BTC valuation dropping 85 percent from its ATHs to $3,000. Let’s have a look at these charts: From the News It is attack after attack but in the case of BitGrail, ordinary account holders are set to suffer. A while back, this Italian exchange was hit by hackers who made away with $187 million worth of Nano coin. Even though the operations of the exchange took a hit, they resumed normal services a few days later. However, with formal announcement by the exchange that they were not in a position to reimburse user funds because they strongly believe hackers took advantage of Nano’s blockchain weakness, the Nano Foundation refutes these claims. We have temporarily disabled the BitGrail exchange pending further notice. — BitGrail Exchange (@BitGrail) May 2, 2018 This inevitably means the court is the only center of arbitration and now through the orders of a Florence Court, where bankruptcy petition for BitGrail is on-going, BitGrail’s digital assets are under state custody. We cannot make solid conclusion as the hearing continues. 3000 users of the #BitGrail fiasco have filed a petition asking an Italian court to declare the entities that operated the Bitgrail exchange bankrupt.https://t.co/x3wfor4qe1 — DeusExMachina (@d1rtydan) April 27, 2018 Then again the CEO of BitGrail has been clear that there is nothing since the exchange is following court orders. Regardless, it’s clear that the exchange is in a poor financial situation and probably won’t repay victims. As litigation continues in Italy, authorities in South Korea are planning on creating a special economic zone for blockchain companies in the city of Busan. “We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland” This comes at the back drop of the country’s initial steps of totally banning ICOs and fostering an environment that isn’t supportive for crypto traders in general. #SouthKorea intends to launch a #blockchain center in Busan city to incubate companies and projects working in the sector. Modeled as “#Crypto Beach,” the development is reportedly inspired by Switzerland’s “Crypto Valley” in Zug.#Bitcoin #btc $btc $bitcoin #ETH #EOS #ICX — Hitman (@Hitman637) June 17, 2018 Because of this, most blockchain start-ups in South Korea offer their ICOs in other countries. So, to prevent loss, the only approach is to thaw their regulatory grip by creating such blockchain friendly zones. Of course, all things constant, this is positive for Bitcoin in the long haul. Bitcoin (BTC) Technical Analysis Weekly Chart Bitcoin Weekly Chart by Trading View Talking of Bitcoin hitting $3,000 may be pessimistic but here is the thing: Any break below $6,000 this week or within the next month and it would be catastrophic for coin holders in general. The web might even spread considering the positive correlation between Bitcoin prices and altcoins as we have been seeing in the last couple of days. Besides, even Trustory CEO thinks BTC prices are yet to bottom out and unwind the effect of Q3 and 4 2017 Tether pump. Price wise, it’s clear that BTC prices are trending around a key inflection point, a double bottom as the weekly chart shows. Overly, bears are in charge and we can draw a simple trend line between Q1 and recent Q2 highs to demonstrate that. In our previous projections, any up-thrust that lifts BTC prices above $8,000 will mean bulls are in charge and buying in line with the new shift of trend is practical. Conversely, it will be a journey back to $3,000 if sellers break below $6,000 as we have mentioned before. Daily Chart Bitcoin Daily Chart by Trading View Announcement by the SEC on June 14 was by all means timely. As we can see from the daily chart, that’s right at the main support line and initial bear targets at $6,500. Now, our trade plan based on these new events proposes buying but only when buyers push prices ideally past $7,000 and for conservatives at $7,800. Of course, with the past three candlesticks moving within tight trading ranges, patience would be an asset and would mean buying only once our trade conditions are met. On the reverse side where sellers drive below $6,000 and it would be a slide to $3,000. The post “Bitcoin (BTC) Prices Yet To Hit Rock Bottom”: Bitcoin (BTC) Technical Analysis (June 18, 2018) appeared first on NewsBTC.

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