Five Forks of Bitcoin That You Should Know About

May 19, 2020, by Maayan
Bitcoin was the first-ever cryptocurrency, but several other coins have borrowed from its success. These “forks” have split from Bitcoin’s main blockchain or borrowed its code.

Here are five of the most important Bitcoin forks on the market:

1. Litecoin (LTC):

Litecoin was created in 2011. It was designed to speed up transactions by reducing block confirmation times, and it also made mining more accessible.Litecoin is different from other forks in that it was never part of Bitcoin’s main blockchain; it simply used Bitcoin’s code.

2. Bitcoin Cash (BCH):

Bitcoin Cash split from Bitcoin in 2017 in order to raise block sizes, increase transaction speeds, and lower transaction fees. The main Bitcoin community favored a different solution called Segwit, which also improved transaction throughput, but in a different way.

3. Bitcoin SV:

Though Bitcoin Cash favored large block sizes, one faction favored even larger blocks. Bitcoin SV split from Bitcoin Cash in 2018 in a very controversial hard fork.

4. Bitcoin Gold (BTG):

Bitcoin Gold split from Bitcoin in 2017 over a different issue: mining accessibility. It aims to ensure that users with basic computers can earn crypto at a profit. Unfortunately, Bitcoin Gold’s small mining network is vulnerable to attacks.

5. Bitcoin Diamond (BTD):

Bitcoin Diamond split from Bitcoin in 2017. Though it is in circulation, the project does not rank highly and it has very little support from the larger crypto community.

Some forks of Bitcoin attempt to solve real problems, but most of those forks are not as time-tested as Bitcoin is. After 12 years, Bitcoin is still the largest cryptocurrency in terms of total value (market cap) and commercial acceptance―making it one of the best coins for new crypto investors to buy.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

×