It Is Found That Since 2017's Forking Fiesta, Over 40 Bitcoin Forks Are Down More Than 98%
Those forks of Bitcoin facing a death sentence. Which one and why is it so? Read more on the report of it.
Why Is Bitcoin Network Forked?
More than 44 forks of the bitcoin network were created and so far many of them have lost considerable value and are near worthless since the summer of 2017. Remaining relevant during the last three years whereas to-date are only a few of the forks that stem from Satoshi’s creation.
In the crypto coin market economy, there are three branches of Satoshi Nakamoto’s codebase commanding top positions within the top fifteen coins. For quite some time, Bitcoin, Bitcoin Cash, and Bitcoinsv have all been top contenders. These three branches have data worth calculating between the price, onchain activities, and community size.
BTC captures 58% of the valuation while BCH commands 1.2 %, BSV’s market cap dominance on Sunday, September 20 is 0.83% out of the $335 billion market cap stemming from all 7,600+ crypto assets. Having lost significant value during the last two years, are over 40 other Bitcoin network forks that were born after August 2017.
A great number of individuals and organisations decided to create forks from the BTC network in 2017, just before the all-time price highs in the crypto economy. You surely heard about all the forks, snapshots, and airdrops that took place during the 12-month timeframe that year if you have participated in the crypto economy.
What Are The Major Forks?
Offering some benefits that BTC does not offer network participants, every one of them had a unique name tied to the word bitcoin.
Bitcoin Zero (BZX), the micro bitcoin (MBC), the bitcoin clean (BCL), the bitcoin gold (BTG), the classic bitcoin (CBTC), the bitcoin cloud (BCL), the big bitcoin (BBC), the bitcoin atom (BCA), the bitcoin interest (BCI), the bitcoin smart (BCS), the bitvote (BTV), the bitcoin private (BTCP), and finally, bitcoin rhodium (BTR) were all included thereby.
Having shuddered in value during the last two years is the list that goes on and on as most of these coins are bedsides the top three branches. The creators told the public that every fork had a special purpose before launching these forks.
By trying to bring CPU mining back to the codebase, for instance, bitcoin gold was supposed to make bitcoin mining decentralised. Quickly learning the chain was far less secure, was essentially BTG changing the BTC’s consensus algorithm from SHA256 to Equihash,
Bitcoin gold has been 51% attacked on various occasions since it was born just like the Ethereum fork (ETC). The 51% attacks have caused the coin to get delisted from prominent exchanges as a recent study shows that a single BTG whale controls more than half the supply.
The Downtrend Of Forks
From the coin’s all-time high of $484 three years ago, bitcoin gold is down 98.32%. The cloud mining operation Nicehash controls 52.24% of the BTG hashrate on Sunday, September 20, 2020, as the crypto asset has 898KH/s of hashrate securing the chain.
Telling the public, the coin’s benefits would be privacy features called zk-snarks is another BTC fork project called bitcoin private (BTCP). Today the cryptocurrency is swapping for $0.10 a pop whereas BTCP is down 98.8% since it’s ATH at $86 two years ago.
Down 99.9% since the coins’ ATH on January 13, 2018, was a BTC fork called bitcoin god (GOD) created by well-known Chinese cryptocurrency investor Chandler Guo.
Chandler Guo said via Twitter that to be symbolic of giving candy to all bitcoin holders, Bitcoin God (GOD) will be forked off the main bitcoin chain at the block height of 501,225 happening on December 25th. The fork at block height 501,225 happened two days later on December 27, 2017, unfortunately even though Chandler Guo shot for Christmas day.
Down by 99% since the cryptocurrency’s ATH was one of the early BTC forks born on November 24, 2017, called bitcoin diamond (BCD). Hence according to data, the BCD’s highest price was the day after it was born at an observed block height of 495,866.
BCD at this time traded for $99 per coin that has steadily declined in value ever since that day. On Saturday, September 19, BCD saw a million dollars in trade volume interestingly enough as BCD is still worth $0.57 per coin. During the last day, the bitcoin diamond trade volume globally is much larger than GOD’s $24 worth of swaps.
Finally, Winding Up The Discussion
It can still be acquired today as every BTC fork, snapshot and airdrop are still trading on exchanges for a small amount of value. Unless they have decent liquidity, most major cryptocurrency exchanges do not support these small market cap BTC forks.
Still supporting these coins and its possible to still trade them for a fraction of value are smaller crypto trading platforms. Obtaining forked assets can be a long and annoying process as reported on various occasions by news.Bitcoin.com.