Bitcoin has evolved quite well since the anonymous Satoshi Nakamoto figure established the cryptocurrency in 2009. Part of the currency’s evolution comes from how it has gone through many forks.
A fork occurs in a blockchain when a developer or user base decides to make a dramatic change to the currency system. The code on the chain will change to where old and new versions will appear. The Bitcoin Classic currency would be part of an old fork, while something new will come from the other end.
The fork comes as people want something new out of a currency. But they cannot adjust the old one, as it is too set in stone and cannot be changed. The new fork will produce something closer to what the people want to utilize.
Many currencies have formed from forks off of the original Bitcoin currency. Each of these has unique features of note that make them different from one another. Many of them are unique in how they feature different block sizes. But not all of these have been successful, as there have been some things surrounding them that never took off with the public.
Bitcoin Gold BTG is one of the top forks to note. Bitcoin Gold was formed in 2017.
Bitcoin Gold is unique in how it is easier to mine and use than the original version of Bitcoin. Bitcoin Gold uses a proof of work algorithm that is easier to follow. The PoW setup decentralizes mining and restricts people from using specialized chips that might give them unfair advantages. You can mine BTG with a GPU in a decentralized network to make things easier to run.
A difficult adjustment algorithm will control how well the mining process works. Bitcoin Gold can be easy to hard to mine, depending on the demand and usage rate. The design ensures the Bitcoin Gold blockchain won’t experience dramatic swings in its value or functionality.
Bitcoin Gold has a value of about $11 per token as of July 2020. It has a market cap of about $185 million. The total makes it the smallest of the Bitcoin forks. But it remains an inviting currency for how it is easier to control and can be mined without too much work.
Bitcoin Cash or BCH is the second version of Bitcoin to see. Bitcoin Cash was also formed in 2017 and has become popular enough to where it was forked itself to produce Bitcoin SV in 2018.
Bitcoin Cash was formed by the Bitcoin community to create a currency closer to the original vision that Satoshi Nakamoto held. The most noteworthy feature of Bitcoin Cash is its immense block size. Bitcoin Cash has a block size eight times greater than the original Bitcoin. BCH is faster and more scalable, not to mention it has lower transaction fees.
Having a larger block makes it so the blockchain can record more data. It also helps in giving more control over the mining process while establishing a sense of fairness in the effort.
BCH can also handle more transactions each second. It is easier for more people to use BCH at once than to use the traditional Bitcoin network.
Bitcoin Cash has a value of about $220 as of July 2020. It has a market cap of $4.1 billion, which is about two percent of the value of the original Bitcoin cap.
Bitcoin SV is another solution for people to see. Bitcoin SV is short for Satoshi’s Vision. It has a setup similar to what the Satoshi Nakamoto entity wanted to get out of the original Bitcoin version.
The block size for Bitcoin SV is significant. The greater block height comes from how Bitcoin SV focuses on producing more content in each block. While the Bitcoin Cash block size is 32 MB, the Bitcoin SV one is closer to 132 MB.
The peer to peer setup of Bitcoin SV focuses on providing a greater amount of effort in mining. The plan focuses on producing the currency longer than expected, thus increasing the chances of Bitcoin SV to be more valuable in the future.
Bitcoin SV remains a valuable solution that works well. Bitcoin SV has a value of over $150. The market cap is about $3 billion, which makes it a viable currency of note.
While those three Bitcoin forks have been useful, there are some forks that haven’t worked as well as people had hoped. Bitcoin XT is one example of a note. That fork was formed in 2014 as a solution where the 1 MB block size was expanded to 8 MB. The fork was not all that popular, although Bitcoin Cash would complete the same thing years later.
Bitcoin Classic also had a larger block size at 2 MB. Bitcoin Unlimited took things differently, as it lets users choose the block size with the majority consensus dictating the overall limit. But that one also failed to catch on and become popular.
It takes a good deal of effort for a Bitcoin fork to work. The fork has to run with enough agreement between all parties to move forward and become successful.
These Bitcoin forks are all unique for many purposes. The totals between Bitcoin and Bitcoin Cash and all the others should be noted well, as they come with different values and functions.
You can use Swapzone if you wish to switch between currencies. Swapzone provides a simple interface that lets you transfer a currency to another setup as you wish. The design helps you in managing your content and in getting your currency handled as soon as possible.