Bitcoin Accruing Almost All The Market Value From Its Forked Chains

Bitcoin Accruing Almost All The Market Value From Its Forked Chains

The leading cryptocurrency Bitcoin in its 10 years existence has had numerous forks but none of them has been able to get widely adopted, the majority of them are barely or not existing anymore.

Forks are conducted to add new features to a blockchain or to reverse the effects of disastrous bugs or hacks. In the lack of consensus as well, a fork gets into effect.

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Now, the flagship cryptocurrency of the market cap of $92 billion has been constantly accumulating value as it goes from $100 in 2013 to $20,000 in 2017. Currently, BTC’s value is 1/4 the of Bitcoin’s peak at $5,000. The third Bitcoin cycle is expected to go into motion in the coming years that according to experts could see it hitting from $100k to as much as $1 million in the future.

Today, Bitcoin is the most expensive, popular, and stable digital asset in the crypto space. If we take a look at the Bitcoin forks that has managed to stay in the top 100, there are four such forks viz. Bitcoin Cash (BCH), Bitcoin SV (BSV), Bitcoin Gold (BTG), and Bitcoin Diamond (BCD).

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Bitcoin Cash (BCH)

In July, Bitcoin Cash (BCH) first came into existence in order to increase the block size limit to eight MB. During the Future of Bitcoin conference in the Netherlands, the first implementation of the Bitcoin Cash protocol Bitcoin ABC was announced by Amaury, Sechet, a former Facebook engineer.

The idea was to abandon the Segwit2x protocol and increase the block size limit that required Bitcoin ABC to split from the original Bitcoin original network.

Starting its journey at $555, BCH went to $4,090 level in December 2017. Currently, it is down over 91 percent at $300 and at 4th position by market cap of $5.5 billion.

Bitcoin Satoshi Vision (BSV)

BSV is actually the hard fork of Bitcoin Cash (BCH) which was announced by nChain, a company that is engaged in the research and development of blockchain technologies. “The future of Bitcoin is big blocks, big business, and big growth. Bitcoin SV is an important step toward that big future by advancing the professionalization of Bitcoin,” said nChain Group CEO Jimmy Nguyen.

With a market cap of $1.4 billion, it sits at 12th position. In early November it started at $88 that in a few days went to $246 and is currently running at around $80 only.

Bitcoin Gold (BTG)

This hard fork of Bitcoin was to restore the mining functionality with GPUs in place of mining with specialized ASICs that are used to mine BTC. In May 2018, it was hit by a double-spending attack.

At around $480 in October 2017, BTG went to $456 in 2017 bull rally but is currently at $18. With a market cap of $321 million, it is at the 27th spot.

Bitcoin Diamond (BCD)

In 2017, two Bitcoin miners called Team 007 and Team Evey decide to change the Bitcoin Core’s protocol to achieve faster transaction times, lower transaction fees and a cheaper alternative to encourage more new users.

BCD is at 44th position with a market cap of $185 million that is currently trading at $1.20, down 99 percent from its peak at $147.