In the last few months, forking of major cryptocurrency such as bitcoin has continued to be a common practice in the cryptocurrency market. By definition, forking is the splitting of the chain on which bitcoin runs and in doing so making it go a different direction that has different rules than the existing blockchain.
There are various reasons for forking such as to establish new parameters within a particular coin or purely for experimental purposes. For example, Bitcoin Private, which was a fork between bitcoin and Zclassic, was carried out in order to provide a currency that is secure, less costly, and processes transactions faster.
What Is Bitcoin Prime?
The enthusiasm for the forks is decreasing as more are being produced and cannot be compared to the initial enthusiasm for Bitcoin Cash (BCH), which was the first, and the most popular Bitcoin fork. The forks are also raising concerns within the market community, as they cause price shifts that are not proportional.
Bitcoin prime is the most recent Bitcoin fork to enter the market. Bitcoin prime is claimed to be a fork of PrimeCoin and Bitcoin. Most people had anticipated that PrimeCoin would not survive after its hype in 2014. However, it still has some value and its trading value has recently seen a growth over of 100% and peaking just above $2.30, although this can be attributed to the Bitcoin Prime announcement by Rhett Creighton on his twitter account
The cryptocurrency claims to be Extending the PrimeCoin mission and aims at becoming a proof-of-work coin. Rhett Creighton, who was a former employee of Bitcoin Private, leads the bitcoin prime team.
Most of the Bitcoin forks launched previously have fallen into obscurity after causing the initial hype although it is too soon assume that this will be the same for the Bitcoin Prime cryptocurrency.
The announcement spiked many different reactions with some viewing as an opportunity for investors to buy low and sell high. Others, on the other hand, are not optimistic about the potential merge between Bitcoin and PrimeCoin. Therefore, they have called out Creighton for ‘his relentless need to constantly ‘give birth’ to new Bitcoin-hybrids.’
The prices of Bitcoin Prime are not yet known and whether cryptocurrency exchanges will support or list Bitcoin Prime is not clear. Whether the coin will manage a three-digit growth despite the volatile nature of the industry is also not known.
It is still not clear what should be expected from bitcoin prime. Hard forked currencies have a lot to prove, as forking is not enough to for them to gain popularity. In order to gain popularity, bitcoin prime should therefore be different from other forks of bitcoin.
The release date, technical details regarding Bitcoin Prime, and how it will approach the bitcoin network are yet to be released by the developers.