DataLight Study: “Bitcoin Branded Currencies Emerged as a Direct Result of 2017 Crypto Boom”
According to information sourced from analytics firm ‘DataLight’, it is quite clear that since 2015 there have been nearly 50 spinoff forks of Bitcoin. This is in part due to the economic success witnessed by BTC between 2015 and 2017 — which culminated in the altcoin scaling up to a mammoth price point of $20K.
For those of our readers who may not be aware, some of the BTC spin-offs that were created over the past few years include Bitcoin X, Bitcoin Red, Bitcoin All, Bitcoin Diamond and Bitcoin Gold. In addition to this, there are also other little known entities such Bitcoin Ore, Bitcoin Uranium, and Bitcoin God that came to be as a result of BTC’s 2017 value boom.
More on the Subject
According to DataLight’s aforementioned study, during December 2017— a time when Bitcoin scaled up to its all-time-high value— nearly 19 hard-forks of the premier altcoin were created.
However, in regards to the matter, a representative for DataLight noted:
“None of them became widely adopted. In fact, the surge in BTC price at the end of 2017 appears to coincide with the emergence of new Bitcoin-branded forks.”
Bitcoin has had a few forks since 2014, some of which you won't even remeber. We've compiled a nice graph to illustrate all of them. pic.twitter.com/yBQh4VDeJJ
— DataLight (@DataLightMe) January 29, 2019
Out of all the hard-forks of Bitcoin that have seen the light of day, BCH (Bitcoin Cash) is probably the most well known.
Other names such as Bitcoin Diamond and Bitcoin Gold failed primarily because they were not able to achieve a degree of credibility in the eyes of the industry at large— since most people perceived these projects to be ‘cash grabs’.
In closing out this article, it is worth noting that even the forks of Bitcoin that have been able to endure all of the recent market uncertainty are now being questioned on their “true purpose and market USP”.
On the subject, famous crypto trader Tone Vays recently tweeted out the following message:
“We all know that (Bitcoin Cash) (aka (BCash)) was the big one (and) has now split into (Bitcoin ABC) and (Bitcoin SV) but how different are they from the other 40+ on this ever-growing list?”
I had no idea there were this many #Bitcoin Forks so shout-out to @DataLightMe for the graphic. We all know that #BitcoinCash (aka #BCash) was the big one & has now split into #BitcoinABC & #BitcoinSV but how different are they from the other 40+ on this ever growing list? pic.twitter.com/qSmguxNyJD
— Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) January 31, 2019