The various Bitcoin forks explained

The various Bitcoin forks explained
It is truly an understatement to say that Bitcoin and blockchain technology have revolutionised the way we sent and receive money. Thanks to Bitcoin and various altcoins it has become more cost-effective and quicker to send and receive funds to and from just about anywhere across the globe. However, in order to meet the growing demand for Bitcoin and blockchain technology, Bitcoin has undergone various forks throughout the years. Today we discuss the results of the various Bitcoin forks aka Bitcoin Cash (BCH), Bitcoin Satoshi Vision (BSV), Bitcoin Gold (BTG) and Bitcoin Private (BTCP).

What are Bitcoin forks?

Bitcoin forks are classified as changes in the protocol of the Bitcoin network. Forks occur when developers wish to add new features to the blockchain and result in a split of the coin. The result of this split is a new coin that aims to solve existing problems and add new features to the blockchain. For example, getting rid of software bugs or to upgrade the features of the particular coin.

Bitcoin forks present traders and hodlers with the unique opportunity to score some free coins. Usually, if one holds some Bitcoin at the time of a fork, you will be rewarded with a specific amount of the new fork coin. Mostly coins are rewarded on a 1-1 ratio.

Currently, various Bitcoin fork coins are listed on AltCoinTrader, South Africa’s most secure crypto trading platform. This includes, Bitcoin Cash (BCH), Bitcoin Satoshi Vision (BSV), Bitcoin Gold (BTG) and Bitcoin Private (BTCP).

Bitcoin Cash (BCH)

Bitcoin Cash (BCH) or Bcash as it is also referred to, was created in July 2017 in an effort to increase the Bitcoin network blocksize. The fork formed part of a plan to increase the number of transactions that the Bitcoin ledger could process. The block size limit was increased to eight megabytes.

Bitcoin Satoshi Vision (BSV)

Bitcoin Satoshi Vision (BSV) was created in November 2018 to keep the original Bitcoin protocol stable and allow for massive scalability. In so doing, it is keeping with the vision portrayed in Satoshi Nakamoto’s white paper that was published in 2008.

Bitcoin Gold (BTG)

Bitcoin Gold (BTG) was created with Bitcoin’s fundamentals in mind but allows for the coin (BTG) to be mined on common GPUs as opposed to specialty Application Specific Integrated Circuits (ASIC). In a nutshell, this means that anyone can mine BTG and in so doing is giving back the decentralization and independence elements to the community. ASICs have been associated with monopolizing mining. The BTG fork took place in October 2017.

Bitcoin Private (BTCP)

Bitcoin Private (BTCP) was created in March 2018 and was actually forked from Bitcoin and Zclassic. ‘Private’ is the perfect way to describe this cryptocurrency. It masks sender and receiver information but verifies transactions on a public blockchain. BTCP block time is quite fast at 2.5 minutes and has a block size of 2MB.