ALL BITCOIN FORKS
Most of us or at least a good number of us are familiar with the term bitcoin and cryptocurrency. After all,what would you be doing on** Steemit ** without some basic crypto education?
Steemians should have basic cryptocurrency education
Steemit rewards its users using STEEM and STEEM BLOCKCHAIN DOLLARS (SBD) which are cryptocurrencies. Therefore it is very important to have some basic education and understanding of what cryptocurrency is and how it all works. That is if you have been on this platform long enough or you have been using bitcoin and cryptocurrencies to perform transactions.
Source
The meaning of cryptocurrency
As for the newbies and those new to crypto , crypto is the short form of cryptocurrency/cryptocurrencies.
Sounds cool right? I find this short form cool.
However, cryptocurrency is referred to as virtual currency or digital money which uses cryptography as security and is designed to work as a medium of exchange.
It is designed to operate independently of any central bank therefore it is decentralized. Although there has been an up-rise of a few centralized crypto such as Ripple, the whole idea of cryptocurrency and bitcoin was and is decentralization.
Cryptocurrencies can be stored in online or local digital wallets which you can download to your phone or computer. You can trade cryptocurrencies on exchanges online.
There are more than 1500 coins and tokens currently being traded on these exchanges.
Bitcoin
Bitcoin (BTC) is the first ever decentralized cryptocurrency to be established. Satoshi Nakamoto was the first person ever to mine the first bitcoin block also known as genesis block in January 2009.
Other cryptocurrencies such as Etherium , Litecoin, Dogecoin, Monero, Zcash and many other digital currencies came into existence after bitcoin. These other digital currencies are known as Alts or Altcoins.
Bitcoin is a peer to peer electronic cash system and has no central authority or banks. Not a single person controls bitcoin since it is open source. Bitcoin can be sent from one digital wallet to another over the internet without going through banks. You can use BTC pretty much anywhere in the world although there have been countries with strict crypto regulations and also other countries have gone as far as banning bitcoin. All the same, with bitcoin you can perform transactions from any part of the globe.
Bitcoin mining
Bitcoin miners are the ones who secure the bitcoin network and are rewarded newly generated bitcoins for verifying transactions. These verified transactions are recorded in a transparent public ledger.
Source
Bitcoin is mined using ASICs ( application-specific integrated circuit ).
Asics are special microchips designed for a special application, like a particular kind of transmission protocol or handheld computers.
Bitcoin mining was possible using regular **CPU **( Central processing unit ) before Asics. It was also possible to mine bitcoin using **GPU **( Graphics Processing Unit ) and FPGA ( field-programmable gate array ) .
It is now close to impossible and less profitable to mine bitcoin using GPUs, CPUs and FPGAs.
Looks like i took all of us back to learning what bitcoin is.
Watch the video below to have a better comprehension and understanding of what bitcoin is and how it really works.
ICOs and hard forks
The year 2017 was a year filled with an endless list of Initial Coin Offerings. Every single day i would wake up to an announcement or launch of a new ICO.
From the look of things, it seems like 2018 will be the main year where numerous number of hard forks will take place. We can therefore say forks are likely to replace or will probably replace Initial Coin Offerings.
What is a hardfork?
A hard fork is where by a cryptocurrency splits into 2. The cryptocurrency blockchain is split into two forming two different forms of the currency. The existing code of a cryptocurrency is changed leading to existence of old and new version.
Bitcoin hard forks
The following is a simple summary of bitcoin forks that have occured so far in table form.
|
FORK NAME |
FORK SYMBOL |
FORK DATE |
BLOCKCHAIN |
FORK BLOCK |
COIN DISTRIBUTION |
|
Bitcoin Cash |
BCH |
Tuesday,August 01,2017 |
Bitcoin |
478559 |
1BTC = 1 BCH |
|
Bitcoin Gold |
BTG |
Tuesday,October 10,2017 |
Bitcoin |
491407 |
1 BTC = 1 BTG |
|
Bitvote |
BTV |
Sunday,January 21,2018 |
Bitcoin |
505050 |
1BTC=1BTV |
|
Bitcoin Private |
BTCP |
Monday,January 01,2018 |
Bitcoin |
0 |
1BTC/ZC=1BTCP |
|
Bitcoin Atom |
BCA |
Tuesday,January 30,2017 |
Bitcoin |
0 |
1BTC=1BCA |
|
Bitcoin Faith |
BTF |
Tuesday,December 19,2017 |
Bitcoin |
500000 |
1BTC=1BTF |
|
Lightning Bitcoin |
LBTC |
Tuesday,December 19,2017 |
Bitcoin |
499999 |
1BTC=1LBTC |
|
UnitedBitcoin |
UB |
Tuesday,December 12,2017 |
Bitcoin |
498777 |
1BTC=1UB |
|
Bitcore |
BTX |
Thursday,November 02,2017 |
Bitcoin |
0 |
1BTC=0.5BTX |
|
BitcoinLite |
BTCL |
Tuesday,January 30,2018 |
Bitcoin |
0 |
1BTC=1BTCL |
|
Bitcoin Interest |
BCI |
Monday,January 22,2018 |
Bitcoin |
505083 |
1BTC=1BCI |
|
Bitcoin New |
BTN |
Monday,December 25,2017 |
Bitcoin |
501000 |
1BTC= 1BTN |
|
Bitcoin Rhodium |
BTR |
Wednesday,January 10,2018 |
Bitcoin |
0 |
1BTC=1BTC |
|
Bitcoin Top |
BTT |
Tuesday,December 26,2017 |
Bitcoin |
501118 |
1BTC=1BTT |
|
Bitcoin Uranium |
BUM |
Sunday,December 31,2017 |
Bitcoin |
0 |
1BTC=1BUM |
|
Bitcoin PIzza |
BPA |
Monday,January 01,2018 |
Bitcoin |
501888 |
1BTC=1BPA |
|
Bitcoin Diamond |
BCD |
Friday,November 24,2017 |
Bitcoin |
495866 |
1BTC=10BCD |
|
Oil BTC |
OBTC |
Tuesday,August 01,2017 |
Bitcoin |
498888 |
1BTC=1OBTC |
|
Bitcoin Stake |
BTCS |
Tuesday,December 19,2017 |
Bitcoin |
499999 |
1BTC=100BTCS |
|
Bitcoin Clashic |
BCHC/B |
Tuesday,August 01,2017 |
Bitcoin |
478558 |
1BTC=1BCHC/B |
|
Quantum Bitcoin |
QBTC |
Thursday,December 28, 2017 |
Bitcoin |
0 |
1BTC=1QBTC |
|
Bitcoin Silver |
BTSI |
Friday,December 01,2017 |
Bitcoin |
0 |
1BTC=1BTSI |
|
BitcoinX |
BCX |
Tuesday,December 12,2017 |
Bitcoin |
498888 |
1BTC=10000BCX |
|
Bytether |
BTH |
Tuesday,August 01,2017 |
Bitcoin |
478588 |
1BTC=1BTH |
|
Bitcoin God |
GOD |
Wednesday,December 27,2017 |
Bitcoin |
501225 |
1BTC=1GOD |
|
Bitcoin Hot |
BTH |
Tuesday,December 12,2017 |
Bitcoin |
498848 |
1BTC=100BTH |
|
Bitcoin File |
BIFI |
Wednesday,December 27,2017 |
Bitcoin |
501225 |
1BTC=1000BIFI |
|
Bitcoin Nano |
BTN |
Friday,December 01,2017 |
Bitcoin |
501888 |
1BTC=1000BTN |
|
Super Bitcoin |
SBTC |
Tuesday,December 12,2017 |
Bitcoin |
498888 |
1BTC=1SBTC |
|
Bitcoin World |
BTW |
Sunday,December 17,2017 |
Bitcoin |
499777 |
1BTC=10000BTW |
|
Bitcoin SegWit2X x11 |
B2X |
Thursday,December 28, 2017 |
Bitcoin |
501451 |
1BTC=1B2X |
|
Bitcoin All |
BTA |
Monday,January 01,2018 |
Bitcoin |
0 |
1BTC=1BTA |
|
BitcoinBoy |
BCB |
Sunday,December 31, 2017 |
Bitcoin |
501888 |
1BTC=100BCB |
|
Bitcoin Ore |
BCO |
Sunday,December 31, 2017 |
Bitcoin |
501949 |
1BTC=1BCO |
|
Bitcoin Smart |
BCS |
Sunday,January 21,2018 |
Bitcoin |
505050 |
1BTC=100BCS |
This took me a good amount of time to compile. A lot of bitcoin forks took place late last year:mostly during the month of December. There has also been a number of bitcoin forks happening on the month of January.
You can view more information on bitcoin forks here
Conclusion
Lets expect more and more bitcoin and cryptocurrency forks in the near future.
Thanks for taking your time to read this.
Feel free to give your thoughts on what you think about crypto hard forks and whether you think its useful.
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I think sometimes they're good but there are so many happening it could be easy to get caught up in a scam if you're new to crypto.
Most or let me say Bitcoin and cryptocurrency forks are genuine unlike the case of ICOs therefore we can rule out scams when it comes to crypto forking.
Thanks for this great insight into botcoin. You did a good job