Over 40 Bitcoin Forks Are Down More Than 98% Since 2017’s Forking Fiesta
Since the summer of 2017, more than 44 forks of the Bitcoin network were created and so far many of them have lost considerable value and are near worthless. To-date only a few of the forks that stem from Satoshi’s creation have remained relevant during the last three years.
There are three branches of Satoshi Nakamoto’s codebase that have commanded top positions within the top fifteen coins in the crypto coin market economy. Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoinsv (BSV) have all been top contenders for quite some time. Between the price, onchain activities, and community size only these three branches have data worth calculating.
Out of the $335 billion market cap stemming from all 7,600+ crypto assets, BTC captures 58% of the valuation, while BCH commands 1.2%. BSV’s market cap dominance on Sunday, September 20 is 0.83% Meanwhile, over 40 other Bitcoin network forks that were born after August 2017, have lost significant value during the last two years.
In 2017, just before the all-time price highs in the crypto economy, a great number of individuals and organizations decided to create forks from the BTC network. That year if you participated in the crypto economy, you surely heard about all the forks, snapshots, and airdrops that took place during the 12-month timeframe.
Each and every one of them had a unique name tied to the word “bitcoin,” and they all offered some benefits that BTC does not offer network participants.
This included bitcoin zero (BZX), micro bitcoin (MBC), bitcoin clean (BCL), bitcoin gold (BTG), classic bitcoin (CBTC), bitcoin cloud (BCL), big bitcoin (BBC), bitcoin atom (BCA), bitcoin interest (BCI), bitcoin smart (BCS), bitvote (BTV), bitcoin private (BTCP), and bitcoin rhodium (BTR).
The list goes on and on and most all of these coins besides the top three branches have shuddered in value during the last two years. Before launching these forks the creators told the public that every fork had a special purpose.
For instance, bitcoin gold (BTG) was supposed to make bitcoin mining decentralized by trying to bring CPU mining back to the codebase. Essentially, BTG changed BTC’s consensus algorithm from SHA256 to Equihash but quickly learned that the chain was far less secure.
Just like the Ethereum fork (ETC), bitcoin gold has been 51% attacked on various occasions since it was born. A recent study shows that a single BTG whale controls more than half the supply and the 51% attacks have caused the coin to get delisted from prominent exchanges.
Bitcoin gold is down 98.32% from the coin’s all-time high of $484 three years ago. The crypto asset has 898 KH/s of hashrate securing the chain but the cloud mining operation Nicehash controls 52.24% of the BTG hashrate on Sunday, September 20, 2020.
Another BTC fork project called bitcoin private (BTCP) told the public the coin’s benefits would be privacy features called zk-snarks. BTCP is down 98.8% since it’s ATH at $$86 two years ago and today the cryptocurrency is swapping for $0.10 a pop.
A BTC fork called bitcoin god (GOD) created by the well-known Chinese cryptocurrency investor, Chandler Guo, is down 99.9% since the coin’s ATH on January 13, 2018.
“Bitcoin God (GOD) will be forked off the main bitcoin chain at the block height of 501,225, which will happen on December 25th to be symbolic of me giving candy to all bitcoin holders,” Chandler Guo said via Twitter. Unfortunately, even though Chandler Guo shot for Christmas day, the fork at block height 501,225 happened two days later on December 27, 2017.
One of the early BTC forks born on November 24, 2017, called bitcoin diamond (BCD) is down 99% since the cryptocurrency’s ATH. Data shows that BCD’s highest price point was the day after it was born at block height 495,866.
At this time (11/25/17), BCD traded for $99 per coin and has steadily declined in value ever since that day. Interestingly enough, BCD is still worth $0.57 per coin and on Saturday, September 19, BCD saw a million dollars in trade volume. The bitcoin diamond trade volume globally is much larger than GOD’s $24 worth of swaps during the last day.
Each and every BTC fork, snapshot, and airdrop that is still trading on exchanges for a small amount of value can still be acquired today. However, most major cryptocurrency exchanges do not support these small market cap BTC forks unless they have decent liquidity.
Smaller crypto trading platforms, however, do still support these coins and it’s possible to still trade them for a fraction of value. Although, news.Bitcoin.com has reported on various occasions on how obtaining forked assets can be a “long and annoying process.”
What do you think about the large list of Bitcoin network forks that have seen massive losses in value since the all-time price high? Let us know what you think about this subject in the comments section below.
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Author: By TeamMMG
Bitcoin in Space: BitMEX Tests Satellite Crypto System
The research division of crypto exchange BitMEX is testing a satellite Bitcoin system that can run a node via satellite without an internet connection.
In a new blog post, BitMex says it has successfully installed a Blockstream Bitcoin satellite system following its recent experiment with Bitcoin miners. The team used a Blockstream Satellite pro kit and Blockstream’s flat-panel antenna with a total cost of $1,200.
The installation itself took a few hours, BitMex says.
“Essentially all one needs to do is install the satellite dish, point it in the right direction, connect it to a laptop running Linux and run some custom Blockstream software, along with a modified version of Bitcoin Core 0.19.1.”
After syncing, the satellite-based node lagged behind the nodes connected to the internet by around two minutes based on BitMEX’s experience, suggesting that receiving and verifying the complete history of the block can involve a slight delay when using only the satellite.
“The client downloads the blocks in chunks, firstly the block header in chunks, followed by the main body of the block, again in chunks. Based on the way the satellite broadcasts the block data, the node does not always download blocks in a continuous order and is able to fill the gaps of missing blocks later on.”
The satellite makes it possible for users to sync their Bitcoin node and even download and verify full blocks without ever having to connect to the internet, so users who find themselves in a remote area with no internet connection may find the satellite useful. It could also mitigate the risk of an eclipse attack, according to BitMEX.
In May, blockchain technology firm Blockstream rolled out a major upgrade to its free satellite services. The upgrade eliminated the system’s reliance on an internet connection while increasing data capacity from 120 kbps to around 1.6 Mbps.
Author: Published 17 hours ago
Cryptocurrency exchange bitFlyer strikes PayPal integration
Cryptocurrency exchange bitFlyer has confirmed its integration with global payments platform PayPal.
The integration means that PayPal’s millions of European users can now deposit funds to the bitFlyer Europe platform to buy cryptocurrencies safely and securely.
The integration is the latest step by bitFlyer to deliver on its ambitions of making cryptocurrency trading safer and more accessible globally.
Andy Bryant, COO of bitFlyer Europe, commented: “We’re proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto. The integration of PayPal adds a new funding source for bitFlyer users. Thousands of bitFlyer users already use PayPal for fiat transactions. Now, users can purchase bitcoin and other cryptocurrencies in the same way too.”
The integration provides bitFlyer users with an alternative to the traditional deposit payment methods currently accessible via the bitFlyer Europe trading platform, including wire transfers. Traditional payment methods can often take up to three business days for deposits to clear. With PayPal, deposits are typically nearly instant.
Jacek Bastin, Business Strategy Manager at bitFlyer Europe, added: “The cryptocurrency space is still in its infancy, and despite the ecosystem growing, the industry is still daunting for newcomers.
“Given that approximately a third of European e-commerce payments are being processed through PayPal, we are more than thrilled to provide users with a deposit method they know and rely upon. The process to deposit through PayPal is entirely frictionless, secure and reliable, with users to be credited near to instantly.”
bitFlyer Europe launched in January 2018 as a fully owned subsidiary of bitFlyer, Inc., a household name in the cryptocurrency space in Japan, and one of the longest-standing cryptocurrency exchanges. bitFlyer is the only cryptocurrency exchange that is regulated in Japan, the US and Europe combined, and has also been recognised as one of only 10 exchanges that isn’t faking trading volumes.
Author: Joe Streeter