Bitcoin forks: what’s the difference between them?

First off, what in the world is a fork? To put it in simple terms, imagine an altcoin, say Bitcoin, as a stream of water. This stream of water is flowing peacefully until someone says “hey, I want some of that water too, I think I’m going to put a big piece of concrete in the middle so that I can have a part of it.” As a result of that, you now have two streams of water. In this silly example, Bitcoin is the original stream of water. As you may know, there is a community of developers that has to agree on where to take the project next. However, if someone doesn’t agree, then he/she or that group decides to take a different direction (putting the piece of concrete in the stream) which essentially creates a new version of the altcoin, for example, Bitcoin Cash.

There have been several Bitcoin forks. Among the most famous ones are: Bitcoin, Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, etc.These names may confuse some people, as they are all different versions of Bitcoin. So, what are bitcoin forks, how they differ, and why should they be changed to each other? We will analyze all these questions in this article.

Since the advent of bitcoin, a large number of forks have been created. But most, of them do not carry anything new — they are either an exact copy of Bitcoin, or their differences are limited only by the limit values and emission rates and/or hash algorithm.

The main difference between the forks, except the rate of emission, is the encryption algorithm.

Bitcoin Cash and Bitcoin Gold do not need a special presentation. These two are the most popular ones. Bitcoin Cash is based on the SHA-256 encryption algorithm, as well as the original bitcoin. Bitcoin Cash appeared on August 1, 2017. Bitcoin Gold came a little later, on October 10, 2017, and is based on the Equihash algorithm. Both of these cryptocurrencies are widely traded on exchanges. They are accepted as payment by many services, and each have their own specialized wallets for.

Bitcoin Diamond fork took place on the block 495,866 in November 2017. But there is still no working version of the native wallet. Large exchanges have not yet expressed support for this coin, but there is a fairly large number of exchanges (such as Yobit, Binance, Huobi) which are trading futures of this fork. However, until the Bitcoin Diamond wallets start working, its price is not real value.

We can see a similar situation with Super Bitcoin. This fork is based on SHA-256. The site contains a significant list of exchanges, and although Super Bitcoin has a working wallet, the real I/O does not work on any of the listed exchanges. So, for now, this is also only futures trading, but the price is already quite significant. It makes sense to track the emergence of real trading of this fork.

There are several additional Bitcoin forks: Lightning Bitcoin, Bitcoin Uranium, Bitcoin Cash Plus, Bitcoin Silver, and around 50 forks are expected for 2018. However, remember that often the forks do not occur in order to bring new features, but simply as a scam.

We at ChangeNOW work only with the original bitcoins, Bitcoin Cash, Bitcoin Gold, and Litecoin as with the most reliable cryptocurrencies that benefit both their holders and the cryptocurrency ecosystem as a whole.

ChangeNOW is an instant cryptocurrency exchange service for limitless crypto conversions. We support over 200 coins and are account-free!

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