Not written by me
Last few days, I spent time reading about #Bitcoin. While reading, I copied info from different sites to my notepad thinking that I can place n share all the info I gathered from so many places to my lovely Hive space.
I tried my best to gather info from really famous n trusted websites but if u know some of tge gathered info below is not true. Kindly feel free to mention in comments. I will update the post accordingly.
What are the forks of Bitcoin?
Bitcoin has experienced several forks throughout its history, resulting in the creation of various alternative cryptocurrencies. Here are some notable forks of Bitcoin:
- Bitcoin Cash (BCH):
- Date of Fork: August 1, 2017.
- Reason for Fork: Disagreement within the community regarding block size limits. Bitcoin Cash aimed to increase the block size for faster and cheaper transactions.
- Bitcoin SV (BSV):
- Date of Fork: November 15, 2018.
- Reason for Fork: Ongoing disputes over the Bitcoin Cash protocol, particularly regarding block size and script language changes. Bitcoin SV stands for "Satoshi's Vision."
- Bitcoin Gold (BTG):
- Date of Fork: October 24, 2017.
- Reason for Fork: To address issues related to mining centralization by changing the Proof-of-Work algorithm to make it ASIC-resistant.
- Bitcoin Diamond (BCD):
- Date of Fork: November 24, 2017.
- Reason for Fork: Increased block size and a different hashing algorithm, aiming for improved privacy and faster transactions.
- Bitcoin Private (BTCP):
- Date of Fork: February 28, 2018.
- Reason for Fork: Merged the privacy features of Zclassic with Bitcoin, creating a cryptocurrency with enhanced privacy through zk-SNARKs.
- Bitcoin XT:
- Date of Fork: August 2015.
- Reason for Fork: Proposed an increase in the block size limit, but the project did not gain widespread support and is not a separate cryptocurrency.
It's important to note that not all forks result in the creation of a lasting and widely adopted alternative coin. Some forks, like Bitcoin XT, were proposals for protocol changes that did not gain sufficient consensus, while others, like Bitcoin Cash and Bitcoin SV, have established themselves as separate cryptocurrencies with their own communities. Always exercise caution and research before engaging with any forked cryptocurrency.