Cryptocurrency

Bitcoin remains intact after more than 100 Forks

The decentralization has positive and negative consequences for the crypto world. Therefore, if on the one hand the functioning of the technology Blockchain prevents the chain of blocks be handled by a single person or organization. It is also an incentive for the division of the cryptocurrencies, with the emergence of new projects or Forks. But, as says Jameson Lopp in the Tweet of the day, Bitcoin remains intact after more than 100 Forks:

Forks do not affect Bitcoin

It was natural that, being a successful open source project, soon there will be imitators of Bitcoin. Which have attempted to use the structure designed by Satoshi Nakamoto, to create their own cryptocurrencies and try to steal a little of the success of BTC.

Therefore, even when some of the more than 100 Forks that has lived Bitcoin since its birth, are serious efforts that attempt to exploit the code of BTC to improve the currency. The truth is, the majority of the divisions in the chain of blocks of the first criptomoneda of the world, have only led to the emergence of imitators of little success.

Bitcoin remains intact in spite of the multiple Forks that has lived since its creation

And is that, although, in principle, many were concerned that the birth of these coins from the Blockchain of Bitcoin, would result in a loss of value, users, and power in BTC. The result has been totally different, because after more than 100 Forks, Bitcoin holds 95% of its value. As pointed out by the Co-Founder of House, Jameson Lopp:

“The Bitcoin is not scarce because anyone can make a fork”. How is this working in reality? Many years have passed since the forkmania and there are dozens, if not 100 Forks of the set, UTXO Bitcoin. It’s hard to even keep track. Bitcoin has retained 95% of its accumulated value after all the Forks“.

With this, Lopp would imply that, despite the attempts to copy the success of Bitcoin. The imitators of the criptomoneda have not even reached a fraction of the value of BTC. So, even when there are tokens of crypto assets with the same code of BTC, the reality is that the Bitcoin is still the king of the crypto world.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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