Bitcoin forks: Why are there so many currencies separated from Bitcoins

[Justin]

Bitcoin is the original crypto currency. Later, Ethereum was launched as the world's second crypro currency, or the first altcoin. Interestingly, Bitcoins also began to fork. When ever Bitcoin fork occurs, a new currency is formed. That's how Bitcoin Cash and Bitcoin Gold were invented. Bitcoin Cash and Bitcoin Gold both are Bitcoin fork. Interestingly, Bitcoin Cash has also a fork called Bitcoin SV

 

[Kayzzy3]

Bitcoin is the original crypto currency. Later, Ethereum was launched as the world's second crypro currency, or the first altcoin. Interestingly, Bitcoins also began to fork. When ever Bitcoin fork occurs, a new currency is formed. That's how Bitcoin Cash and Bitcoin Gold were invented. Bitcoin Cash and Bitcoin Gold both are Bitcoin fork. Interestingly, Bitcoin Cash has also a fork called Bitcoin SV

That is the beauty of an open market economy, competitiveness is welcomed, new innovations are birthed regularly and the best strategies wins.

Also because this is digital currencies we are talking about, people or organizations can create their own, for example the SLP supported by Bitcoin Cash, allow anyone to create a token easily, so expect to see more coins and tokens.

 

[Justin]

That is the beauty of an open market economy, competitiveness is welcomed, new innovations are birthed regularly and the best strategies wins.

Also because this is digital currencies we are talking about, people or organizations can create their own, for example the SLP supported by Bitcoin Cash, allow anyone to create a token easily, so expect to see more coins and tokens.

I think there are advantages as well as disadvantages of open source platforms. People can make use of open source technology to create something that is valuable for all or somethink to scam people.

 

[Ralphjoe]

Well the main reason why there are different cryptocurrencies from Bitcoin is because the market is free, anyone can open any Cryptocurrency of their choice using even similar methods.

 

[giddy]

While Bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems, and links to illicit activities like drug trafficking and money laundering.

 

[GoldenLady]

This is certainly because of the open source nature of the technology behind Bitcoin. It allows competition, which maybe good or bad in the long run.

For consumers, it means coins with better features can be made to suit their wants.

 

[Suba]

The Bitcoin hard fork will create a new blockchain so that new cryptos emerge. Blockchain which is open source, the Bitcoin hard fork can be done by anyone. Some Bitcoin hard forks that give rise to new cryptos include: Bitcoin Cash (BCH) 2017, Bitcoin Gold 2017, Bitcoin Private 2017

 

[Iamsodex]

I think it's great cos l because it actually gives room to competitions and the rise of other great coins like we've seen in regards to Bitcoin cash and Bitcoin gold. It's gives investors the opportunity to diversify their portfolio also and saves from putting ones investments in one place.

 

[Mackoy30]

Bitcoin has the most entrepreneurs creating companies around it with a lot of intellect, dedication and creativity going toward making it more useful. It is good to have a separate crypto currencies from Bitcoin because it gives competition.

 

[singlej007]

There are so many coin separated from bitcoin for there own reason. A lots of those coin believe bitcoin don't have the features of which they want a coin to perform, and so they decide to create their own coin to accommodate those features which they can't find in bitcoin technology. Some of the features which made some coin separate from bitcoin is, (1) slow transfer or transaction, (2) high charges, (3) difficulty in mining etc.

 

[Chumzy]

The crypto market is a very vast and unregulated market with various coins. Anyone who assumes to have a vision or understanding can create a coin. There are thousands of fake coins everywhere waiting for who to buy and lose money.

 

[Lyrrex]

Other cryptocurrencies aren't separated from Bitcoin. Bitcoin happens to be the first, but there are also other tokens with use cases.

 

[Patrik]

Because people wanted to compete with bitcoin, yet failed or atleast attracted less userbase than Bitcoin has, people are still able to trade with those coins since they are cheap and more affordable unlike Bitcoin

 

[BrolySSJ]

Bitcoin is the original crypto currency. Later, Ethereum was launched as the world's second crypro currency, or the first altcoin. Interestingly, Bitcoins also began to fork. When ever Bitcoin fork occurs, a new currency is formed. That's how Bitcoin Cash and Bitcoin Gold were invented. Bitcoin Cash and Bitcoin Gold both are Bitcoin fork. Interestingly, Bitcoin Cash has also a fork called Bitcoin SV

This is something that I've noticed as well when it comes to Bitcoin because there are a lot of coins that have a Bitcoin name preceding it. I think that because the code of Bitcoin and how to create it as a cryptocurrency is open-sourced it gives people a lot of access to it and in so doing they can create their own. Also, I think that in some cases maybe the fork in the Bitcoin could be a way to try and manage the traffic that goes through the origin currency as well. To be honest I'm not entirely sure why is forks come about.

 

[ossai]

Having been involved in Bitcoin for a long time, I’ve noticed that there’s a pattern to how people think about Bitcoins as they discover more and more of the ecosystem surrounding it. Usually, the thoughts go something like this:

1. Wow, Bitcoin is amazing! There’s a limit to how many will ever exist and significant control over my own money. How do I get some?
2. Mining sounds really cool. That sounds like where the money is going to get made. How do I get miners and start making some Bitcoin?
3. Mining looks really hard and difficult. I guess it’s better if I just buy it. Now where can I go buy some?
4. Awesome, now I own some Bitcoin, but what are all these other coins? Are they going to take over sometime?
5. I want to hedge against Bitcoin self destructing somehow. Maybe I should buy some of these altcoins.
6. I can’t possibly look into every altcoin there is, there’s just too many of them. How do I choose?
7. I know, I’ll just buy the most popular ones since they’re probably the most likely to have any chance at all of beating Bitcoin anyway.
8. Hmm, but the popular ones look pretty expensive. Maybe I’ll buy some of these other ones that are just starting.

 

[Eodine]

Fiat currencies have always been around for a while just not common as now, the government cannot always meet up to the demand and supply of money so the need for Fiat. Crypto currency is an example of Fiat but it is digital which is why there are so many forms springing up

 

[btaliat]

There a always a room for competition. Each inventor of digital coin wants to compete with the growth of bitcoin. Even in fiat currency world. We have diffrent currencies competiting for value.

 

[FreshKaz11]

I guess very soon we will see more of cryptocurrency because every country I guess would want to showcase their own currency and they will all want the whole world to accept it as well. Because thee way we keep seeing different type of crytocurrency this days is alarming,they are some am just knowing today which I never hear of there name before,but u guess the world is going digital so more of it is expected as well.

Bitcoin is the original crypto currency. Later, Ethereum was launched as the world's second crypro currency, or the first altcoin. Interestingly, Bitcoins also began to fork. When ever Bitcoin fork occurs, a new currency is formed. That's how Bitcoin Cash and Bitcoin Gold were invented. Bitcoin Cash and Bitcoin Gold both are Bitcoin fork. Interestingly, Bitcoin Cash has also a fork called Bitcoin SV

 

[Ezzyoj]

The first cryptocurrency was bitcoin, but cryptocurrency are now coming up and some of them are becoming so strong in the market, cryptocurrency like Ethereum, Litecoin, Bitcoincash are become so popular with great value in the market. With no time cryptocurrency like Dogecoin, USDCOIN, XRP and the rest will start gaining value

 

[GoldenLady]

Even with all the improvement on other Bitcoin hardforks like Bitcoin cash, they are yet to match it popularity and functions.

It shows that sometimes, we humans may find more attention driven to something that is unique me imperfect.