Bitcoin: How are All the Forks Doing?
Bitcoin already has plenty of forks and copies, with more coming up - but they are crashing as hard as the main asset.
Toward the end of 2017, Bitcoin seemed bulletproof. So hard forks, sharing blockchain history up to a predetermined block, seemed like the most logical type of project. Months after the Bitcoin Cash (BCH, $1,087.77) in August, more forks came along, with mixed success. Here is how the most prominent ones are faring.
Bitcoin Gold (BTG) forked at the end of October, but the main net launched weeks later. The fork started with unfinished tech, and went through several wallet scams. At one point, its price had reached a promising level around $500, but now BTG has lost most of its value.
Bitcoin Diamond (BCD) goes through the occasional pump, but despite presence on Binance and KuCoin, the asset is not yet popular, and has lost positions rapidly against BTC, as well as in dollar terms. Volumes vary by a lot.
United Bitcoin (UBTC) is a curious fork proposed by Jeff Garzik and other prominent early Bitcoin backers. This fork had the strange rule of awarding UBTC to Bitcoin holders who moved their coins between Block 494000 and Block 498777. This would exclude inactive addresses - and some have accused the UBTC project that is main idea was to duplicate the network and possibly seize unclaimed coins, including the stash of Satoshi Nakamoto.
Bitcoin Scrypt (BTSC) is an upcoming fork already trading on Cryptopia. The fork's price is extremely volatile on niche, thin-volume trading.
Bitcoin Red (BTCRED) was forked ambitiously in October 2017, with the aim of displacing Bitcoin. It has remained an obscure, less successful fork. Curiously, starting with sub-penny prices, this coin has appreciated reasonably.
Bitcoin God (GOD), an ambitious hard fork announced on December 25, 2017, went on to trade on niche, experimental exchanges, and also lose most of its positions against BTC. After an initial pump in the middle of January, GOD is now seeking direction and hovers at its rather obscure position on the charts.
BitcoinX (BCX) was forked at block 498,000, and that seems the only prominent thing about this fork. Like all others, it aims to revolutionize Bitcoin - but its price has slid all the time since the launch.
Bitcoin Atom (BCA) claimed to be a faster Bitcoin with built-in atomic swaps and lightning network. Now that Bitcoin has a functioning lightning network, the BCA proposal is weaker, as well as the price. Bitcoin Atom crashed from initial peak prices above $1,300 to the current level of $24 in less than a month.
Bitcoin White (BTW), traded mostly on BitFlip, has also spiked and crashed in only a few days. The price could not break above $1 before crashing to lows around 30 cents.
Other forks include the Bitcoin2X, which has had its site suspended and has always traded below one penny; Bitcoin Silver, which is actually an Ethereum-based token, as well as Bitcoin Plus, an ICO token where the founder absconded and the project was restarted by the community.
In all, Bitcoin forks have not revolutionized anything for now, despite the effect of Bitcoin Cash. At the same time, the state of Bitcoin improves, with more hashing power coming online, and the backlog of transactions clearing. Still, the BTC market price continues to slide below $8,000.
In 2018, Bitcoin forks are continuing, with the upcoming Bitcoin Private, but time will tell if they are a good choice or a borderline scam.