Forking Craze of Bitcoin to Rise in 2018
Apr 16, 2018 Posted / 656 Views
Well, bitcoin is on a roll! Last month we saw bitcoin gold, now we have pizza, and we can expect a bitcoin insurance anytime soon! The trend is settling in way too much.
Well, forking is happening too! FOrking is nothing but cloning of bitcoin. In this, the developers clone the Bitcoin’s software and make it all glossy by releasing it with a new name and identity. This new coin has every possible new feature added to it every time it comes out.
The idea, however, remains the same to make as much money as possible by giving the idea to the public as near as bitcoin and making fast and safe money (even if it’s virtual).
As far as 19 forks were developed in the last year, but as news have it this 2018 as much as 50 can come up to surprise us! And this number can go higher anytime.
And to our surprise, there are websites which help people launch these clones with even the most basic skills in programming. An example of such website is Forkgen.
In a Jan. 14 tweets, hedge fund manager Ari Paul predicted more than 10 percent of the current value of Bitcoin and Bitcoin Cash would reside in new offshoots.
However, the motives behind this forking are different for everyone. While some try to improve bitcoin and some, try to build profit. Developers get some good amount of coin while mining though, but that doesn’t always mean that the prices for bitcoin will go up.
George Simmons, the CEO of Coinomi said that “Unfortunately, most fork-based projects we see today are more of a sheer money grab,”. Coinomi is a wallet which allows all the bitcoin owners to collect and save their new forked bitcoins.
He also added, “Looking back a few years from now we might realize that they were just mutations fostered by investors blinded by numerical price increases – rather than honest attempts to contribute to the blockchain ecosystem.”
According to him, Forking is an option which may soon sideline ICO which is currently the popular alternative to bitcoin these days. ICO is nothing but the new coins which companies sell to gain funding. However, the ICO market is now crowded after it raised about $3.7 billion in 2017, and smaller offerings have struggled.
The main advantage of forks lies in the fact that it is associated with and sprouts from Bitcoins, world’s largest and the most famous cryptocurrency. For a typically forked token or coin, all the existing Bitcoin owners are eligible for them – this gives the new entry into the crypto market a huge number of users and an established base. Mostly, all these worked coins have arrived with a name which can be easily recognized as they use bitcoin in it somehow. Take, for example, Bitcoin Diamond, with a price that started off strong; however, it didn’t last for long.
“Bitcoin forks are the new alt coin,” Rhett Creighton, who’s working on the upcoming Bitcoin Private fork, said in a phone interview. “We are going to see how a bunch of Bitcoin forks. And they are going to start replacing some of the top hundred alt coins.”
If carried out nicely, these coins have the potential to hold some great values in them and can have a worth for them which can be in bIllions of USD. When forking started initially, the developers did it with the intention of developing a coin/code which functioned better than bitcoin and can achieve better results. And it did for Litecoin and Dogecoin. Dogecoin now has a $744 million market value.
Miners too are involved in this process of forking and help the developers too by finding new and more bitcoins on their systems.
Now the forking community is looking towards those new miners ho can help them solve their purpose. Since these people are new, and looking for quick profits, things will be easy when it comes to dealing with them!
“We provide our users with choices and let them decide which assets they are going to use and which not,” Coinomi’s Kimionis said. “We don’t make that decision for them.”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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