Post
Topic
Board Bitcoin Discussion
Re: How Many Bitcoin Forks Are There? You will be surprised!!!
by
Abiky
on 20/06/2020, 02:06:04 UTC
None of them had good reasons to clone Bitcoin, in a short answer. Bitcoin Cash is the most successful among the more than hundreds clone coins.

From that list and from the list of ETH forks, you can get your lesson that any coins clone the original coins should be considered as lower quality one (or zero?) and you should never put all your belief and capitals in clone coins. If you invest in clone coins, and see opportunities to get good profits, do it ASAP before it is too late for you to get profits and at worse get your capital back. If you are too late, you will end with losses.

Direct clones of Bitcoin will tend to be useless in the long run. They're only created by their developers in order to serve as quick money grabs rather than being serious cryptocurrencies for mainstream payments. As you've said earlier, Bitcoin Cash is the most successful of all Bitcoin forks (clones) out there on the market. With it, people can choose from one chain to another. Those who prefer true decentralization/censorship-resistance will choose Bitcoin even if transaction speed is low and fees are high. Others who prefer quick payments at a fraction of the cost will simply choose Bitcoin Cash on top of the original Bitcoin (BTC). The rest of the forks will simply die in the long run, as no one is interested in many copies of Bitcoin.

Nonetheless, original projects are the ones that will thrive in the long run no matter what. Despite Bitcoin's "flaws", it's still alive and running after all these years. People value it because it's the most decentralized cryptocurrency in the world. It's not about which features or tech you can provide to a cryptocurrency project, but rather how useful you can make it for everyday people. With an ever-growing ecosystem of developers, businesses, and applications alike, Bitcoin is here to stay for a very long term. The same thing will happen with Bitcoin Cash. As far as other useless forks go, they may die in the long run but the open source nature of crypto and Blockchain technology allows anyone to build something new from defunct projects. The more coins there are on the market, the better it'll be for the advancement of Bitcoin and Blockchain technology. But ultimately, one cryptocurrency will win. And that cryptocurrency will be Bitcoin. Just my opinion Smiley