What Are Bitcoin Forks?
Because it’s governed by its users, Bitcoin (along with other popular cryptocurrencies) experiences forks every so often. Long story short, a fork is an update in the code. There are hard and soft forks, and then there are projects that just base themselves on the code of another project. These aren’t necessarily forks, because they don’t aren’t authorized by the community and don’t maintain the digital ledger.
Bitcoin has a multitude of forks, and we’ll discuss four of them here: Bitcoin Cash (BCH), Bitcoin Gold (BTG), Bitcoin SV (BSV), and Bitcoin Diamond (BCD). Like a nerdy Game of Thrones, each fork believes itself to be the “real” Bitcoin, before it got too “corporate” for their respective follower’s liking.
Who Are Bitcoin Forks?
Each of these Bitcoin forks started (like the rest of cryptocurrency) as Bitcoin supporters. Prominent users like Roger Ver split the community over certain issues.
- Bitcoin Cash is led by Roger Ver and Jihan Wu
- Bitcoin Gold is led by H4X3ROTAB, Martin Kuvandzhiev, Franco Niebles, Alejandro Regojo, and Robert Kuhne
- Bitcoin SV is led by Craig Steven Wright and Calvin Ayre
- Bitcoin Diamond is led by Carl S. and Connor Cui.
Use Cases of Bitcoin Forks
Each Bitcoin Fork promotes a different use case of Bitcoin over others. Bitcoin Gold focuses on crypto payments, Bitcoin Diamond focuses on a payment card, Bitcoin Cash just wants to be a pure electronic cash. Bitcoin SV just wants to preserve the original Bitcoin protocol, acting as an archive of a time before widespread adoption and implementation revealed major flaws.
How to Mine BCH, BTG, BSV, and BCD
Each Bitcoin fork is mined just like Bitcoin, even though the rewards, time, and algorithm may differ. Like Bitcoin, the only way you’re going to mine any of these is with a few ASIC rigs or as part of a mining pool.
Learn More About Bitcoin Forks
If you want to learn more about Bitcoin’s forks, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.