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Over 11 years bitcoin managed to generate 436 altcoins

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Over 11 years bitcoin managed to generate 436 altcoins

Over 11 years bitcoin managed to generate 436 altcoins
CONTENT

  • Since 2009, the original bitcoin protocol went through 436 forks.

  • Despite such a number of alternatives, bitcoin remains the leader in the crypto market.

  • About 250 bitcoin forks have already sunk into oblivion.

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Since its launch in 2009, bitcoin has managed to become the “parent” of more than 400 altcoins, spun off from the original protocol as a result of forks.

According to the analytical resource MapOfCoins, the first cryptocurrency in the world in 11 years of its existence went through 436 forks. Nevertheless, it is Bitcoin (BTC) that continues to remain the leader in the cryptocurrency market, forming a share of 58 to 79% at different times..

Over the 11 years of its existence, BTC has experienced protracted bear markets and went through hard forks. However, despite this, Bitcoin only once had a chance to face a rival who briefly managed to encroach on its hegemony..

Over 11 years bitcoin managed to generate 436 altcoins

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To date, 2651 #crypto currencies have established themselves on the market. However, it is interesting to note that 436 #Altcoins come from the #Bitcoin via direct or indirect forks.

– Vanessa ₿ (@CryptoVanessa) September 9, 2019

The first bitcoin forks

Bitcoin first encountered a protocol fork two years after the launch of the original Satoshi Nakamoto protocol. An altcoin called Namecoin was born as a result of a hard fork and became the first sign in a further string of forks..

Litecoin was soon created. Its priority was to increase the speed of transactions in comparison with the speed of operations with bitcoin. And to this day, Litecoin remains one of the most successful cryptocurrencies, having managed to gain a reputation as “silver” relative to the “gold” bitcoin. At the moment, the market capitalization of Litecoin is about $ 2.8 billion, and in the CoinMarketCap cryptocurrency rating it occupies the honorable 9th line.

It is worth clarifying that Litecoin itself is an offshoot of the now defunct Tenebrix bitcoin fork. Thus, Bitcoin is officially the “grandfather” of Litecoin.

Source: Map of Coins

Fork Wars

It was Litecoin’s success that inspired crypto enthusiasts to launch dozens of new Bitcoin hard forks. Each of them promised unique value, although not all of them succeeded..

Over 11 years bitcoin managed to generate 436 altcoins

The most dangerous situation for bitcoin emerged in August 2017, when the crypto community was split by a fierce debate over increasing the bandwidth of the Bitcoin network and increasing the speed of transactions. To solve these problems, it was proposed to introduce new SegWit technology and increase the blockchain block size..

In the course of these debates, two camps were formed – “Bitcoin Core” and “Bitcoin Cash”, the supporters of which advocated the first and second decisions, respectively..

The parties did not manage to reach a compromise, which led to a hard fork and the emergence of a new altcoin Bitcoin Cash (BCH). Internal wars and increased uncertainty made many participants in the crypto space nervous then. In the fall, Bitcoin Cash experienced a surge of unprecedented popularity, the market started talking not just about its growth, but about the flow of capital from the original bitcoin to BCH.

However, the situation soon stabilized, and in September 2018, BCH went through its own hard fork, which resulted in the emergence of another currency claiming to be “real bitcoin” – Bitcoin Satoshi’s Vision (BSV).

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