5 types of Bitcoin explained

[Bitcasino.io 462]

 

Hi crypto fans 🙂

 

You all know that Bitcoin was a starter of all cryptocurrencies. 
Its evolution through the years is outstanding and continues to this day.
 
But do you know that the original Bitcoin has branched to different kinds of Bitcoin, classified as hard forks?
These are similar to bitcoin, but they use different mining systems and prioritize other goals to make an upgraded Bitcoin.
 
Hard forks under bitcoin are listed as:

 

* Bitcoin Cash
* Bitcoin SV
* Bitcoin Gold
* Bitcoin Diamond
 
These bitcoins were able to make their mark in the cryptocurrency market in their own unique way. 
Learn more about each kind of bitcoin, so you can decide which one you would want to invest into.
 

1. BTC = the original Bitcoin

 

Bitcoin Core (BTC) is the mother model for altcoins and bitcoins made from the fork of its blockchains. 
By 2020, it’s been predicted that Bitcoin will grow significantly during the latter part of the year. 

 

The main features of Bitcoin is its user anonymity and blockchain-based system. 
You can send money across the world with your identity concealed in transactions at a minimal cost. 
The blockchain has strong security features, making it incredibly difficult for anyone to have access 
except the people engaged in the transaction. 

 

It can also process transactions much faster compared to fiat currencies.
Due to its features, Bitcoin has been adopted as an official currency in some countries around the world 
because of its stability over the years.  It remains one of the most stable cryptocurrencies due to its mining process

that makes sure every transaction is quick and secure. 

2. BCH = Bitcoin Cash

 

Bitcoin developers wanted to make big changes in Bitcoin to further improve its performance. 
They decided to make a branch of it, resulting in Bitcoin Cash’s creation. 

 

The important features it has compared to Bitcoin is that its transaction fees are slightly cheaper.
Its scalability allows it to be faster and make more transactions per second like Bitcoin can. 

This coincides with its goal of fixing the scalability issue bitcoin has faced throughout the years. 

Although it performs the same as Bitcoin, it is still relatively new compared to its predecessor. 
However, it’s possible it can reach up to the same status as Bitcoin due to its advanced scalability.

 

3. BSV = Bitcoin SV

 

Craig Wright created a hard fork called Bitcoin SV from the Bitcoin Cash blockchain. 
Modeled after the original bitcoin, Bitcoin SV aims to continue the legacy by following what’s written in Satoshi Nakamoto’s paper

on a ‘A Peer-to-Peer Electronic Cash System’.  This is why its name is Bitcoin SV, which stands for Bitcoin: Satoshi Vision.

Bitcoin SV aims to fulfill its vision by accomplishing the four main ‘S’ fundamental pillars:

 

* Security
* Safe and Quick Transactions
* Stability
* Scalability

 

Another goal it has is to continue the plans of Bitcoin by replacing all payment systems around the world.
They are doing this by providing cheaper rates, secure bitcoins, and an overall excellent user experience. 

 

Its block size has reached 128MB, which allows it to perform more transactions per second. 
The blockchain protocols are similar to BTC and BCH, however, miners have the option to join a mining pool called SVPool to promote BSV.

 

4. BTG = Bitcoin Gold

 

Bitcoin Gold was founded in 2017 by an international team spearheaded by Jack Liao. 
The goal was to maintain bitcoin’s decentralization and reformat the mining system for Bitcoin blockchains, so anyone can have access to it.

 

It costs a lot to become a Bitcoin miner and you usually have to specialize in the area to join. 
They wanted to change this by making mining accessible to everyone. 

 

Instead of using the ASICs from Bitcoin and Bitcoin Cash, BTG uses GPUs that allow anyone to mine rewards. 
Developers noticed how Bitcoin limits the number of people who can mine the blockchains, so they made it available for a broader audience to join. 
They also changed the mining algorithm from the usual SHA-256 to Equihash. 

5. BCD = Bitcoin Diamond

 

Team Evey and Team 007 were Bitcoin miners who wanted to put a different spin in bitcoin. 
It was originally called Bitcoin Core, but they weren’t satisfied with the results. 

They improved its network protocol to create Bitcoin Diamond.

Changes started when the team made bigger blocks to ensure more transactions and high-speed exchange time. 

There is an abundant supply of BCD worth around 210 million coins. 
Developers continue to aim for a larger amount while maintaining the affordability of each coin. 

Similar to BTG, it uses GPUs as an easier way to mine for anyone who wants to join. 
It removes the exclusive aspect to mining from Bitcoin and attracts a wider audience to be involved in the network. 

 

*******************************************************************************************
 
Every hard fork derived from Bitcoin Core (BTC) has its own perks because they all share the same goal  in improving what Bitcoin has for years. 

Now you can make easier transactions and manage your bitcoins well by choosing the bitcoin that suits your needs.

 

 

Cheers 😉
Karl
Bitcasino.io

[BitcryptoHan 2557]

Not five types of bitcoin, there only one bitcoin, as the name even implies bitcoin original. Others are forks, either forked from bitcoin or fork from bitcoin cash which is forked from bitcoin. 

[Crypto123 0]

Actually I know all of these types and all of them are good but I prefer the original bitcoin BTC Core and after that BCH and BTG comes in. As for the remaining two types I do not think that they have much importance and they are not very desirable.

[magd 5231]

All kinds of Bitcoin are good and I am a fan of Bitcoin Cash and Bitcoin basic but I have never used Bitcoin Gold because I have seen that its price changes are difficult to analyze and unprofitable in the next short periods I will probably try them all in the coming years

[BTC Future 3946]

Most of the Bitcoin forks were just a cash-grab. Bitcoin Cash was a result of the scaling debate that didn't reach consensus between 2015-2017 and the rest are not even worth attention. I'm not totally against Bitcoin Cash as I understand the reasons behind their motives but still right now it does look pitiful. There is really small userbase and the volumes they provide are mostly fake. There is also new friction lately with might lead in another split of BCH.

[Whited35 15285]

On 5/29/2020 at 1:52 PM, BitcryptoHan said:

Not five types of bitcoin, there only one bitcoin, as the name even implies bitcoin original. Others are forks, either forked from bitcoin or fork from bitcoin cash which is forked from bitcoin. 

They are hard forks of Bitcoin mate which looks similar to Bitcoin but they use different mining systems. I did not have more knowledge about Bitcoin diamond before and now, this tutorial has helped to understand the crux of matter. 

[Calvinpriva 17296]

Among all those types of bitcoins i have used bitcoin itself and bitcoin cash. Bitcoin cash is the second crypto currency that has good price and its also popular. I have also use bitcoin gold but only in few trades.

[Soaib khan 1035]

this is very good information most of the new people in cryptocurrency are confused that what is Bitcoin, bitcoin cash , bitcoin gold etc.so I think this post is gonna help them a lot I will also share this post on telegram group so people understand

[Jessica Karren 1242]

On 5/31/2020 at 11:33 PM, Anwyll Axel said:

These all are Bitcoin forks and there are total 105 Bitcoin fork projects till now out of which 74 are active projects while 31 are no longer relevant. My favorite among all is Bitcoin Cash.

Yes these all are Bitcoin forks and the fork is created when there is radical change occur in the protocol of a blockchain network that makes perviously invalid blocks valid. Fork in a blockchain can occur in any crypto platform. 

 

[Red-Jones 1150]

dude are you putting together these shitcoins created by greedy people who just wanted more money and are calling it bitcoin? there is only 1 bitcoin that is BTC, the rest are just altcoins that are taking advantage of bitcoin's popularity

[Yomose 3704]

Point of correction, there is only one types of bitcoin, the rest are forks of bitcoin or a fork from a fork of bitcoin. Bitcoin cash is a fork from bitcoin. 

50 minutes ago, Sentry said:

Maybe "types" isn't the right term to call those five. As far as I know, Bitcoin is only just Bitcoin and there aren't any other types of Bitcoin. There are only forks of Bitcoin and I do believe that those are the five that you mentioned.

You are right, they are not types of bitcojnbut just forks as I said above. 

[Raqeebzy 6456]

This list of Bitcoin forks is limited. There are about 45 different forks of Bitcoin including the Bitcoin Cash (the most valuable of them all and the most useful). I see no use of most of these forks as they are only targeted to make profits in the name of correcting the existing Bitcoin core protocols.

[scorpiali 5626]

Very good information about the all hard forks of bitcoin ,I really only trust one of them the BCH BITCOIN CASH is the best and the only who resiste to all bear market and have a stable value other is fall exept bsv but not secure in my opinion 

[Yomose 3704]

6 hours ago, scorpiali said:

Very good information about the all hard forks of bitcoin ,I really only trust one of them the BCH BITCOIN CASH is the best and the only who resiste to all bear market and have a stable value other is fall exept bsv but not secure in my opinion 

@scorpiali bitcoin sv as never been subjected to 51% attack before, only bitcoin gold was and the network is not secure. So, can you give us a practical example why you said bitcoin sv is not secure? 

[scorpiali 5626]

14 hours ago, Yomose said:

@scorpiali bitcoin sv as never been subjected to 51% attack before, only bitcoin gold was and the network is not secure. So, can you give us a practical example why you said bitcoin sv is not secure? 

It's not secure for investement not for his blockchain,to invest in BSV after all the news we have about the satoshi nakamoto and Greg who clain that he is the real satoshi and other news make people not trust this coin 

[Yomose 3704]

@scorpiali well, I think you get a point, because Greg Wright is linked to fraud cases right? 

But, if I tell you, Greg can not be Satoshi Nakamoto, and what makes someone to believe in a coin is how the price fluctuate and its strong blockchain. 

[Zaino34 0]

This is good information, but a few people know these other types of bitcoin, and many of them only use the first type of bitcoin. It is the most used and most popular currency. As for the rest of the types, it receives less attention from people.

[Honny143 13612]

I really don't no bitcoin sv and bitcoin diamond coin also exist in crypto market, I know some bitcoin fork coins like bitcoin cash and some more, but in my opinion this coin developers use bitcoin popularity so they released bitcoin fork coins in crypto market, because some members confused bitcoin and their fork coins are same because the name bitcoin same in every coin.so I hope your topic helps to know this fork bitcoin fact.

[Yomose 3704]

On 6/15/2020 at 7:33 PM, Raqeebzy said:

This list of Bitcoin forks is limited. There are about 45 different forks of Bitcoin including the Bitcoin Cash (the most valuable of them all and the most useful). I see no use of most of these forks as they are only targeted to make profits in the name of correcting the existing Bitcoin core protocols.

You need to get this correctly, this are the only bitcoin forks that lead to generation of another coin of bitcoin related. The rest like litecoin and zcash leads to creation of another coin entirely that are also not bitcoin related at all. Theater are the coins that make the fork to be numerous. 

[Tinkerbell 23]

Thank you for the information mate. But as the other member said the coins you've mentioned are just altcoins and are not "types" of bitcoin. There is only bitcoin original or btc. The other coins are just launched after bitcoin became popular. 

[iloveyobit 6599]

To my knowledge, the Bitcoin divisions are Bitcoin Cash, as well as the Bitcoin Gold , while the other types of Bitcoin are the result of the split of Bitcoin Cash only and have nothing to do with the original Bitcoin.

[Ridam 7455]

For me I cares about only Bitcoin and Bitcoin Cash. I haven't cared so much for other forks of Bitcoin like Bitcoin Gold or Bitcoin diamond and they aren't that much popular too. 

In a recent thread in forum, one has said Bitcoin cash is sems to be splitting again so we may see another type of fork coming.

 

[Yomose 3704]

On 8/28/2020 at 8:54 PM, iloveyobit said:

To my knowledge, the Bitcoin divisions are Bitcoin Cash, as well as the Bitcoin Gold , while the other types of Bitcoin are the result of the split of Bitcoin Cash only and have nothing to do with the original Bitcoin.

You are right, for example, I know specifically that bitcoin sv is a fork from bitcoin cash. I am not certain about which one forked into bitcoin diamond. 

[BitcryptoHan 2557]

On 8/30/2020 at 4:54 AM, Ridam said:

For me I cares about only Bitcoin and Bitcoin Cash

Although, very possible bitcoin cash is a good coin but for me, I care only about bitcoin. I have noticed something recently about bitcoin cash, it is not growing again like others coins like bitcoin and  ether. I am about delisting it from my list. 

[BitcryptoHan 2557]

20 hours ago, grahamkristen45 said:

For my oppinion, for secure payments, best will be Changelly - it accepts exchanges between well over 150 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, in addition to a range of other popular and no-so-popular coins and tokens.

Here it is: https://cryptototem.com/changelly-review/

You are out of point, this topic only is talking about bitcoin and its hard forks which are bitcoin cash and its fork of fork like bitcoin diamond and bitcoin gold. Try to read the topic very well before making any comment at all.