5 types of Bitcoin explained

[Arelov00 201]

Finally, a decent forum on this topic.In principle,everything is explained very well, but if there are any new questions, can you make another post continuation?

[roden115 67]

and is it possible that from some of the existing ones the price can exceed bitcoin? from some history that has occurred over the years, when the value of bitcoin goes down, all coins will also go down and even all crypto.

[Switchback 22]

On 5/27/2020 at 2:00 PM, Bitcasino.io said:

 

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

Wow, I didn't know that bitcoin is divided into 5 types. For me, bitcoin has always been one, and indeed I have not heard anywhere about these types. Thanks to the author for the useful information, it will definitely come in handy

[Kafon 0]

Each of them has advantages and disadvantages, but Bitcoin remains the parent. And her popularity is much stronger than them all. 

[Maharba 237]

Excellent! that is the kind of information to learn more about the history or the begginig of Cryptocoins, tank you for take the time for write this complete post. I believe one rule to get the best in this cryptoworld is to learn about the origin of the things, we can find a better understanding of how to do, in order to get more benefficts. knowledge is power

[ShiNorton 906]

I do not trust the fork of Bitcoin which was formed when changing the rules for a specific block in the Bitcoin blockchain network. BTG already had 51% attacks. I only trust Bitcoin coz he is the father of all cryptocurrencies. 
 

[Viscount 1357]

I don't think that you could say that those 4 are types of Bitcoin. There is only one type of Bitcoin and it is Bitcoin. The others are not types of Bitcoin but those tokens are based or a fork of Bitcoin. The correct should be those are Bitcoin forks.

[tienda 8776]

There is no various Bitcoin types, there is just one is Bitcoin as original, all others are as alternatives or forks. For example, I see in your topic content you mentioned Bitcoin Cash, however now Bitcoin Cash called Bitcoin Cash ABC (BCHABC) because on 2018 Bitcoin cash forked to tow version Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).

[Cleaner 2549]

Bitcoin's popularity has increased day by day and its supply is declining.  Bitcoin's fork coins are my favorite.  However, I use bitcoin cash and bitcoin silver.  I did not use Bitcoin Gold and Bitcoin Diamond

[Ola22 197]

With Bitcoin becoming more widespread and more reliable, I can assure you that what you mentioned is only a fork of it, and there is only one Bitcoin.

[Sunny7391 55]

As you said there is a number of bitcoins available for trade but for me i just love bitcoin cash as I have much knowledge about it. But with the passage of time and more research i can turn towards other bitcoins. Thanks to you for sharing amazing features. 

[A bro 3]

Hello bro 

I know what is bitcoin . Bitcoin is craptocranci this coin earning to easy because this platform am very thanks ful craptotalk platform because this platform i earning bitcoin 

[Burhan12 287]

As for as i know there are three types of bitcoins .These are altcoins,bitcoins and tokens.But further i dont know about more five types.These three are best crypto currencies which are more beneficent in market.Now bitcoins price has increased and it is increasing day by day with great fluence.Bitcoins are also best to invest ,we just need to make protective our funds.

[Della Bennet 78]

I have been learning much knowledge from this site through the post of seniors. This post is really and totally new information for me. The most difficult thing for me to understand that information. This post have nice information, but unfortunately I have gotten very few to understand. But I hope I will get everything soon.