What are Bitcoin forks (Which coins come from Bitcoin forks)

What are Bitcoin forks? What are these ghost forks of Bitcoin?

The emergence of Bitcoin can be considered a revolution to some extent. It has made many people question why “hard forks” need to occur. However, the reality is not so simple, as it is just a passing trend.

So why resort to different attack methods for a coin?

1. Hackers use mining to turn Bitcoin’s computing power into blocks on the blockchain, thus creating a 51% double-spending network attack. This vulnerability is considered a fraudulent behavior against certain specific cryptocurrency transactions. If this situation occurs, it means that all these activities will fail and lose their rewards.

2. Bitcoin community members request compensation for holders of descendant tokens (i.e., original tokens) after a fork. When new users join, new investors may receive airdrop rewards or a portion as a return. In this case, they would send a small amount of BTC or BCH to old accounts as payment. In such a situation, the Bitcoin Foundation may propose a suggestion to prohibit the use of existing BCH nodes and any new accounts created by supporters to buy more BTC with their money and transfer the funds to those willing to provide this service at the same amount.

3. “Malicious code” refers to developers using code to achieve illegal purposes, rendering themselves incapable of executing programs or participating in the work of other groups. To accomplish this goal, they hope to abandon their private keys and sell them to unauthorized users on exchanges. Therefore, due to the disallowance of such actions, most people still bear the responsibility.

4. The proposal put forth by the Bitcoin Core team states that “if the PoW consensus mechanism (Proof-of-Work) is adopted, it will not result in system reorganization.” However, based on the current situation, although the Bitcoin protocol has some problems, such as issues with block validation algorithms and the inability to verify the validity of Bitcoin contracts, it can be affirmed that even if some miners have chosen to abandon this proposal, it is still difficult to convince the market to respond. (Note: “Malware” refers to the behavior of not properly identifying or modifying code.)

Which coins come from Bitcoin forks

According to CoinDesk’s report, the coins that come from Bitcoin forks are BCH, BSV, and ETC. Among them, BCHN is a blockchain project developed by Bram Cohen, the founder of BitTorrent, which allows anyone to create a new token by copying an address. BTCABC is a team founded by Roger Ver, the former CEO of Bitcoin Core. These three cryptocurrencies are different from other crypto assets, including LTC, DASH, XMR, XLM, ZEC, NEO, EOS, and TRB.