Tag Archives: BCH

One Bad Mother Forker: Exploring the Various Forks of Bitcoin



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A wise man once compared Bitcoin to the Model T Ford. The ancestor of the modern day automobile, the Model T lacked any safety features, was difficult to navigate, got horrible mileage and offered far less comfort than its modern day counterpart.

And just as the subsequent automobile models aimed to improve upon the flaws of the Model T, so do the various forks improve upon those of Bitcoin. A Bitcoin fork doesn’t need to have a lot in common with the original protocol. In fact, some forks can deviate greatly from Bitcoin and some can be merge-forks with other cryptocurrencies.

There are over two dozen or so Bitcoin forks to date, with more to come this year. This is by no means a comprehensive list. Frankly, not every single Bitcoin fork is worth writing about. Some will be only briefly mentioned. And the ones that are based on extraordinary projects or mass market adoption will be described in length.

The original fork BCH is also the most successful to date.

Since the forking of Bitcoin Cash (BCH) last year, by far the most well-known of all the Bitcoin forks, roughly 20 forks have been created. Though BCH is not trading anywhere near BTC, the comparison between the two coins is interesting, as illustrated at TX Highway, a live side-by-side representation of the two networks.

Bitcoin Gold (BTG)

The runner up for most well-known fork is Bitcoin Gold (BTG) has been designed with the little guy in mind. BTG employs the Equihash algorithm instead of Bitcoin’s SHA-256, This lowers the barrier to entry for mining because the algorithm is ASIC-resistant, meaning that specialized equipment like ASIC miners will not be able to mine the coin faster than the average laptop.. Their development team is also working on integrating smart contracts and the beta version of BTGPay, an e-commerce platform and debit card centered around the cryptocurrency.

Next down the line is Bitcoin Diamond (BCD). Though its name suggests the exact opposite, Bitcoin Diamond is neither rare or expensive, as it has a supply cap ten times that of Bitcoin and only trades for less than $10 each. The BCD Foundation insists that the larger max supply of BCD is intended to make mining it easier, thus lowering the bar to entry for small-time miners.

As the Bitcoin network becomes more congested with increasing trade volume, its 1MB block size limit and its block interval time of 10 minutes (that is, the average amount of time it takes for a new block to be found), creates a very obvious bottleneck resulting in higher transaction fees and longer confirmation times, bringing confirmation times to a grinding halt..

The skyrocketing network traffic led to confirmation times last year that took weeks and cost between $30 and $40 in miners fees.. Many of these forks have come into existence to offer a solution of their own to the sluggish design of the Bitcoin network.

It’s also important to consider the rate of emergency difficulty adjustment (EDA) in respect to the overall speed of a cryptocurrency. If hash power decreases significantly for a network and the difficulty for mining is based on when the network previously had more hash power, then it will take longer for the blocks to be mined, thus contributing to the speed or lack thereof for confirmation times. Bitcoin is designed to change its difficulty rate every two weeks, which can be a severe drag on speed if the rate of hash power fluctuates every day or even in a few hours. Interestingly enough, almost all of the forks will integrate or already integrated the Lightning Network.

Oil Bitcoin (OBTC)

Bitcoin SegWit 2X X11 (B2X)  has a block time of 2.5 minutes and a block limit of 4MB. Oil Bitcoin (OBTC) has a block time of 90 seconds, has a block size of 2MB and performs an EDA after every block. Bitcoin Silver (BTCS) has a block time of 30 seconds and an EDA after every block. Not to be outdone, Lightning Bitcoin (LBTC) has a block time of 3 seconds, a block size limit of 2 MB and no EDA.

Bitcoin Private (BTCP)

The public viewability of all Bitcoin transactions have raised concerns among privacy advocates for some time. Several forks like Bitcoin Private (BTCP), which is technically a merge fork between Z Classic and Bitcoin, attempt to address this flaw. Bitcoin Private employs zk-SNARK or zero-knowledge proofs to ensure that transactions can be fully encrypted on the blockchain, yet still be verified as valid. Otherwise, Bitcoin Private has all the other familiar aspects of the original protocol.

Super Bitcoin (SBTC) and BitcoinX are two forks that have integrated zero-knowledge proofs in their protocols.  Bitcoin Faith (BTF) is in the process of implementing zero-knowledge proofs proofs to shield their transactions from prying eyes. There’s even a debate currently going on whether or not to add zero-knowledge proofs to BCH.

A few Bitcoin forks are built around proposed innovations which, if successful could revolutionize cryptocurrency. One such fork is Bitcoin Atom (BCA), whose underlying technology is based on the theory of atomic swaps. This allows for the swapping of cryptocurrencies without the use of a trusted third party.

Bitcoin Atom (BCA) is based on atomic swap technology.

This proposed technology involves the use of smart contracts to make the exchange. The development team is working on BCA to be able to make atomic swaps with ten major cryptocurrencies, including Bitcoin, Bitcoin Cash, Ether, DASH and Litecoin with future implementations for all other ERC20 tokens.

Bitcoin Interest (BCI) offers users a sort of interest-bearing savings account for “parking” their coins in a specific wallet for a period of time and slowly accruing interest. Described as their “savings technology”,BCI blocks offer two rewards when mined, one reward for the miners and another smaller reward for users who hold their BCI in wallets they call “interest pools”. The theory is that crypto that is sitting in one place as opposed to being traded back and forth will reduce the overall volatility of the crypto market. If this technical innovation turns out to work, we just might be looking at the beginning of the end for traditional banking.

BitcoinFile (BIFI) integrates the Bitcoin network with the IPPFS protocol.

BitcoinFile (BIFI) bills itself as a blockchain-based point-to-point distributed file system. It integrates the Bitcoin protocol with that of the Interplanetary File system (IPFS), a file system  The coin’s blockchain should be fully integrated with the IPFS protocol by fall. Imagine cryptocurrency being transferred without access to the Internet! It would be akin to the first mammal crawling out of the ocean.

As the Bitcoin code base continues to evolve, one might wonder which forks will survive, which ones will wither away and perhaps even, which one will replace Bitcoin. It’s anyone’s guess at this point. The forking of Bitcoin may lead to something as revolutionary and groundbreaking as the invention of the blockchain itself.

Ep250: Vitalik Boycotts CoinDesk, Nasdaq Crypto Exchange, Hackers Keyboard

Nasdaq CEO talks crypto exchanges once the space matures. Amazon has won a patent to help law enforcement and tax authorities track your Bitcoin transactions. Coinbase shuts off service to Wikileaks Store and Cheapair.com. GetFreeDASH accidentally gives out too much DASH. Vitalik Buterin is boycotting CoinDesk Consensys 2018 and suggests you do as well. Arizona is very close to allowing residents to pay taxes in cryptocurrency.

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Continue reading Ep250: Vitalik Boycotts CoinDesk, Nasdaq Crypto Exchange, Hackers Keyboard

Ep249 Telegram ICO, Verge Hack, Centra Update, and Chicken on Blockchain

Centra Update: I found an address linked to the Centra crowd sale holding 100,000 ETH. Cryptocurrency exchanges charge as much as $3 Million to list tokens and coins. Verge XVG has suffered a 51% attack due to a mining bug. French mega-grocery Carrefour SA is using blockchain technology to show consumers where their chicken dinner came from. Telegram messaging app has already raised more than $1.7 Billion in an ICO but not handing over encryption keys has brought out the Russian Banhammer! News Flash: apparently there is still some sort of debate regarding bitcoin scaling going on — someone needs to tell them the war is over. Darren throws his support behind a DASH proposal for AnyPay. JJ and Pedro visited the 300th consecutive cryptocurrency meet-up in Manchester, NH.



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Traditional Financial Markets Cryptocurrency Markets
Gold $1,346 Bitcoin Cash (BCH) $764
Silver $16.75 Bitcoin SegWit (SW) $7,991
Oil $66.49 Ethereum (ETH) $507
Dow Jones 24,814 points DASH $368
30Y UST Yield 2.998%

Continue reading Ep249 Telegram ICO, Verge Hack, Centra Update, and Chicken on Blockchain

Ep248: Centra Card Exit Scam, LitePay Vanishes, Darren talks DASH

Centra.tech, Centra Card, CTR token has been revealed to be a scam, principles arrested and facing charges of fraud. LitePay vanishes. Sergey Mavrodi has died leaving his MMM ponzi scheme in limbo. Darren Tapp givens an update about his time at Arizona State University working with the DASH team. He was also a presenter at the Blockchain: Security, Scalability & Research Initiative in Phoenix. There is also a lot of NeoCash related news and interviews!



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Traditional Financial Markets Cryptocurrency Markets
Gold $1,334 Bitcoin Cash (BCH) $715
Silver $16.43 Bitcoin SegWit (SW) $7,441
Oil $63.47 Ethereum (ETH) $406
Dow Jones 23,758 points DASH $339
30Y UST Yield 3.012% Litecoin (LTC) $129

Continue reading Ep248: Centra Card Exit Scam, LitePay Vanishes, Darren talks DASH

EP247: U.S. Congress Crypto Report and FTC Action

Plattsburgh, New York is banning additional Bitcoin mining operations for the next 18 months. MT.Gox sell-off effects denied by Trustee Kobayashi. U.S. District Court and the Federal Trade Commission move against cryptocurrency scammers in Florida. Twitter will be banning certain types of ads relating to cryptocurrency investing and ICOs. The US Congress 2018 Joint Economic Report praises Cryptocurrency and Blockchain technology. U.S. President Donald Trump signed an executive order barring U.S. citizens from taking part in the Venezuelan Petro scheme.



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Ep246: More AML Hand Wringing, John Oliver Takes on Crypto

In this episode Darren and JJ discuss the anti-money laundering boogieman at the G20 summit. Circle rolls out a trading app just one week after buying Poloniex. Google is set to ban crypto ads as of June 1st. Last Week Tonight with John Oliver talks about crypto and does pretty well.



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Ep245: NEO Warnings, Ledger Update, Venezuelan Petro

Ledger has a new wallet firmware with a mandatory update. The Pineapple fund is donating millions of Bitcoin to charities! Senators in the U.S. state of Georgia submitted a bill to allow taxes and license fees paid in crypto. Shapeshift is batching Bitcoin transactions to save on network congestion. We discuss the NEO blockchain and how the hype may be misplaced. JJ interviews ODEM in the first NeoCash Newsmakers.



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Traditional Financial Markets Cryptocurrency Markets
Gold $1,334 Bitcoin Cash (BCH) $1,188
Silver $16.75 Bitcoin SegWit (SW) $10,716
Oil $62.46 Ethereum (ETH) $811
Dow Jones 24,875 points DASH $577
30Y UST Yield 3.142% Litecoin (LTC) $195

Continue reading Ep245: NEO Warnings, Ledger Update, Venezuelan Petro

Ep244: ICOs Token Sale Failure Rate, Crypto Forcing Banks to Innovate or Adopt

ICO and token sales suffer nearly the same failure rate as most business start-ups. Dutch RaboBank is looking at creating a cryptocurrency wallet. Poloniex is acquired by Circle. JP Morgan and Bank of America admit that cryptocurrency is very competitive. Germany won’t tax bitcoin when used as a payment. US Department of Justice is making a boogieman out of crypto money laundering. Bitcoin SegWit has seen an increase in segwit adoption up to 30%.



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Traditional Financial Markets Cryptocurrency Markets
Gold $1,316 Bitcoin Cash (BCH) $1,302
Silver $16.46 Bitcoin SegWit (SW) $10,985
Oil $61.33 Ethereum (ETH) $875
Dow Jones 24,609 points DASH $619
30Y UST Yield 3.094% Litecoin (LTC) $214

Continue reading Ep244: ICOs Token Sale Failure Rate, Crypto Forcing Banks to Innovate or Adopt

Ep243: Blockchain Predictions for 2018, South Korea Eyes BitLicense for Exchanges

South Korea is looking at licensing crypto exchanges. Salon readers may opt into allowing the site to use some cpu power for mining Monero rather than seeing ads. Small European banks look to seize cryptocurrency opportunities to compete with the bigger banks. We look a list of blockchain predictions for 2018 and give our thoughts.



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Traditional Financial Markets Cryptocurrency Markets
Gold $1,350 Bitcoin Cash (BCH) $1,332
Silver $16.85 SegWit (SW) $9,293
Oil $60.70 Ethereum (ETH) $908
Dow Jones 24,893 points DASH $663
30Y UST Yield 3.179% Litecoin (LTC) $207

Continue reading Ep243: Blockchain Predictions for 2018, South Korea Eyes BitLicense for Exchanges

Ep 223: AXA on Ethereum , Bitcoin Cash on Bitstamp, Russia Will Treat Crypto Like Securities

AXA offers flight insurance on Ethereum. China’s ICO regulation dance. J.P. Morgan CEO labels Bitcoin a fraud. 200+ Bitcoin ATM’s on way to Argentina. Open Bazaar 2.0 Beta is released. “Crypto is Currency Day” set for September 29. Boise brings blockchain to city government. Russian finance ministry to treat crypto as securities. Darren sets up a Bitcoin Cash node!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from Darren and JJ!


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Traditional Financial Markets Cryptocurrency Markets
Gold $1,322 Bitcoin (BTC) $3,891
Silver $17.72 Ethereum (ETH) $272
Oil $49.37 DASH $297
Dow Jones 22,135 points Litecoin (LTC) $61.67
30Y UST Yield 2.796% Bitcoin Cash (BCH) $503

Continue reading Ep 223: AXA on Ethereum , Bitcoin Cash on Bitstamp, Russia Will Treat Crypto Like Securities