5 types of Bitcoin explained

San4osss

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Hi, WinDice players✊
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.
 
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Good information for those who don't know much about bitcoin history
Greatly appreciated (y)
 
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