Bitcoin Has Now Forked Almost 70 Times

Fork All the Things


How Much Are Your Forked Coins Worth?
Of the 69 bitcoin forks to date, just 10 are tradable on exchanges. Combined, these have a value of $941, or around 0.12 BTC. Take bitcoin cash out of the question and you’re left with only $206 or 0.026 BTC. Unless you’re sitting on a trove of bitcoins, claiming these forked coins simply isn’t worth it. And for those who are blessed with a bountiful supply of BTC, moving them, and risking exposing your private key on a third party site, to claim an additional 2.5% of BTC simply isn’t worth it. When it comes to altcoins, the returns are every bit as poor. Forkdrop.io lists 18 altcoin forks, although many more have forked by cloning the code and then adding their own twist. Verge, for example, is a fork of dogecoin, but was never made available on a 1:1 basis to doge holders. Forkdrop’s altcoin section lists six ethereum forks, three litecoin forks, and six monero forks plus a couple of others. Only three of these forks are tradable, with a combined value of just $20. You don’t even need to punch the numbers in to appreciate that claiming forked altcoins is a pointless exercise, unless they’re automatically distributed by an exchange, sparing holders from having to move a muscle.
Free Coins – But at What Price?
Forking bitcoin is easy. Tools like Forkgen will do all the hard work for you. Using the mantra “Fork it till you make it”, they guide noobs through a simple process which concludes by hitting the blue button marked “Generate New Altcoin”. As the developers of such forks as Bitcoin Minor, Bitcoin King, and Bitcoin Boy are discovering, though, after forking from BTC, the hard work is only just beginning. As Jimmy Song put it:One coin that isn’t listed on Forkdrop is Bitcoin Private. It was a little different from the rest in that it forked simultaneously from zclassic and bitcoin. BTCP started trading at around $80, but has dropped four-fold in under a month. It seems it doesn’t matter what you fork from, how, or why, the fact remains that everything since bitcoin cash has been destined for irrelevance. Forked coins might be fun, but on the evidence so far, they aren’t worth claiming. Have you bothered to claim any of the forked coins available to you? Let us know in the comments section below.Bitcoin will continue to be different because unlike centralized coins, it’s market driven, immutable and unseizable. These happen to be the properties of a great store of value and this gives Bitcoin a utility that no other token has.
Images courtesy of Shutterstock, and Forkdrop.io
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