The Bitcoin Family
Everyone knows about Bitcoin, the world's first cryptocurrency. But many people don't know about Bitcoin's most important family members Bitcoin Cash, Bitcoin Satoshi Vision, Bitcoin Gold, and Litecoin.
Everyone knows about Bitcoin (BTC), the world's first cryptocurrency. But many people don't know about Bitcoin's most important family members:
- Bitcoin Cash (BCH)
- Bitcoin Satoshi Vision (BSV)
- Bitcoin Gold (BTG)
- Litecoin (LTC)
1. The big sister - Bitcoin (BTC)
Bitcoin (BTC) was born on 3rd January 2009 when her first block, also called genesis block or block zero, was mined. It was invented by an unknown person/entity called Satoshi Nakamoto.
In the blockchain world, a "fork" happens when a blockchain splits into 2 paths. A "hard" fork fundamentally changes the way a blockchain works. If a node does not upgrade its software, it will end up on a different blockchain after the fork.
As BTC started to gain popularity, many forks were created - Ixcoin, I0coin, Solidcoin V1 & V2, GeistGeld, Tenebrix, and Fairbrix. These new blockchains basically made slight changes to BTC's source code.
BTC continues to be the world's most popular cryptocurrency which is now even recognized as legal tender in one country - El Salvador.
2. The younger brother - Litecoin (LTC)
Litecoin (LTC), also called BTC's younger brother, was born on 13 October 2011. As compared to BTC, LTC supports faster transactions and higher transaction volumes. LTC is quite popular as a medium of exchange as it enables fast, secure, and low-cost payments.
LTC was founded by Charlie Lee - an early BTC miner and computer scientist and ex-Google engineer.
3. The younger sister - Bitcoin Cash (BCH)
In July 2017, BTC miners representing more than 80% of bitcoin computing power voted to incorporate the SegWit2x (segregated witness) technology to improve BTC.
Many miners and developers, who did not want SegWit2x to be introduced, initiated a hard fork and created a new currency - Bitcoin Cash (BCH). BCH has its own blockchain and processes transactions faster and cheaper than BTC.
4. The silent sister - Bitcoin Gold (BTG)
Born on 12 November 2017, Bitcoin Gold (BTG) is a BTC fork that allows developers to participate in the governance and development of the project. It has also made some technical improvements on BTC.
5. The noisy step sister - Bitcoin Satoshi Vision (BSV)
In 2018, Bitcoin Cash had a hard fork and Bitcoin Satoshi Vision (BSV) was born. BSV claims to be the "original" Bitcoin as per the vision of Satoshi Nakamoto. BSV's most known co-founder is the controversial Australian entrepreneur Craig Wright who claims to be Satoshi Nakamoto.
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