Anyone with an interest in crypto will be aware of the major Bitcoin forks. But did you know that Bitcoin has been forked more than 100 times?
Of the forks, about 75 percent are still active. Some of them are silly, some of them are unnecessary, some of them are funny—and a few of them are actually useful!
Here are several Bitcoin forks you’ve probably never heard of.
1. Bitcoin Pizza ($BPA)
Despite the daft name, Bitcoin Pizza had a serious goal— it wanted to mix DAG (directed acyclic graph) technology with Bitcoin, thus creating “daglized Bitcoin.”
However, there are no blocks on a DAG blockchain, so the fork was just the first step. The developers planned to integrate a way to exchange tokens on the DAG-supported blockchain.
The project appears to be dead. There have been no tweets from the Pizza team since January 2018.
2. Bitcoin Rhodium ($XRC)
Bitcoin is stuck in a constant tug-of-war between those who want it to be a payment solution and those who want it to be a store of value.
The goal of Bitcoin Rhodium is to create a rare token that can act as a store of value for investors with long timeframes. The total supply of Bitcoin Rhodium is capped at 2.1 million.
XRC is currently trading on five exchanges: BISQ, Tradesatoshi, P2PB2B, FatBTC, and WhiteBIT.
3. Bitcoin Post-Quantum ($BPQ)
One of the biggest questions surrounding the long-term viability of Bitcoin is the potential impact of quantum computers.
At the moment, a regular computer would take billions of years to reverse engineer a public Bitcoin key into a private key. The fear is that quantum computing could slash that number down to months, weeks, or even days. Experts predict it could happen in anywhere from 10 to 100 years.
Bitcoin Post-Quantum aims to address those concerns with a quantum-safe signature scheme. Check out the whitepaper for more information.
4. Bitcoin Air ($XAP)
Another of the significant criticisms leveled at Bitcoin is its environmental impact.
Digiconomist publishes a Bitcoin Energy Consumption Index and, at the time of writing, the coin chews through 65.93 TWh of electricity per year. That’s more than the entire country of the Czech Republic.
Bitcoin Air uses a “Carbon Credit Asset-Backed Dual-Chain Blockchain,” meaning not only will it appeal to environmentally conscious investors, but it will also have both volatile value and static value.
One side of the chain can operate in volatile value and conduct basic cryptocurrency transactions […] The second side of the chain will operate in static value and will operate as a crypto-backed reserve chain for Bitcoin Air.
5. Bitcoin Candy ($CDY)
Ah, another Bitcoin fork with a silly name. Bitcoin Candy (which is actually a fork of Bitcoin Cash) makes a few key changes to the core features of the original Bitcoin.
Most notably, the supply is increased from 21 million to 21 billion, the block interval is reduced to two minutes, and it uses a GPU-based Equihash proof-of-work algorithm. There is no SegWit.
6. Bitcoin Lambo ($BTL)
Many people argue that rampant speculation is the scourge of the crypto sector. Some would even claim that the entire industry is built on speculation.
If you’re against speculation, Bitcoin Lambo is not the coin for you. It claimed to be the first PSD coin—PSD stands for “Pure Speculation Driven.” There’s wasn’t any real-world use case; there were no fundamental values. The sole aim for the coin was to help people get rich.
Unfortunately, investors would have been lucky to buy a toy Lambo. The coin never made it to exchanges.
7. Bitcoin Interest ($BCI)
Bitcoin Interest couldn’t have picked a worst time go to live. The fork happened on 20 January 2018, just a couple of weeks after Bitcoin posted its all-time high of $20,000.
But, to the developers’ credit, the coin is still alive. It’s in the top 750 coins by market cap and is currently trading for $0.09.
So, what’s special about Bitcoin Interest? Its primary focus is staking; you can earn interest on your coins without needing to move the coins out of your wallet.
8. MicroBitcoin ($MBC)
We end with MicroBitcoin. It went live in May 2018 and is still going strong—though its market cap is tiny. At the time of writing, it doesn’t even break into the top 2,000 coins on CoinMarketCap.
And with a total supply of 210 billion, this really isn’t one for the speculators. So, what purpose does MicroBitcoin serve?
It’s specifically aimed at the micro-economy. One of the problems with Bitcoin is that transaction fees and transaction times make it impractical to use if you want to pay for a cup of coffee or parking meter. MBC addresses those two issues.
MicroBitcoin also uses an ASIC-resistant proof-of-work algorithm called Rainforest; it means people without high-spec hardware can mine and use the token.
MBC is available on the P2PB2B, STEX, and BiteBTC exchanges.
The Dangers of Investing in Bitcoin Forks
Beware, these coins are not suitable investments for anyone but the most experienced traders. Liquidity is low, volatility is high, and the market makers are manipulating the prices.
Blocks Decoded does not offer financial advice. If you want to invest in any of the little-known Bitcoin forks we’ve discussed, do your own research before parting with your cash.
And if you would like to learn about some of the more mainstream Bitcoin forks, make sure you read our article on the Bitcoin forks you need to know about.