Overview of Bitcoin Forks

Overview of Bitcoin Forks

This is the first of the two-part article on forks. Here we give a short overview of bitcoin forks in chronological order

A fork is a divergence in a blockchain which splits it in two chains. Major changes in protocols are introduced by way of hard forks, while minor improvements are implemented in soft forks.

Bitcoin XT

Bitcoin XT is one of the earliest bitcoin forks initiated by Mike Hearn in December 2014. Originally, Bitcoin XT implemented new features suggested by Hearn in BIP64. Bitcoin XT gained notoriety in 2015 with the proposal of gradually raising the block size limit from 1MB to 8MB, outlined in Gavin Andresen’s BIP101. This change was not received warmly by the community. Today, Bitcoin XT is practically dead.

Bitcoin Classic

Bitcoin Classic was another attempt to address bitcoin scalability issues by raising block size limit. Bitcoin Classic was launched in 2016 proposing a 2MB blocks. While the project did gain some traction, it never really achieved a critical user base and got abandoned.

Bitcoin Unlimited

Bitcoin Unlimited is a bitcoin hard fork which lets miners customize the block size limit, which is 16MB by default. Initially, Bitcoin Unlimited showed ambitions capturing a relatively wide audience. However, the fork lost most of its popularity due to certain bugs that disrupted the network operation.

Segregated Witness

Segregated Witness (SegWit) is a bitcoin soft fork which increases block capacity by reducing the size of the transaction. SegWit was proposed by Bitcoin Core developer Peter Wuille in 2015. SegWit stores transaction signatures in another structure called an extended block, which frees up space for transactions in the mainchain block. Other advantages to SegWit include a fix to transaction malleability, which in turn enables second-layer solutions such as Lightning Network and atomic swaps.

Bitcoin Cash

Bitcoin Cash is a bitcoin hard fork activated in August 2017. The block size limit is Bitcoin Cash is 8MB. Bitcoin Cash quickly gathered support from major influencers, such as Roger Ver and ViaBTC. Bitcoin Cash does not support SegWit. Though Bitcoin Cash is now losing popularity due to exceeding controversy surrounding it, it is still one of the most widely adopted forks.

Bitcoin Gold

Bitcoin Gold is a bitcoin hard fork activated in October 2017. Bitcoin Gold aims to restore the mining functionality with common graphics cards, in place of mining with specialized ASICs, used to mine Bitcoin. Due to multiple attacks successfully executed on the network, Bitcoin Gold is not seeing popularity among crypto-enthusiasts.

SegWit2x

SegWit2x was outlined in the New York Agreement signed by prominent figures in the space. SegWit2x proposed the activation of SegWit and a 2MB block size limit. The community naturally did not approve of the shady reunion, and the project failed.

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Bitcoin And Crypto Market Cap Facing Hurdles: BCH, Litecoin, TRX, XLM Analysis

The total crypto market cap corrected a few points, but it faced a strong resistance near $215.0B. Bitcoin price is also correcting higher, but it is likely to struggle to clear the $8,200 resistance. Litecoin (LTC) price is now facing resistance near the $55.50 and $56.50 levels. BCH price is holding the main $215 support area and it is currently rebounding. Tron (TRX) price is climbing higher and it is now placed nicely above the $0.0150 level. Stellar (XLM) price is up more than 2% and it is moving towards the $0.0650 resistance. The crypto market cap and bitcoin (BTC) are facing many hurdles on the upside. Ethereum (ETH), litecoin (LTC), ripple, BCH, tron (TRX), stellar (XLM) and other altcoins could struggle to climb higher. Bitcoin Cash Price Analysis BCH price corrected lower recently and tested the $215 support area against the US Dollar. The price is currently moving higher and is trading near the $220 level. On the upside, there is a major resistance near the $230 level, above which the price could recover towards the $240 level in the near term. On the downside, if there is a bearish break below the $215 support, the price could decline towards the $205 and $200 support levels. Litecoin (LTC), Tron (TRX) and Stellar (XLM) Price Analysis Litecoin price managed to stay above the $51.50 and $50.00 support levels. LTC price is currently recovering and is trading above the $54.00 level. However, there are a few key hurdles near the $55.50 and $56.00 levels, above which the price could revisit the main $60.00 resistance area. Tron price declined recently and tested the $0.0145 support area. TRX price remained well bid and recently started a nice upward move above the $0.0150 resistance area. The price is up more than 3% and it could continue to rise towards the $0.0155 resistance level in the near term. Stellar price also declined recently and tested the $0.0600 support area. XLM price is now climbing higher and is trading above the $0.0625 resistance area. However, there is a major resistance near $0.0650, above which the price could continue to rise towards $0.0682 and $0.0695. Looking at the total cryptocurrency market cap 4-hours chart, there was a decent recovery from the $205.0B support area. However, the market cap struggled to clear a key resistance near the $215.0B level and the 100 SMA. Moreover, there is a connecting bearish trend line forming with resistance near $215.0B. Therefore, a clear break above the $215.0B resistance is needed for a nice rally in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, BNB, TRX, ADA, XMR, and other altcoins in the coming sessions. Bitcoin And Crypto Market Cap Facing Hurdles: BCH, Litecoin, TRX, XLM Analysis was last modified: October 18th, 2019 by Aayush JindalThe post Bitcoin And Crypto Market Cap Facing Hurdles: BCH, Litecoin, TRX, XLM Analysis appeared first on NewsBTC.
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