The Bitcoin Family
Get to know the Bitcoin Family - BTC, BCH, BSV, BTG, and LTC.
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)
That's what we are going to discuss in this edition.
Note: The prices are as of 27 July 2021.
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. Some statistics about BTC:
Current Price: ₹ 27,68,400
Highest Price: ₹ 48,26,690
Lowest Price: ₹ 4,876
This is how the BTC prices have moved since 2013:
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. Some statistics about LTC:
Current Price: ₹ 9,632
Highest Price: ₹ 30,725
Lowest Price: ₹ 82
This is how the LTC prices have moved since 2013:
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. Some statistics about BCH:
Current Price: ₹ 35,513
Highest Price: ₹ 3,24,053
Lowest Price: ₹ 5,582
This is how the BCH prices have moved since its birth:
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. Some statistics about BTG:
Current Price: ₹ 3,334
Highest Price: ₹ 40,161
Lowest Price: ₹ 188
This is how the BTG prices have moved since its birth:
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. Some statistics about BSV:
Current Price: ₹ 9,677
Highest Price: ₹ 36,579
Lowest Price: ₹ 2,742
This is how the BSV prices have moved since its birth:
Extract from my post in Crypto Notes dated 28 July 2021.