In this blog, we curate relevant and remarkable content related to blockchain, cryptocurrency and the digital economy. This interesting article by Kai Sedgwick published on Bitcoin.com shows a snapshot of cryptocurrency forks and its biggest winners and losers.” Read on.
“Forking cryptocurrencies, usually Bitcoin or one of its offshoots, was all the rage 12 months ago. Today, the spate of new forks has dwindled to a trickle. With the benefit of hindsight, and armed with over a year’s worth of data, it’s possible to determine which forks succeeded and why.
Forking mania has come and gone. Nine months ago, all manner of dead and dying coins were being artificially revived and their prices pumped under the guise of forking them into something better. At least that was the promise. Who can forget Zclassic, this year’s worst performing altcoin, which would now require a 70x for ATH buyers to break even? That wouldn’t be a problem if the forked coin ZCL holders were receiving had performed relatively well, but Bitcoin Private has also proven disastrous. It’s currently trading shy of $3, from a peak of $77, making it 2018’s second worst performing coin. Even the McAfee “magic” couldn’t save BTCP.”
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For the longest time since paper money has been invented, traditionalists have always had a consistent definition of what a currency is. According to Investopedia, a currency is “a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade.”