The Value of "FREE" Coins; 70 Forks of Bitcoin

Just a year ago, Bitcoin fork was a rarity, and now it's become not just a norm, but a meme - forks occur almost every week. To date, 69 forks of Bitcoin have been performed, as well as 18 forks of the main Altcoins. The owners of Bitcoin, Monero, Ether and Litecoin can now claim more than 80 "free" coins. However, whether the game of candles is worth another issue, which has already been raised by leading market experts, for example; Andreas Antonopoulos.

Many people know that since the launch of Bitcoin Cash, the quality and value of subsequent forks have gone downhill. However, very few people know how many forks occurred on the network. Bitcoin Coral, Bitcoin Sudo and Bitcoin Star are just some of the unknown coins that emerged as a result of the ramifications of the main network, which are unlikely to ever make a name for themselves. As with most Bitcoin forks, which can be found in the exhaustive Forkdrop.io list, these tokens could not be listed on any exchange.

On the same site there is a detailed instruction on obtaining coins for those who are interested in it. However, before you get "free" coins, it is worth considering whether the game is worth the candle.

Recently, Andreas Antonopoulos described in detail how the Bitcoin forks coins affect the confidentiality of your savings and why you should stay away from them. In addition, the "posting" of each fork threatens the loss of the original Bitcoins from your wallet. Given that only 10 forks of Bitcoin currently traded on exchanges, there is hardly any sense in risking their anonymity and security.

What is the cost of coins fork?
Of the 69 forks of Bitcoin to date, only a dozen are traded on exchanges. In aggregate on the initial 1 BTC, they cost 941 U.S. dollars, or about 0.12 BTC. Remove Bitcoin Cash from this equation and you will receive a total cost of only 206 U.S. dollars or 0.026 BTC. If you do not have at least a couple hundred Bitcoins, getting these coins is practically meaningless. But for those who are blessed with a decent condition in the BTC, moving them, at the risk of revealing their private keys in an unchecked purse or on a third-party site and parting with all their savings - is just silly.

When it comes to the Altcoins, things are even worse. Forkdrop.io lists 18 forks of Altcoins - most of them simply duplicate the original code with minor changes. For example, in the case of Verge - the fork of the crypto currency of Dogecoin (in turn, the fork of the Litecoin, at one time copied from Bitcoin), which was never available in the ratio of 1:1 to the owners of the original coin.

The Forkdrop lists six forefathers, three Litecoin forks, six Monero formations and several other cryptocurrencies. At the same time only three coins are traded on exchanges, and their total value is only 20 U.S. dollars. You do not need to be a mathematical genius to understand the senselessness of obtaining coins of forks of Altcoins, which in most cases are not even included in the listing of crypto exchanges, but also carry the risks of loss of confidentiality of original savings.

Fork Bitcoin at home.
Create a new Bitcoin fork easily. Tools like Forkgen.tech will help to implement the hard core - just click the button "Create a new Altcoin". However, as found by the developers of such forks, as Bitcoin Miner, Bitcoin King and Bitcoin Boy, the branching of the BTC network is not enough to implement this Hard Forks.

One coin that is not included in the lists of Forkdrop - Bitcoin Private. It was slightly different from the others - by what appeared as a result of the simultaneous fork of Zclassic and Bitcoin. BTCP began to trade at about $ 80, but fell four times in a month.

In fact, all the forks of Bitcoin after Bitcoin Cash are worthless coins, the "free" of which can compromise the security of your private keys and confidentiality. In the vast majority of cases, it is better to stay away from these tokens for the sake of preserving your capital.

Author: Marko Vidrih