Fork craze can lead Bitcoin to over 50 Splits in 2018

Bitcoin Gold was launched in December, Bitcoin Pizza was delivered in January, and Bitcoin Private is yet to come. These are just a few of the different Bitcoin clones that run with a different name and possibly a few new features. Often the idea of ​​these cryptocurencies is to take advantage of Bitcoin's high popularity.

In the past year, 19 new Bitcoins arose in the market, but this year the figure could rise significantly ... over 50. Some market analysts even believe that the figure could be significantly higher, as Forkgen - a site that allows anyone with space programming skills to launch a Bitcoin clone into action. The motives behind the efforts of the different supporters differ, with some of them trying to improve Bitcoin, others looking for a quick profit. Unfortunately, most of Bitcoin's alternatives are for robbery, says George Kimionis, CEO of Coinomi, a portfolio vendor that allows storage of different Bitcoins in one place.

Years ago, when entrepreneurs created Bitcoin's first alternatives using it as a foundation, Litecoin and Dogecoin sought to differentiate significantly in the names and functions of the cryptocurrencies. This, however, has a negative impact on them, as they are less recognizable by investors and most of all do not contain Bitcoin in their name. For comparison, Dogecoin's market capitalization is about $744m, while Bitcoin Cash is over $27bn.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov

Bloomberg: Bitcoin May Split 50 Times in 2018 as Forking Craze Mounts

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