Decentralization has both positive and negative consequences for the crypto world. Well, if on the one hand the operation of Blockchain technology prevents the blockchain from being manipulated by a single person or organization. It is also an incentive for the division of cryptocurrencies, with the emergence of new projects or Forks. But, as Jameson Lopp says in the Tweet of the day, Bitcoin remains intact after more than 100 Forks:
Forks do not affect Bitcoin
It was only natural that being a successful open source project, Bitcoin imitators would soon emerge. Which have tried to use the structure designed by Satoshi Nakamoto, to create their own cryptocurrencies and try to steal a bit of BTC’s success.
Well, even when some of the more than 100 Forks that Bitcoin has lived through since its birth, they are serious initiatives that try to take advantage of the BTC code to improve the currency. The truth is, most divisions on the world’s first cryptocurrency blockchain have only led to the emergence of unsuccessful copycats.
And it is that, although at first many were concerned that the birth of these coins from the Bitcoin Blockchain, would lead to a loss of value, users and power in BTC. The result has been totally different, because after more than 100 Forks, Bitcoin maintains 95% of its value. As noted by House Co-Founder Jameson Lopp:
“Bitcoin is not scarce because anyone can fork. ” How is this working in reality? Several years have passed since forkmania and there are dozens, if not 100 forks of the Bitcoin UTXO set. It is difficult even to keep count. Bitcoin has retained 95% of its accumulated value after all Forks“
With this, Lopp would hint that despite attempts to copy Bitcoin’s success. Cryptocurrency imitators have not reached even a fraction of the value of BTC. So even when there are crypto assets tokens with the same BTC code, the reality is that Bitcoin is still the king of the crypto world.