According to OKX data, Bitcoin dropped 6.37% on Thursday to $39,164, marking its first decline in three days.
Satoshi Nakamoto released the first version of the Bitcoin codebase in 2009, officially launching Bitcoin. Initially, Bitcoin was referred to as "Bitcoin" (or more precisely, the first version was called "Bitcoin 0.1.0"). The descendants of this codebase were later renamed "Bitcoin Core," sometimes also known as the "Satoshi Client."
Understanding Bitcoin Forks
Bitcoin forks occur when the blockchain splits due to changes in the protocol. These can be broadly categorized into two types:
- Soft Forks: Backward-compatible changes where only one blockchain remains valid.
- Hard Forks: Non-backward-compatible changes that result in two separate blockchains.
Notable Bitcoin Forks
Bitcoin Knots
Bitcoin Knots serves as the first classic example of a Bitcoin Core codebase fork—a "code copy" of the software implementation that doesn't cause a blockchain split. In fact, Bitcoin Knots remains fully compatible with Bitcoin Core, offering different features instead.
Libbitcoin
Libbitcoin represents a fork that completely recreates the Bitcoin protocol in a different codebase. While it's not a fork of the Bitcoin Core codebase, it remains fully compatible with Bitcoin Core.
P2SH Upgrade (MASF)
The Pay-to-Script-Hash (P2SH) upgrade marked Bitcoin's first Miner-Activated Soft Fork (MASF). Although later soft forks used purer, hash-based upgrade mechanisms, none resulted in blockchain splits.
BIP148 Client
The BIP148 client is another example of a Bitcoin Core codebase fork. It enforced a User-Activated Soft Fork (UASF) to activate the Segregated Witness (SegWit) protocol upgrade. Currently, it may no longer be compatible with Bitcoin Core and other Bitcoin clients.
Bitcoin ABC
Bitcoin ABC is another fork of the Bitcoin Core codebase, but it implemented certain adjustments to ensure incompatibility with Bitcoin Core and other clients at a specific point in time.
👉 Discover how Bitcoin forks impact trading strategies
Bitcoin Cash (BCH)
On August 1, 2017, Bitcoin ABC became incompatible with Bitcoin Core and other clients, creating a new cryptocurrency called Bitcoin Cash (BCH).
BTC1
BTC1 was another Bitcoin Core codebase fork designed to deploy a hard fork upgrade for the Segwit2x protocol. Its goal was to transition all Bitcoin users to Segwit2x, which proponents considered the "real Bitcoin."
Bitcoin Clashic
Bitcoin Clashic emerged as a new version of Bitcoin ABC intended to upgrade the Bitcoin Cash protocol via hard fork. While most BCH users completed this upgrade, a small group continued using the original version, humorously naming it "Bitcoin Clashic."
Bitcoin Core Sq
In early 2018, most of the Bitcoin Clashic community adopted a codebase fork called Bitcoin Core Sq, incompatible with existing Bitcoin Clashic clients. This created yet another cryptocurrency deliberately named "Bitcoin Core."
Bitcoin SV (BSV)
Bitcoin Satoshi's Vision (Bitcoin SV) forked from Bitcoin ABC but adjusted its protocol to ensure future incompatibility with Bitcoin Cash.
👉 Learn more about Bitcoin SV's unique features
The Bitcoin ABC and Bitcoin SV Split
In 2018, growing disagreements within the Bitcoin Cash community led Bitcoin ABC and Bitcoin SV to separate from the existing Bitcoin Cash protocol. While sometimes called "Bitcoin Cash ABC," Bitcoin ABC outperformed Bitcoin SV in nearly every aspect. Today, "Bitcoin Cash" primarily refers to Bitcoin ABC, while Bitcoin SV retains its original name.
Frequently Asked Questions
What is the difference between a soft fork and a hard fork?
A soft fork is a backward-compatible upgrade where only one blockchain remains valid. In contrast, a hard fork creates two separate blockchains by implementing non-backward-compatible changes.
How does Bitcoin Cash differ from Bitcoin?
Bitcoin Cash (BCH) emerged from a hard fork of Bitcoin in 2017, primarily to increase block size and improve transaction speed. While they share similar origins, they operate as distinct cryptocurrencies with different protocols.
Is Bitcoin SV still relevant?
Bitcoin SV remains active but has significantly less market capitalization and adoption compared to Bitcoin and Bitcoin Cash. Its development continues to focus on restoring what its proponents consider Satoshi Nakamoto's original vision.
Why do Bitcoin forks occur?
Forks typically occur due to disagreements within the community about the protocol's direction, scalability solutions, or other fundamental aspects of the blockchain's operation.
How can I safely trade forked cryptocurrencies?
Always use reputable exchanges like OKX that support the specific fork you're interested in. Ensure you understand the fork's implications and monitor official announcements for wallet compatibility and security best practices.
What was the most significant Bitcoin fork?
The creation of Bitcoin Cash in 2017 remains the most significant fork due to its substantial community support, continued development, and position as one of the top cryptocurrencies by market cap.