“To Jail for Bitcoin” or a List of Countries Where You Should Not Mention Cryptocurrency

Bitcoin jail

Governments of leading countries around the world are still discussing the technological phenomenon of cryptocurrency and deciding what to do with it. There are no single international rules for the regulation of digital currencies, as long as this issue is solved individually within each individual state. In this article we will consider which countries recognized Bitcoin, where it was banned and what all of this will lead to for market participants.

Contents:
(please, click the topic to scroll down to it)

  1. Importance of cryptocurrency on the global scale
  2. Countries which recognized cryptocurrencies
  3. Countries which banned cryptocurrencies
  4. Conclusion

1. Importance of cryptocurrency on the global scale

We live in an era of active development of digital technologies that can change the world beyond recognition in a very short period of time. Cryptocurrencies have gained such popularity due to the fact that they are based on innovative blockchain technology. Now the market has a huge number of different coins and tokens. It is worth noting that the vast majority of them have no chance of a bright future. There are no guarantees that even Bitcoin itself will be the leader of the industry in 5 to 10 years. But what we can be sure of almost 100% right now, is that blockchain projects will be able to change the real sectors of the economy in the next decade.

The current situation is very similar to the boom and collapse of “dotcoms” at the beginning of 2000s. At that time, a huge number of search engines and other Internet resources were being developed, but only a few ones that have become real whales in this industry survived to this day

2. Countries which recognized cryptocurrencies

Saying the word “cryptocurrencies”, we mean, first and foremost, Bitcoin, as it is a reference point for the digital coin industry. It should be noted that most people, who are not very experienced in this topic, are convinced that Bitcoin is very popular among criminals, because you can make absolutely anonymous transactions with it. But this is only half true, since in fact Bitcoin’s transactions are not hidden, and in order to keep them secret, it is necessary to use special mixers, which, by the way, are constantly closed. To cut the long story short, achieving complete anonymity in the Bitcoin network is a rather complicated procedure. Other coins are better able to cope with this task, for example, Monero. Let’s go through the list of countries that have recognized Bitcoin as a means of payment or are on the way to legalizing cryptocurrency:

The US occupies one of the most tolerant positions as for cryptocurrencies. Given that this state has a key role in the global economy, this gives optimism to all market participants in the global perspective. Treasury classified Bitcoin 5 years ago as a company that provides financial services. Coins must be declared, they are regarded as property, thus, it is necessary to pay taxes if you own them.

Canada is also characterized by loyalty to cryptocurrencies. Regulatory authorities of the state are watching to ensure that coins are not used for money laundering. Cryptocurrency in Canada is regarded as a commodity, and transfers are considered barter. The tax code takes into account whether the transaction was an investment or a trade transaction.

Australia allows to carry out various operations with cryptocurrency. Tax Inspectorate classifies coins as a financial asset. They need to be declared, and the owners must pay taxes.

The European Union introduced mandatory verification of users this April. This should solve the problem of money laundering. According to the representative of the EU, in only a year about 5.5 billion dollars in cryptocurrency were laundered in the territory of member countries.

There is also a number of countries besides the abovementioned world giants, where Bitcoin is officially recognized. Today, we will not write about each of them, since at the moment they do not affect the world economy significantly.

3. Countries which banned cryptocurrencies

There are also states that perceive cryptocurrencies as a threat for various reasons, and protect their citizens from them in every way possible. So, let’s review the main ones:

China is the largest manufacturing center of the planet, China has a great influence on the world economy. In the Celestial Empire cryptocurrencies are prohibited for all financial institutions. However, they are completely legalized for individuals. Despite this, China is one of the key cryptocurrency markets of the planet.

Vietnam was opposed to implementation of cryptocurrencies at the dawn of their emergence. In this country, cryptocurrencies are completely prohibited for both individuals and legal entities.

Bolivia regards cryptocurrencies as financial pyramids. In this country you can go to jail for any type of cryptocurrency advertising.

Ecuador has banned all existing cryptocurrencies, but the authorities plan to create their own coins.

Also, there are countries where cryptocurrencies have not been determined with a legal status. For example, in the Russian Federation, the draft law on the regulation of cryptocurrencies was published only in January of this year, which does not prohibit their use, but specifically regulates their movement. In fact, this bill still has to be substantially finalized and reviewed by the State Duma. There is no clear time frame on this issue.

4. Conclusion

In fact, the countries where cryptocurrencies are legalized and controlled by the regulatory authorities are quite numerous. It is also worth noting that these states are the first-class states which control the entire civilized world. Decisions of states that totally prohibit the use of digital coins do not affect the world economy at the moment.

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Interview with Marco Robinson: Bitcoin is the Best Performing Asset of All Time

Nowadays pretty much everyone has an opportunity to become a successful entrepreneur and investor. With the emergence of cryptocurrency and blockchain, perhaps it has become even more accessible.

Today, we invited to talk Marco Robinson a man who not only managed to become a world-famous investor, but also created a number of successful projects. An Award Winning Entrepreneur, Prime Time TV Star, Philanthropist, #1 Bestselling Author, Winner of the iProperty People’s Choice Awards Best Real Estate Company, World Renowned Property Investor, and Restaurateur he knows how to make money work for you better than anyone.

Hello, Marco. First of all, let’s discuss your success as an investor. At what point in your life did you start investing in real estate, and why this particular area was one of the first you chose?

I first invested in real estate fairly late in life at 40 years old after I had a great business success and had quite a bit of money I didn’t know what to do with.

It was an interesting time in 2009 as it was the subprime crisis, I discovered properties were very cheap especially in the USA, and I found that fascinating so I started to study what made Real Estate go up and go down and wondered why this happened continually…I got so into this I decided to write a book about property cycles and what made them do that and I developed an algorithm based on four main drivers that triggered property price increases, they were:

  1. Cycles (economic cycles) for example in the UK there is a proven 18-year cycle
  2. Population growth. (Rent prices and property increased basically supply and demand.
  3. Structure plan. (What they are gonna build in the area, for example, new manufacturing, schools, etc)
  4. Local and individual property taxes & including friendly states and governments (some taxes are so high you can easily get negative cash flow)

When did you first learn about the blockchain technology, and how did it help you in the development of your projects?

I was introduced to Bitcoin in 2015.

I saw as a real threat to the banking system which I liked very much and after some detailed research discovered it was a genuine reaction, I felt, to the US sub prime crisis which made 40 million people homeless. I loved the security of it and especially it’s decentralization, that it could not be shut down and the founder very cleverly could not be identified.

I was also looking for a loyalty solution to connect all my businesses including my restaurants, my cosmetics, my property, my travel, my education and film companies, a currency everybody could use that I could keep within my own eco-system, so I could keep my clients loyal and grow my client based with the best value proposition in the market place. That currency I created is called NAKED DOLLARS and is now listed on LATOKEN.

Besides NKD, what do you think about investments in cryptocurrency in general?

It’s a brand new sector and to be frank not even the end of day one yet. A lot of cowboys presented a fabulous whitepaper in 2016 and 2017 and made a fortune off speculation…2018 saw a massive correction and the crypto market lost 80% of its value in one year because of this and because not many people had a real product.

It is here to stay, only just yesterday JP MORGAN created their own cryptocurrency, governments are creating their own, they have to as the FIAT CASH currency system is not sustainable, a new debt system has to be created or the majority of the world will go bankrupt.

Bitcoin is the SAFEST currency in the world, it cannot be hacked, it has no founder, no company, no office, and no assets, yet it is the best performing asset of all time increasing 350,000% in ten years! You cannot ignore it at all!

Are there any startups in the cryptocurrency world which you have invested or would like to invest in?

There are very few I would because of the losses in 2018. New projects don’t just have to have great technology, they must have great founders with great track records in business and great profiles in terms of influence.

How do you feel about buying, for example, real estate for Bitcoin?

I’d rather keep the bitcoin it gives a higher return potentially. I would rather use other cryptocurrency like Ethereum to buy real estate.

However I also use a profit strategy, so when I make great profits in bitcoin I will buy real estate as real estate gives me great cash flow.

In what areas, do you think, the use of blockchain technology is necessary?

I think it’s critical in pretty much every industry to prove the origins of each product or service and the security of it, especially in supply chain businesses such as gold and diamond mining to supply to make sure they are not conflict diamonds etc. I also love the adoption to health and medicine, for example, if someone has an accident one drop of blood or even a thumbprint can track the entire medical history of that person in seconds and the perfect medication can be administered!

You are a well-known philanthropist and are famous for your good deeds for the homeless and the needy, because you know very well what it feels like to not have a home. Let’s talk about an 18-year-old teenage mother Holly, a part of the TV Show “Get a House for Free.” Have you thought about not just “giving a fish” to people, but also trying to “teach people to fish”, that is, to give the needy the knowledge of how to “get back on their feet”?

I’m already now doing that with FREEDOMX, www.freedomxmovement.org where I have created a new charity social impact program where the victims of homelessness are rewarded on a merit based philosophy: “I help you if you help someone else” this is CONDITIONAL ALTRUISM, so we only help them if they want to be helped and IF they want to be microfinanced for a coffee shop on a bicycle, for example, they have to be certified and trained which lowers risk and creates a new economy for people to thrive in.

In what areas besides real estate, restaurant business, TV-shows would you like to or plan to realize yourself?

I’m making my first Hollywood movie “legacy of lies” next month, I helped fund the whole movie and my profits will be going to help the homeless

You can see the trailer here:

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The List of Bitcoin Mainstream Trends Which Will Dominate in 2019

Bitcoin is one of the most famous cryptocurrencies in the world. It is actually the first one, thus, no matter what might be, it has already gone down in history. Even though the cryptocurrency may not be that popular right now, due to various reason, some changes are already inevitable, hence, let us just check on trends which will become a part of everyday life in 2019.

1. Bitcoin ATMs

The number of Bitcoin ATMs is growing rapidly. It is a kiosk which allows a person to buy/sell Bitcoins in cash or by credit card. They actually look like an ordinary terminal, yet, it is connected not to bank account, but to Bitcoin exchange. The number of Bitcoin ATMs in the world accounts for 4292 at the time of writing.

Source: www.statista.com

Such ATMs will definitely encourage people to use cryptocurrency, since now it becomes more understandable for ordinary people. If people get accustomed to use Bitcoin ATMs, then crypto will see a bright future.

2. Central banks and Bitcoin

Some people do not want to get involved in crypto as it lacks regulation, including bank regulation. However, in 2019, one of Bitcoin trends may become partnership between central banks and cryptocurrency.

Several banks have already introduced systems how to work with crypto. Bank of America, for example, has officially patented a system for saving crypto actives for significant corporations. Moreover, this week, one of the biggest American banks, JPMorgan Chase & Co, has announced that it developed its own digital coin – JPM Coin.

Perhaps, such implementations will bring positive effect on the relationships between crypto and financial institutions.

3. Bitcoin in smartphones

Since the beginning of the third millennium, a cell phone has become an integral part of our everyday life. By using a smartphone we can do almost everything that is connected to our work, study, leisure, or hobby. Financial transactions, including crypto operations, are no exception.

On May, 2018, Huawei Technologies Corporation provided users of its smartphones with the opportunity to use Bitcoin wallet BTC.com. At the end of the past year, HTC company released the smartphone Exodus, powered by blockchain. A person can only purchase the phone with digital currencies.

It is too early to say whether these phones will be successful and useful or not, yet still it is very important that world is trying to meet the needs of everyone.

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How To Read Trading Charts

Cryptocurrency exchanges work on the same principle as traditional exchanges. Potentially, it is possible to earn very good money on these platforms, but for this, it is needed to be able to correctly read the cryptocurrency coin chart. Of course, in order to become a professional trader, it needs to learn and practice a lot, but if your goal is to understand the basics, this article will be an excellent starting point in the exciting world of trading for you.

There are a huge variety of different charts, but the most common is the “Candlestick chart”. The chart is a much more informative tool than digital or text analysis. Using graphics, it is possible to quickly navigate and understand the current mood of the crowd, as well as the balance of power between sellers and buyers of a particular asset. Based on the obtained data, it is possible to calculate the potential profitability or unprofitability of a particular deal.

1. The main types of stock charts

As it was mentioned above, there are a huge number of different types of charts, but the main ones are lines, bars, and candlesticks. All of these tools (with the exception of the line charts) can tell about:

  • price at the beginning of the selected period (1 minute, 5 minutes, 15 minutes, 1 hour, 1 day, 1 week, etc.);
  • price at the end of the selected period;
  • the minimum and maximum rate of the selected period.

By and large, the crypto chart clearly shows the history of the struggle between bulls and bears. In the process of this confrontation, a large number of deals are made. It should be understood that even a slight fluctuation of the price means that some have already earned on it, while others, on the contrary, have suffered losses.

2. “Candlestick chart”

Let’s take a closer look at the most common version of charts, namely “Candlestick chart”. It was invented almost 400 years ago by a rice seller from the country of the Rising Sun. The process of observing a line chart is not entirely convenient; for this reason, the construction of “Candlestick chart” is based on the principle of dividing the total time into specific periods. This principle helps to quickly navigate what is happening on the market and, accordingly, to give the Bitcoin trend prediction or any other financial asset forecast.

3. How to read the chart “Candlestick chart”?

One candle represents the range of prices for an asset for a certain period of time. The boundaries of the candle are the lowest and highest asset price in this period of time. If the candle`s color is green, this means that the asset has increased in value over a given period of time; if it is red, then, on the contrary, it has fallen.

Source: https://www.tradingview.com/

If you look closely at the above chart, you will notice:

  • the candle corresponds to the time interval – 60 minutes;
  • the minimum asset price was $3485,24;
  • the maximum asset price was $3733.58;
  • This hour began with a price of $3506,42 and ended with the price of $3687 (for this reason, the candle is green).

The main parameters that should be paid attention to when reading cryptocurrency charts are:

  • asset price;
  • time;
  • trading volume.

By and large, the entire analysis of charts is an ordinary calculation of the balance between supply and demand. It is possible to estimate the level of the strength of bulls or bears through the asset price (vertical axis) and the volume of transactions (horizontal axis). These skills allow experienced traders to take the right position in advance and earn money on any price movement.

4. Conclusion

In this article, we talked about how to read cryptocurrency charts. As it was mentioned above, there are a huge number of different types of charts, but the most popular and often used is the option “Candlestick chart”. The basic principle of this type of charts is to divide the time into certain periods. It is quite informative and easy to read. If you want to start trading, then you definitely need to get a deeper understanding of this topic.

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The Story About True “Iron Man” Who Conquered Space

Genius, billionaire, philanthropist, engineer, inventor and investor, a man whose name has been very popular in recent years. The man drove by a dream, a dreamer who wants to conquer the space and bring technology to an absolutely new unprecedented level. As you may have guessed, this is Elon Reeve Musk. In this article, we will talk about how the man who was born in the poor city of Pretoria which is in the Republic of South Africa, has risen on the top of technological progress.

1. Early years

As we said above, everything began in South Africa, in the city of Pretoria. The father of the future genius was a successful businessman and was able to give his 10-year-old son a computer Commodore VIC-20, on which little Elon learned to program. The first deal in Musk`s life happened when he was 12 years old: he sold his first video game “Blast star” for 500 dollars. This game was a rethinking of the well-known game “Space in Waders”. The teenager invested the raised money in shares of a pharmaceutical company, the development of which was closely followed by his father. When he was 17 years old, Musk sold these shares to leave his hometown for studying in Canada. It should be noted that Elon’s parents were against such a decision, but the young Musk insisted on his own and left his homeland and flew to North America.

2. The first companies and PayPal

In Canada, Musk settled at relatives,  soon he applied to Stanford, but never finished it. In 1996, Elon together with his brother created his own company Zip2, which developed software for news companies. After just three years, in 1999, Compaq bought Zip2 for $308 million. Musk’s share of this deal was $22 million. A few months later, Elon became one of the founders of the company X.com, which after the merger with the company Confinity became the world-famous payment system PayPal. It should be noted that Elon himself was against the name of PayPal. This service began to actively develop, mainly it was used to buy various goods at auctions, including the most famous Ebay.com. In October 2002, the company PayPal was bought by eBay, the amount of the deal amounted to $1.5 billion, a record for those times. At the time of the sale, Elon Musk owned 11.7% of the company’s shares, which allowed him to receive $165 million.

3. Road to the stars “SpaceX”

In 2002, Musk founded the company SpaceX, which is a private developer of a series of launch vehicles and a commercial operator of space systems. It should be noted that Musk personally invested in SpaceX $100 million, which he had earned from the sale of his previous companies. Elon Musk set the goal: “to reduce the cost of space flight by 10 times.” It seemed unreal, but it took 6 years for Musk and his engineering team to realize it. In 2008, Nasa signed a contract with SpaceX for $1.6 billion. It is very important to note that Elon Musk not only managed this company, he also dealt with engineering and visual activities. As his partners say, Musk independently studied rocket science and continues his own self-study to this day. Almost all the brilliant ideas implemented in SpaceX came to Elona Musk’s mind.

SpaceX is the only company in the world that uses the first stages of launch vehicles on a reusable basis. The ultimate Musk`s goal is the conquest of the space: a colony on Mars and other space bodies of the Solar System. The first flight to the Red Planet is scheduled for 2024. A huge BFR (big falcon rocket) spacecraft is currently in a process of development.

4. Electrification of the automotive industry “Tesla”

At the same time that SpaceX was developing, Musk started the not less ambitious project – in 2003 Musk founded Tesla Motors, the company that specializes in the production of electric cars. This was a very difficult project since Musk and his team were pioneers in this market. In 2006, the brainchild of Elon launched his first car Tesla Roadster, which is a two-seater supercar. The production of this model was very limited since all the cars were assembled by hand.

Now Tesla company is one of the largest car manufacturers in the United States. The company’s lineup now includes Model S (business class sedan), Model X (roomy crossover), Model 3 (budget sedan), Tesla Semi (truck, mass production will begin at the end of 2019), Tesla Roadster 2 (supercar, mass production will begin in 2020). Also in the project are the Model Y (budget crossover) and Tesla pickup.

Source: https://www.wikipedia.org/

In 2018, the company had problems that were related to the scaling of production capacity of Model 3, but 3 and 4 quarters of 2018 were profitable for the company and Musk promised investors that the worst was over and that in the future the company would only expect growth and prosperity.

5.  Transition to the energy of the sun “Solar City”

In July 2006, Elon Musk`s cousins (with his participation) founded the company Solar City, which specializes in installing solar panels on the roofs of both private houses and public premises. Just a year after the founding of this company, it became the leader in its field of activity in California. Subsequently, Solar City was acquired by Tesla.

6. Underground tunnels “Boring company”

Another problem that Elon Musk decided to fight with was traffic jams. To solve this problem, Elon proposed to build a network of underground tunnels in which cars would move on special platforms, at a speed of 200 km/h. Musk with the company’s engineers are working to improve the drilling rigs in order to cut down the cost of building tunnels by ten times. The most advanced modern boring machines move with a speed that is 7 times less than the speed of movement of an ordinary snail. As Musk joked, the main goal of the company is to outrun the snail. In December 2018, the Boring Company held a presentation of its first test tunnel, which cost the company $10 million, which is several times less than the average market price for a contractor.

7. Conclusion

Elon Musk is very versatile, he has a number of innovative, but less well-known projects:

  • StarLink is a satellite Internet project with coverage of 100% of the globe. The idea is to launch about 12,000 satellites into low-Earth orbit, which will have to give the Internet anywhere in the world. This is a project of SpaceX, which is now actively preparing for its implementation.
  • Hyperloop – a project of a supersonic train. For the first time, this idea was voiced by Elon Musk in 2012, but he said that he would not personally deal with its implementation. Already after a short period of time, there were created two companies which actively began to implement the project.
  • Neuralink is a neurocomputer interface project. To fully describe this idea of Elon Musk, it is needed to write a separate rather long article. But in short words, Neuralink will help connect the human brain directly to the Internet and to the gadgets that surround us. Today it sounds like a fantastic movie script, but some 10 years ago, self-driving electric cars or manned first stages of launch vehicles that land and can fly again, were also unreal. But as we see, all the goals that Elon Musk sets for himself, sooner or later become a reality.

So we can only wish him good luck and watch him changing our world beyond recognition.

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Bitcoin Price Analysis: The Representatives of JP Morgan and Fundstrat Share Their Opinions About Bitcoin’s Future

Another week has passed, yet Bitcoin still shows quite plain dynamics on the graphics. In fact, its price has not changed significantly since January 10th. Bitcoin price is $3459 at the time of writing.

Source: CoinMarketCap

Since Bitcoin’s price has recently stabilized, many institutional players began changing their attitudes towards cryptocurrency, let us see what the representatives of global companies think.

JPMorgan

The Global Market Strategist at JPMorgan, Nikolaos Panigirtzoglou, reckons that due to Bitcoin’s stagnation many big players will return to the industry. The volatility has “calmed down” and it means that investors can give Bitcoin second chance. He also said:

“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future. The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.”

In his interview to CNBC, he stated that the cryptocurrency could not grow, because it was not regulated, but now the situation can differ.

Fundstrat

Wall Street research firm, Fundstrat Global Advisors, is sure that the cryptocurrency may see  new lows soon.

“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows,” Robert Sluymer, the spokesman of Fundstrat, said.

In addition, Sluymer stated that the price can vary from $4200 to $3100 or ever lower. If it suddenly hits more than $4000, it would mark a 25% increase over today’s prevailing prices. However, Robert emphasized that the technical fundamentals of Bitcoin remain weak, so the price can have downward tendency to the price mark of $3100 or even lower – $2700. The representatives of Fundstrat have also suggested that 250 small-cap coins are at risk, as they all are vulnerable to market jumps.

There are some reasons why Bitcoin price may fall down:

  1. Lunar New Year. During this period, Asian traders have relatively weak activity which may bring consequences to Bitcoin’s rate. The unofficial holidays will last till February 19.
  2. Uncertainty with the US budget. The Congress and the President of the US cannot reach an agreement, this will have influence on financial markets.
  3. Trade war between US and China.

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Soft Fork and Hard Fork in Simple Words

Many people do not want to understand the subject of cryptocurrency, because they think it is very difficult, and to understand how everything works, it is necessary to spend a lot of time. Indeed, for an unprepared person, some terms may seem very complicated: blockchain, hard fork, soft fork, etc. Of course, if you want to learn how to code, create algorithms or new cryptocurrencies, then you need to get a profile education, which will take more than one year. But if your goal is a trivial desire to understand the basics, then you will need to read just a couple dozen guides, which, by the way, you can find on our website.

In this material, we will tell you in simple words how hard fork differs from soft fork, and also recall the main Bitcoin hard forks.

1. What is soft fork?

Soft fork is the process of software updating or changing the code of a particular cryptocurrency. When conducting softfork, there is no need for a total replacement of computer software that ensures the operability of the coin network. All innovations that are made during the soft fork have full compatibility with older versions of the network. This means that if the coin creators want to cancel this update, they can do it without any problems.

To make it clear for an ordinary person who does not understand the nuances of the blockchain’s work, let us draw an analogy with the denomination of the ruble of the Russian Federation. In 1998, the Central Bank of the Russian Federation artificially raised the rate of the national currency in 1000 times. But after that, old-style banknotes were still in use for some time. If the Central Bank specialists considered this experiment unsuccessful, they could have easily canceled it and returned the previous exchange rate of the ruble.

Basically, soft fork is conducted because of the need to improve the network, as well as the liquidation of detected errors. During these updates, there is no change in the basic principles of the network.

2. What is hard fork?

Cryptocurrency hard fork is a cardinal change of the blockchain network code, which implies the lack of compatibility with older software. Roughly speaking, in the process of carrying out hard fork, a completely new cryptocurrency is being created, which cannot work with the old version within the same network. After hard fork, an alternative blockchain is created and it works on a completely different principle.

To simplify the process of understanding the above information, let’s also give an analogy from real life. Most people know that the euro currency has now been entered as legal tender in the European Union. Its introduction began in 1999. In the process of development, the euro has stopped to depend on the franc or dychmark and has become an absolutely independent currency.

The main reasons why developers spend cryptocurrency hard fork:

  • implementation of improvements that require major changes;
  • elimination of major bugs;
  • a desire to create a new cryptocurrency based on an already working product.

The main hard fork meaning is to create a separate blockchain, which will have its own miners.

3. The main hard forks of the first cryptocurrency Bitcoin

Hard forks in Bitcoin happen much more often than in any other cryptocurrency. Now let’s talk about the main forks what happened in Bitcoin network lately.

Bitcoin TX. This project is noticeable by only the fact it was the first hard fork in the Bitcoins network. The development team led by Mike Hearn held this hard fork in August 2015. The principal difference between the new project and the original Bitcoin was an increased block size (up to 8Mb). This solution would increase the capacity of the blockchain to 24 transactions per second. For the further development of Bitcoin XT, it had to be supported by ¾ of all the miners of the original Bitcoin network. But in fact, the first hardfork got support of only 12% miners. For this reason, the project was forgotten over time, and its network became incapable.

Bitcoin Classic. The developers of this project took into account the Bitcoin XT errors and decided to smoothly increase the block size: initially increase it to 2 MB, and only after 24 months – double it to 4 MB. It occurred in January 2016. But, unfortunately, this hard fork also failed. The reason was all the same low support from the miners. Officially, the project was closed in November 2017.

Bitcoin Cash. As of today, it is the most successful and popular Bitcoin hard fork. It is the only BTC fork, which not only got, but also stayed for a long time in the list of TOP-10 cryptocurrency projects. It was initiated in August 2017. The main advantages of this project over the original BTC are: increased capacity, low commissions. Subsequently, Bitcoin Cash had its own hard fork (November 15, 2018), which slightly weakened its position, but the project is not forgotten and continues to develop.

4. Conclusion

Briefly and in simple words, hard fork definition is a large-scale update of an existing cryptocurrency, in the process of which a new coin appears. Soft fork can be compared with a planned software update, which does not imply the emergence of a new cryptocurrency.

If to look at the history of Bitcoin hard forks, it appears, that no project has even managed to come close to BTC, so far. At the moment, the only more or less successful project is Bitcoin Cash, but developers need to put much efforts to help their brainchild to compete to its older brother.

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