Realizing some of the key differences between the various Bitcoin forks and Bitcoin.
#Intro
You are absolutely wrong if you consider the cryptocurrency market to be stable. Many of the Bitcoin siblings itself have been causing a lot of disturbance within the Bitcoin as well as the cryptocurrency market in general. Many Bitcoin forks were initiated, in order to solve the problems that persisted in Bitcoin but as they proved to be more efficient and interactive than Bitcoin, the people’s attention automatically was attuned towards them, rendering the high amount of uncertainty in the market. Also, a generalized technological advancement has constantly been supporting the cryptocurrency domain in its widespread adoption. Bitcoin has gone through many forks which also turned out to be proiminant cryptocurrencies just as bitcoin. Bitcoin Cash, Bitcoin Gold and Bitcoin Dark are some of them. Let us go through Bitcoin Dark in detail today.
Bitcoin forks
According to the experts, it is estimated that Bitcoin itself has almost 10 to 15 hard forks in the form of siblings. However, most of the hard forks have become insignificant and are very unpopular, but some of the Bitcoin forks have been very dominant and has even witnessed to threaten the existence of Bitcoin itself. Bitcoin Cash along with Bitcoin Dark are only some of the Bitcoin forks which have the capability to give a head to head competition to Bitcoin. In fact, Bitcoin Cash has already gained Momentum and has become one of the top 5 cryptocurrencies in the market Bitcoin Dark, on the other hand, is still in its developmental stages and is sure to provide an immense amount of efficiency as well as scalability to the financial domain.
Differences between Bitcoin Dark Bitcoin Cash and Bitcoin
One of the key differences between the Bitcoin brothers is the usage of different consensus algorithms according to the respective architectures. It is very well known that the first cryptocurrency, Bitcoin incorporates the Proof of Work consensus algorithm in order to secure the transactional authenticity of the data. It is to be realized that, even Bitcoin Cash incorporates the Proof of Work consensus mechanism, in order to secure its transactional information on the blockchain. On the contrary, Bitcoin Dark uses the efficient Proof of Stake consensus mechanism, where it doesn’t require any kind of brute force computations to achieve access to the mining activity.
Differences in the mining activities
When it comes to the mining activity, it is well understood that Bitcoin along with Bitcoin Cash incorporates the ASIC mining criteria, as they use the intensive Proof of Work Algorithm. On the other hand, as Bitcoin Dark utilizes the Proof of Stake, a mechanism which doesn’t require much processing power, its mining activity is predominantly vested with CPU as well as GPU equipment. In a nutshell, Bitcoin Dark utilizes an eco-friendly approach to the Crypto mining activity as Bitcoin and Bitcoin Cash uses the Proof of Work’s SHA256 which is lesser environmental friendly.
Generalized opinion within the cryptocurrency space
People have a very generalized mindset when it comes to the popularity and the notions of a coin. With respect to Bitcoin, it is the most well-known cryptocurrency as it has the first mover’s advantage. All the crypto enthusiasts got familiar to the crypto domain only through bitcoin itself. Whereas, even the Bitcoin Cash community was able to tip its popularity amongst the community. Bitcoin Cash’s popularity is mostly due to the transactional capabilities, with faster speed and reduced costs. On the other side, Bitcoin Dark has constantly been under speculations by various cryptocurrency professionals, as it is deemed to be one of the most useless forms of cryptocurrency in the market. But if one carefully observes the various technologies involved by the cryptocurrency blockchain platform, then it is hard to decide that the cryptocurrency is not useful enough.
Which one of the three is worth investing in?
Bitcoin can be considered for a long-term investment. Whereas Bitcoin Cash is also highly reliable as both the cryptocurrency are highly backed up by highly experienced team members but when it comes to Bitcoin Dark, as not much information along with its online popularity is observed to be available on the internet, the cryptocurrency is expected to vanish within the domain itself. The former 2 coins can be considered for investments whereas Bitcoin Dark can be considered for short term gains.
Disclaimer
Investments in any kind of coin must be done only after expanding extensive Research and any such indications in this article should not be read or deciphered as an expert advice. It is just a generalized opinion which is conceived based on arbitrary factors.