Sponsored: Bitcoin $BTC clones are becoming history, Metadoro’s Marchena says
Since cryptocurrencies began to be popular numerous projects started to emerge in an attempt to replicate the success of the origins. The first cryptocurrency, Bitcoin, remains the most popular digital currency and is vulnerable to forging as it has its weak points. Even the second most popular cryptocurrency, Ethereum, created by Vitalik Buterin, merged to avoid these weaknesses and to pioneer new technology perspectives.
The first Bitcoin fork was initiated in 2014 to increase the block size cap and transaction speed. There was a lot of buzz around Bitcoin XT in 2015 when the Guardian wrote that Bitcoin is facing “a civil war.” The new fork was praised as “extremely democratic,” making open-source technology “so much more powerful than technology controlled by any one person or organization.”
Then numerous projects that put in more or less efforts to improve bitcoin network capacity, transaction speed, privacy protections, and other issues faced by the original were set into motion. The best known are Bitcoin Classic, Bitcoin Unlimited, Bitcoin SV, eCash, and Bitcoin Gold.However, there were some other projects with no technology behind them, at least without any transparent operational blockchain. OneCoin emerged from almost nowhere in 2015.
There have been many scam projects in the crypto market since then which undermine the trust in cryptos themselves. But a new era of regulatory grip has haunted many crypto projects. Most of them decided to operate in new regulatory environments, though it is not clear how the regulations will be implemented in different jurisdictions.
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