More than 40 hard forks, including Bitcoin Pizza, Bitcoin Candy, and Bitcoin God, use the name of the bitcoin, only to generate short-term profits.
This was stated by Coinomi Project Director, George Kimionis.
“Unfortunately, most fork-based projects that we see today are just an attempt to make money. Looking back a few years ago, we can understand that they were just mutations that encouraged investors who were blinded by rising prices. They can not be called honest attempts to contribute to the ecosystem of the blockchain, ” the developer said.
Bitcoin Private, Bitcoin Diamond, Bitcoin Gold, Bitcoin Atom, Bitcoin Candy and Bitcoin Pizza are just some of the more than 40 hard forks that have emerged since Bitcoin Cash appeared last August.
According to Leksa Sokolina, director of financial strategy of Autonomous Research LLP, such platforms as Fokgen allow almost anyone to create clones of the main cryptocurrency. Often such forks imply only copying the code base of bitcoin, name change, and re-branding. It’s hard to see it as a hard fork.
Such projects only distribute newly created tokens to the existing bitcoin user base. More precise terms for describing these projects are “replica”, “airdrop”, or “clone”. Crypto investors do not take them seriously. As of June 2018, among the first 200 cryptocurrencies at market value, there is no fork of bitcoin, with the exception of Bitcoin Gold, Bitcoin Diamond and Bitcoin Private.