Toppings of Bitcoin

Yeah! I would like to call it Toppings, because each of them are same but with few small changes in to it. I am not a supporter of this events neither I am a rejecter. I strongly recommend you to consider this article as just a fair and healthy discussions OR rather to clarify my views on it, I have no intention to oppose any person, community, event or group.

The only reason behind Hardforks supposed to take places is because of the technology developments. So obviously I support it but at other hand it is practically annoying when you develop something new but you still continue with the old one.

This thing takes places in Bitcoin is because of the disagreement about further developments within Lead Developers or in other words also called as Bitcoin Community AND Lead Miners who has a very big role within network. It seems to me like that from one Joint Family few members are dividing themselves because of difference of opinion and moving on to some different homes as a new nuclear family. Which does not change all relations with relatives but now you have couple of more houses of the same last name.

In the beginning of November 2016, I heard first time about Bitcoin Hardfork, then eventually I got to heard about different proposals. These proposals are basically nothing but various suggestions of hardfork within Bitcoin Network. Few Lead Developers decided to vote for new changes, few miners decided to vote for entirely different proposal in to the consideration and few decided to continue as old things only, without any changes.

So let’s learn about how Bitcoin, Bitcoin cash, Bitcoin Gold and Possibly Bitcoin Silver are different then each other or rather to say difference between Bitcoin, Bitcoin cash, Bitcoin Gold and Possibly Bitcoin Silver (Which is also known as Segwit2x)

TOPPINGS of BITCOIN
Bitcoin (BTC) Bitcoin Cash (BCH) Bitcoin Gold (BTG) Bitcoin Silver (BTSI)
Total Supply 21 Million 21 Million 21 Million 21 Million
Algorithm SHA256 SHA256 Equihash Equihash
Minable on ASIC Miners ASIC Miners GPU GPU
Block Interval 10 Minutes 10 Minutes 10 Minutes 10 Minutes
Block Size 1-4 MegaBites 8 MegaBites 1-4 MegaBites 4-8 MegaBites
Difficulty adjustments Every 2 weeks Every 2 weeks Every Block Every 2 weeks

 

I don’t want to tell you that which one is better or which one I support but I would like to explain you the understanding of each of the TOPPINGS mentioned above, so that you can decide how does it is going to affect a market.

Total Supply: This is a very important reason for you to know because at the end this what which will drive the market. Reason behind that is because as much as demand is going to increase and supply is going to decrease it will drive the market up if demand gets decreased and supply will be high then obviously it will dive it towards ground. I am not saying that this is only going to be the reason for Price up and down but obviously it is going to be the most important reason.

Well, I guess you should keep in mind that on particular date, people have already been awarded with equal or more number of Tokens on the basis of that particular day’s Bitcoin Holding. So one thing is for sure that Whatever the amount of Bitcoin existed till that particular date, each of the Variety had exact same amount of Tokens on that particular date.

Algorithm: This part of the blockchain is related to miners. Easier the Algorithm is, easier the block would get mined and these things are responsible to define speed of particular Coin or Token’s new generations. So ultimately it is going to affect a supply. You might like to find out which one is harder and which one is easier.

Minable ON: here I actually mean that What type of machinery you will or Miners will require if you would like to mine and generate those tokens including Bitcoins

Block Intervals: This means within how much time new block will be created which miners will be required to decrypt and then encrypt it. PS: being a Miner you can mine only 1 block at a time and until you or someone else does not Decrypt and Encrypt it again, you cannot another block to mine.

Block Size: This simply means, the number of Transactions to carry in one block. The bigger a bock capacity, the more number of Transactions it can carry.

Difficulty Adjustment: This is meant to miners mostly but you indeed require to know that since as soon as difficulty gets harder to solve, time consumption of mining that block will also increase eventually.

 

Well, By the time I am writing this today, Rumors or real news but word is spreading that Segwit2x have been cancelled or being delayed.

The purpose of this article is purely to avoid confusion between different Tokens related to Bitcoins, but I would not like to suggest any particular coin to invest since along with all of the factors mentioned above, there is also another factor which are called “Market Sentiments”, “Acceptance of it”, “Popularity” & “Individual Patience Capacity”

I will certainly oblige you if you will please share this article to others as a fair business practices or may be atleast as a responsible trader.

—– Darshil Shah

Add comment