[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!
[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!

Queerest Bitcoin Forks So Far: ‘God’, ‘Pizza’, What Is Next?

  • Yuri Molchan
    ⭐ Features

    Bitcoin has had over 44 forks but three of them sound to be strangest

Queerest Bitcoin Forks So Far: ‘God’, ‘Pizza’, What Is Next?
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At the end of 2017, when the crypto market prices reached their peaks, and before 2018 shot off, several Bitcoin forks appeared. Some of them had quite peculiar titles. Back then, regulators banned some of ICOs, both promising and silly ones, platforms initiated forks of existing projects to ensure themselves interest and liquidity at an early stage.

Every project with a high potential is ‘balanced’ with a bad or silly one. Same goes for Bitcoin. In this story, we will go into three weirdest forks of Bitcoin, which either started off with ridiculously ambitious targets, doubtful and unrealistic aims to ‘save the world’ or those that large players just got over.

Bitcoin Pizza

Bitcoin enthusiasts still remember it when BTC was actually used to buy something for the first time. It was two pizzas and they cost whole 10,000 BTC, which was really cheap back in 2010. Now we have a coin named Bitcoin Pizza (BPA).

The fork took place on Jan. 1, 2018, at block height 501888. BTC owners on exchanges received the exact amount of new coins on a 1:1 ratio with Bitcoin.

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The curious ambition of this fork is that the creators decided to introduce a directed acyclic graph into the Bitcoin structure. Byteball and IOTA use the same technology. Bitcoin Pizza gave its supporters tokens from an airdrop and then promised that they would be allowed to change them for official BPA coins later. However, Blockchain systems cannot be combined with directed acyclic graphs.

Bitcoin Pizza is now pretty much forgotten; their website has long been offline.

Bitcoin God

If Bitcoin is often dubbed the ‘major’ crypto coin, then Bitcoin God (GOD) lifts this status way higher.

This fork sprang to life on Dec. 17, 2017, intended as the first charity Blockchain platform at block height 501225.

Funny as it may seem, initially Bitcoin God was planned to launch on Dec. 25, on Christmas Day.

The idea was that GOD users would vote how many tokens of this Blockchain charities may receive for free. 17 mln GOD coins were given to Bitcoin owners on a 1:1 ratio, 400,000 are intended to be used as rewards to miners (Proof-Of-Stake consensus protocol). 3.6 mln coins are going to be airdropped to charity organizations.

The coin still exists. It supports smart contracts and SegWit along with Lightning Network, and it is anonymous, like Zcash, Dash or Monero.

The coin looks interesting and technically advanced compared to some of its peers. However, the point of its existence with giving away a lot of its supply still raises questions from the crypto community.

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Despite the possible similarity to a GameBoy from the 90s that may leap to somebody’s mind, it has nothing to do with it.

BitcoinBoy (BCB) emerged as a result of a fork on Dec. 31, right on the New Year’s day at block height 501888. As was in the case of Bitcoin God, it implemented smart contracts and zero-knowledge proofs. BCB coins were lavishly spread around, and BTC holders got an exact amount of BCB to their BTC coins. Besides, BitcoinBoy introduced ‘built-in intelligent contracts’ for emitting assets on the Blockchain and for building dApps in order to ‘upgrade’ the BTC chain.

Bitcoin Cash claimed approximately the same targets and has been more successful in achieving them.

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money

Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.

You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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