In the world of open-source software, a fork means copying and modifying code—a natural path for innovation and evolution. In blockchain, however, forking is a double-edged sword: it can represent technological progress or signal division, controversy, and even exploitation.
Bitcoin, the original cryptocurrency, has seen over 100 forks since its inception. Some of these—like Bitcoin Cash (BCH) and Bitcoin SV (BSV)—emerged from ideological battles over scalability and decentralization. Others were little more than opportunistic attempts to cash in on Bitcoin’s brand without offering real value.
But what happened to these forked coins? Where are they now? And what does forking truly mean for the future of decentralized networks?
The Birth of Bitcoin Cash: A Hard Fork That Split the Community
The 478,558th block in Bitcoin’s history marked a turning point. On August 1, 2017, a hard fork gave rise to Bitcoin Cash (BCH)—a new chain with larger block sizes designed to improve transaction throughput.
This split wasn’t just technical—it was deeply political. At the heart of the conflict were two powerful factions:
- Bitcoin Core developers, who favored off-chain scaling solutions like the Lightning Network.
- Large mining interests, led by Bitmain and its co-founder Wu Jihan, who pushed for on-chain scaling via bigger blocks.
Wu Jihan became a central figure in the split. His support for Bitcoin Unlimited—a client advocating larger blocks—earned him both praise and criticism. Critics called him a power-hungry manipulator; supporters saw him as a visionary pushing Bitcoin toward mass adoption.
👉 Discover how blockchain innovations shape digital asset evolution
The result? A new cryptocurrency that briefly ranked among the top four by market cap. But the celebration was short-lived.
The Fracturing of Bitcoin Cash: BSV vs. BCH
Just over a year later, history repeated itself—this time within the BCH community.
In November 2018, Craig Wright (CSW), an Australian entrepreneur who claims to be Satoshi Nakamoto, led a faction that split BCH into Bitcoin SV (BSV). The name stands for "Satoshi's Vision," reflecting CSW’s belief that true Bitcoin should follow the original protocol with massive 128MB blocks.
This time, the battle lines were drawn between:
- Gradual improvement (Wu Jihan’s approach)
- Radical return to origins (CSW’s vision)
What followed was a public feud filled with personal attacks, lawsuits, and social media drama. While BCH had launched during a bull market—softening the blow—BSV’s emergence coincided with a bear market. BCH’s price plummeted from $552 to $74 in just one month, an 83% drop.
Even when factoring in the newly distributed BSV tokens, most investors suffered heavy losses.
“Forks represent different visions,” says Zhang Heng, a blockchain researcher. “But in crypto, where consensus is everything, splitting that consensus can be devastating.”
Beyond BTC: Forks as Ideological Preservation
Not all forks are about greed or ego. Some aim to preserve principles.
Take Ethereum Classic (ETC). After The DAO hack in 2016—a $60 million theft—Ethereum’s core team decided to hard fork the network to reverse the damage. But a minority refused, arguing that immutability is sacred in blockchain. They stayed on the original chain, which became Ethereum Classic.
Similarly, Monero (XMR) has undergone multiple forks to resist ASIC mining. When the community changed its proof-of-work algorithm, some users rejected the change and continued mining the old version—leading to coins like Monero Classic (XMC).
These cases show that forks can act as insurance policies—preserving alternative versions of a blockchain in case the main chain deviates from its founding ideals.
The Dark Side of Forking: IFOs and the Rise of “Paper Coins”
While some forks carry ideological weight, many others are pure opportunism.
Since 2017, more than 105 Bitcoin forks have been recorded. Of these, only about 45 remain tradable today. Most others have faded into obscurity—or outright vanished.
Coins like Bitcoin Pizza, Bitcoin Boy, and Bitcoin Hot exist only in name. They have no utility, no active development, and no trading volume. Experts compare their creation to domain squatting—grabbing names before someone else does.
One particularly controversial model emerged: Initial Fork Offerings (IFOs).
IFOs allow teams to distribute new coins to holders of existing cryptocurrencies—typically Bitcoin. Holders receive free tokens simply for owning BTC at the time of the fork.
But here’s the catch: many IFO projects engaged in pre-mining—mining large quantities of coins before public release.
Take Bitcoin Gold (BTG), one of the most prominent IFOs:
- Pre-mined 100,000 BTG
- Marketed as ASIC-resistant (using GPU mining)
- Suffered a devastating 51% attack in 2018, losing over 388,000 BTG
- Founder Liao Xiang later announced he would sell all his BTG and “hand it over to the community”
Today, BTG trades at around $0.92—down 96.67% from its peak.
Other high-profile failures include:
- Super Bitcoin (SBTC) – down 99.28%
- Lightning Bitcoin (LBTC) – down 99.52%
- Both projects now inactive
👉 Explore secure platforms for managing digital assets across chains
Why Do So Many Forks Fail?
Several factors explain why most Bitcoin forks fail:
- No Real Innovation – Many clones change only minor parameters (e.g., block size) without solving deeper issues.
- Lack of Developer Support – Without active contributors, bugs go unfixed and upgrades stall.
- Weak Community Consensus – If users don’t believe in the fork’s mission, adoption lags.
- Security Vulnerabilities – Smaller networks are easy targets for 51% attacks.
- Token Distribution Issues – Pre-mines and unfair allocations erode trust.
As one investor put it:
“They forked everything except the brains.”
Are Forks Necessary? Perspectives From the Community
Despite the chaos, many experts argue that forking is essential to blockchain’s ethos.
“Forking embodies freedom,” says Sun Wenhao, a blockchain engineer. “It allows anyone to propose a new direction. Only through trial and error can better systems emerge.”
Zhihu user “Tianji” compares blockchain forks to competing versions of popular apps:
“Imagine if anyone could fork WeChat, add features, and let users choose. Over time, the best version wins.”
Jiang Zhuolei, founder of Litecoin mining pool BTC.TOP, agrees:
“If teams have different goals, they should fork. Let the market decide who’s right.”
Yet critics warn: every fork dilutes Bitcoin’s scarcity narrative.
“Diamonds are just carbon,” says financial commentator Yin Haotian. “But society assigns them meaning through consensus. In crypto, that consensus is everything.”
Frequently Asked Questions (FAQ)
What is a hard fork in blockchain?
A hard fork is a permanent divergence in a blockchain’s protocol that creates two separate chains—one following the new rules, one sticking to the old. Users on both sides typically receive tokens from each chain.
Why do cryptocurrencies get forked?
Forks happen due to disagreements over technology (e.g., block size), philosophy (e.g., decentralization), or governance. Some forks aim to fix bugs or add features; others are launched for profit.
Do all Bitcoin forks have value?
No. While BCH and BSV retain significant market presence, most Bitcoin forks lack innovation, security, or community support—and eventually lose value.
Can I still claim coins from old Bitcoin forks?
Possibly—but only if you held Bitcoin at the time of the fork and have access to your private keys. Many older forks are no longer supported or tradeable.
Is forking good or bad for crypto?
It depends. Healthy forks promote innovation and choice; predatory forks exploit users. The market ultimately determines which survive.
What happened to BTG after its 51% attack?
After losing over $18 million worth of BTG in 2018, confidence collapsed. Development slowed, and the founder publicly abandoned the project—marking one of the most visible failures of an IFO-based fork.
Forking remains one of the most polarizing forces in cryptocurrency. It can empower communities or enable scams. It can preserve ideals or fragment ecosystems.
For every successful fork like BCH or ETC, dozens of copycats have crashed and burned—proving that while anyone can clone code, building trust takes far more than a GitHub repository.
As long as debate exists in crypto, so will forks. And as long as markets function, they’ll sort the signal from the noise.
👉 Stay ahead in crypto with tools built for navigating complex blockchain landscapes