Cryptocurrency ‘forks’ could beat price of Bitcoin, Ethereum, Litecoin and Ripple

Process which makes new virtual currencies could also create a lot of wealth

If you’ve never bought Bitcoin, it’s easy to start to feel jealous of anyone who amassed a huge stash when they were worthless.

But there’s hope for anyone who’s worried they have missed the boat.

Forking is the name for a process in which a new coin is created by creating a new branch on an existing blockchain – the name for the virtual ‘ledger’ which stories cryptocurrency transactions.

The most famous forked currency is Bitcoin Cash, which was created in August 2017

August 1 when a group of Bitcoin miners announced that they would be ‘forking’ to create a new currency which makes trading faster and easier.

Logging transactions on the Bitcoin blockchain is notoriously slow, with between three and 7 logged every second. Bitcoin Cash is designed to work much faster and allow many more transactions to be logged at a speedier pace.

Thomas Lee, an analyst with Fundstrat, said forked cryptocurrencies could prove to be a good investment.

‘Tokens with upcoming forks and airdrops have outperformed bitcoin by 4.8% since the peak of altcoins,’ he wrote in a briefing note, according to Fortune.

A new currency called Bitcoin Private will fork from two blockchains – Bitcoin and ZClassic – on February 28, combining both blockchains by ‘co-forking’.

In March, there are three forks to look out for.

On the 1st, a fork from Ripple will form a currency called Onology. Callisto will be created in a fork from Ethereum Classic on March 5 and MoneroV from Monero on March 14.

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