Cryptocurrencies have revolutionized the way we think about money and financial transactions. Bitcoin, the world’s first and best-known cryptocurrency, paved the way for a new era of digital currencies. Over the years, hundreds of new cryptocurrencies have emerged, each with unique characteristics and capabilities.
In this guide, we’ll explore cryptocurrencies that include "Bitcoin" in their names and the platforms you can use to manage these digital assets.
A Short Introduction to Bitcoin (BTC)
Bitcoin (BTC) is a decentralized digital currency powered by blockchain technology. Created in 2009 by the pseudonymous Satoshi Nakamoto, Bitcoin remains the top cryptocurrency by market capitalization, with over 19 million coins in circulation. It enables peer-to-peer transactions without intermediaries like banks or governments.
Key features of Bitcoin:
- Transparency and immutability via blockchain technology.
- Low-cost, fast transactions compared to traditional payment methods.
- Decentralized control, fostering financial sovereignty.
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Bitcoin Cash (BCH)
Launched: 2017
Purpose: Address Bitcoin’s scalability issues via a hard fork.
Bitcoin Cash (BCH) increases block size to 32MB (as of 2021), enabling:
- Faster transactions and lower fees.
- Retained Bitcoin fundamentals: Security, transparency, and a max supply of 21 million BCH.
Use Case: Ideal for everyday transactions due to its efficiency.
Bitcoin SV (BSV)
Launched: 2018
Origin: Hard fork of Bitcoin Cash (BCH).
Bitcoin SV (BSV) aims to restore Satoshi Nakamoto’s original Bitcoin protocol. Key traits:
- Larger block sizes for higher transaction throughput.
- Focus on enterprise-level scaling.
- Fixed supply: 21 million BSV.
Bitcoin Vault (BTCV)
Unique Feature: Enhanced security via a 3-key system:
- Standard Transaction Key
- Cancel Transaction Key (allows reversing transactions within 24 hours).
- Fast Transaction Key (speeds up transfers).
Technology: Uses a 144-delay block mechanism to confirm transactions securely.
Bitcoin Gold (BTG)
Launched: 2017
Goal: Democratize mining by replacing ASICs with GPU-friendly Equihash algorithm.
Advantages:
- Decentralized mining accessible to individuals.
- Resistant to 51% attacks due to broader miner distribution.
- Low fees for cost-effective transactions.
Wrapped Bitcoin (WBTC)
Purpose: Bring Bitcoin liquidity to Ethereum’s DeFi ecosystem.
How It Works:
- Each WBTC is 1:1 backed by BTC held in reserve.
- ERC-20 token usable in Ethereum-based dApps (e.g., trading, lending).
Bitcoin BEP2 (BTCB)
Platform: Binance Chain
Function: Pegged 1:1 to Bitcoin for seamless BTC use on Binance’s ecosystem.
Benefits:
- Fast, low-cost transactions on Binance Chain.
- Interoperability with BEP2-supported dApps.
Storing Bitcoin-Based Altcoins
Choose a non-custodial wallet like Guarda Wallet for secure management of these assets. Key features:
- Multi-platform support (desktop, mobile, web).
- Built-in exchange (no KYC required).
- Staking and crypto loans.
Conclusion
These Bitcoin-named altcoins offer diverse utilities—from scalability (BCH, BSV) to DeFi integration (WBTC, BTCB). Always prioritize security by selecting trusted wallets and exchanges.
FAQ
1. What’s the best wallet for Bitcoin-based altcoins?
Opt for non-custodial wallets like Guarda, which offer full control over private keys and multi-currency support.
2. How do Bitcoin hard forks differ from soft forks?
Hard forks (e.g., BCH, BSV) create new blockchains, while soft forks are backward-compatible upgrades to the existing chain.
3. Why use WBTC instead of native Bitcoin?
WBTC enables BTC participation in Ethereum’s DeFi ecosystem, unlocking lending, trading, and yield farming opportunities.
4. Is Bitcoin Gold still relevant?
Yes, BTG remains popular among GPU miners and users seeking low-fee transactions with Bitcoin-like security.
5. Can I mine Bitcoin Vault?
Yes, but its unique key system prioritizes security over mining rewards. Check hardware compatibility first.