Beware Of Cryptos Copying Bitcoin

January 4, 2019 / by Zachary Mashiach

Bitcoin (BTC) is the one and only king of cryptocurrency. Bitcoin has by far the highest market cap at $68 billion with a price of $3,800 per coin as of today. Bitcoin’s trading volume on the spot markets is in excess of $4 billion per day, far higher than any other cryptocurrency, and this does not even account for the billions of dollars traded in the over the counter (OTC) and peer to peer markets.

In short, Bitcoin is the most widely adopted cryptocurrency and is considered the primary global cryptocurrency.

Other cryptocurrencies try to piggyback off Bitcoin’s reputation, copying Bitcoin’s name, including Bitcoin Cash (BCH), Bitcoin SV (BSV), Bitcoin Gold (BTG), Bitcoin Diamond (BCD), Bitcoin Private (BTCP), and Bitcoin HD (BHD).

Although these cryptocurrencies have Bitcoin in their names, they are certainly not Bitcoin. They are worth much less than Bitcoin and have far weaker reputations than Bitcoin.

It gets worse. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are closely copying Bitcoin’s logo, which can lead to the misconception that these altcoins are Bitcoin (BTC). 

 class= The official Bitcoin logo, courtesy of the Bitcoin Wiki.

Bitcoin SV has changed its logo recently (below) to closely copy the official Bitcoin logo. Simultaneously, the creators of this logo are claiming that Bitcoin SV is the true Bitcoin “The BSV logo is revealed on the 10th anniversary of the Bitcoin genesis block, to mark Bitcoin SV as rebirth of the original Bitcoin.” On the official Bitcoin SV website, it says “Bitcoin SV is the original Bitcoin.”

Do not be fooled.

Bitcoin SV (BSV) — a fork of Bitcoin Cash (BCH) — started less than two months ago and has a price of $86 and a market cap of $1.5 billion, a mere 2.2 percent of the value of Bitcoin (BTC).

 class= Bitcoin SV (BSV) Logo

One of the Bitcoin Cash (BCH) logos (below) from the official website is also very similar to Bitcoin’s (BTC) logo.

Literally, this Bitcoin Cash (BCH) logo is simply the Bitcoin (BTC) logo rotated. The Bitcoin (BTC) logo can be seen at the top of the article. On the Bitcoin Cash (BCH) official website, it says “Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as peer-to-peer electronic cash.”

Despite what the logo and website may indicate, Bitcoin Cash (BCH) is certainly not Bitcoin (BTC). Bitcoin Cash (BCH) started in August 2017 and has a value of $158 and a market cap of $2.8 billion, 4.1 percent of the value of Bitcoin (BTC).

 class= Bitcoin Cash (BCH)

When buying Bitcoin, make sure you are buying or receiving actual Bitcoin instead of the numerous Bitcoin knockoffs. If you are tricked into accepting a Bitcoin knockoff instead of actual Bitcoin (BTC) you will lose more than 90 percent of the money you paid if you paid the price for true Bitcoin.

A surefire way to determine if you are receiving actual Bitcoin is to ensure your wallet address and transaction ID show up in the Bitcoin block explorer. Also, use one of the wallets listed on Bitcoin.org, which is the semi-official Bitcoin website that was started by Bitcoin’s creator Satoshi Nakamoto. The best wallet to use is Bitcoin Core, the wallet that is officially maintained by Bitcoin’s developers.

Some Bitcoin wallets also accept Bitcoin Cash (BCH), so make sure you are getting actual Bitcoin (BTC), and do not let anyone tell you that they are the same thing. If you verify with the Bitcoin block explorer and use a wallet listed on Bitcoin.org, it will be difficult to impossible to be tricked into receiving a Bitcoin knockoff.