Wait, there's more than one Bitcoin?
You may have noticed a drop in the Bitcoin price last week and over the weekend, as well as a sharp increase in the Bitcoin Cash price.
Specifically, Bitcoin fell from around $7,500 to about $5,500 and Bitcoin Cash rose from about $650 to about $2,300.
I’m going to go into more detail about the reason for these price fluxations (as well as the subsequent rising back up of Bitcoin and the crash of Bitcoin Cash) later, but today I thought you may be feeling confused — ”wait, there’s two different Bitcoins?”
Actually there’s more versions of Bitcoin than that. There’s Bitcoin, which is the only actual Bitcoin. Then there’s other currencies that were created from what are called “forks” (which is something we will get into later).
For today’s intents and purposes, all you need to know is Bitcoin (as in, singular Bitcoin with no other words after it) is the only Bitcoin. Other currencies with Bitcoin in their names, such as Bitcoin Cash, Bitcoin Gold and Bitcoin Dark are not Bitcoin. They are entirely separate cryptocurrencies.
You’ll notice that each of those other forked currencies has its own price, which is different from Bitcoin’s price.
Any time a crypto has a “fork” a new crypto (common referred to as an “asset”) gets generated — this is true of Bitcoin, but it’s also true of other currencies such as Ethereum, the old version of which is actually called Ethereum Classic (the currency had a fork and the forked version actually became Ethereum, unlike Bitcoin, where the old version remained as Bitcoin and the new forks became something different, such as Bitcoin Cash).
If you were holding Bitcoin and you saw the price dropping, I hope you HODL’d, because it’s already back up!
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