Bitcoin Red:The New Black
Since its conception back in 2009, Bitcoin has made itself the benchmark for all other cryptocurrencies. Whether its Bitcoin Cash, Bitcoin Gold or Litecoin, they are all off-shoots of their bigger brother, Bitcoin. These other types of coin are all made possible by a process known as a “Hard Fork”. However, there are many more than just a handful of cryptocurrencies and now, Bitcoin Red is making a name for itself on the markets.
What is a Hard Fork?
A Hard Fork happens when an encrypted currency undergoes a major modification to its protocol or the “blockchain” that defines it. The new rules, which define the new “fork”, are results of this modification and will no longer match its predecessor’s protocol. For a modification of this type to become functional, a hark fork requires the unanimity of the vast majority of its network’s participants, most notably the currency’s nodes and miners.
When creating a new cryptocurrency, this hard fork method is usually employed. It is in this very same way that other cryptocurrencies are born. Ether, Ripple, Bitcoin Gold and of course, Bitcoin Red are all the results of this same exact process.
Sometimes, only minor changes are made which are still somewhat compatible with a cryptocurrency’s blockchain. The resulting process is called a “Soft Fork” and only the approval of most of the network’s nodes and miners is needed for this type of fork.
The Bitcoin Red Project
Bitcoin Red (BTCRED) is a new version of Bitcoin’s protocol that was launched in October of 2017, and is intended to eventually replace it. The currency’s official website announced that “Bitcoin has been the father of all cryptocurrencies for a long time, but now it is getting old and its being surpassed by other encrypted currencies. It is time for Bitcoin to retire and make way for a younger generation.”. Bitcoin Red is looking like it will be “the future of encrypted money in e-commerce.”
To buy or sell Bitcoin Red, you would generally turn to one of these exchange platforms: EtherDelta, COINEXCHANGE.io and YoBit.net. However, those holding Bitcoin Red will be able to store their coins in one of these wallets: Metamask, Ethereum Wallet, MEW, ImToken, Parity, Ledger.
Transaction fees are supposed to float somewhere in between $0.2 and $0.5, while Bitcoin transaction are typically as high as $4.
The Current Value of BTC RED
On October 25th. Bitcoin Red was valued at about $0.004 and has followed a clear upward progression ever since. Only twenty-four hours later, on October 26th, that value had multiplied tenfold to $0.03, right before dropping back down to $0.01 a few days later.
After that, things stood still until November 20th when Bitcoin Red’s value suddenly rose up again and reach $0.04 and then two days later, made its way up to $0.10.
By December 4th, there was another very impressive leap upward to $0.55, which has yet to be BTC RED’s highest record yet. At the time of writing this article, its value is at $0.22.