Cryptocurrency hard forks have become a lot more common in the past few months. Virtually every major currency has its own hard fork right now, and it seems this somewhat popular trend will not slow down anytime soon. With Bitcoin Prime now looming on the horizon, there will be even more confusion in the cryptocurrency industry.
Is There a Purpose to Bitcoin Prime?
We don’t necessarily need more forks of Bitcoin which will get some initial hype and then drop off the radar completely. Although it is still too early to tell what will happen with Bitcoin Prime in the long run, the project is shrouded in mystery for the time being. It was only announced a few hours ago, and no real specifics have been made public at this time.
We do know Bitcoin Prime is an alleged fork of Primecoin and Bitcoin. That is a rather interesting development, as Primecoin is not something most people have kept tabs on after its initial hype in 2014 died down. Most people expected PrimeCoin to have been dead in the water by now, but it still has some sort of value and its trading volume is increasing as we speak. This is probably because of the Bitcoin Prime announcement, though, which may indicate that this is another attempt at manipulating both existing and upcoming cryptocurrencies.
With not much information to go by right now, there has been a lot of speculation as to what one can expect from Bitcoin Prime. It is evident all of these hard-forked currencies have a lot to prove to the masses, as just being a hard fork is not sufficient to gain any sort of traction. If there are no notable differences between Bitcoin Prime and other forks of Bitcoin, it will not gain any traction whatsoever. Nor should it, as there are thousands of currencies in existence already.
There are rumors that one of the Bitcoin Prime lead developers is Rhett Creighton. While that name may not mean much to the average cryptocurrency enthusiast, Creighton was recently fired from Bitcoin Private. This is a very surprising development, although it doesn’t come as much of a surprise.
As is always the case when a forked currency appears, the question arises as to whether or not the various cryptocurrency exchanges will support this token. In this particular case, it appears virtually impossible that any reputable exchange will support Bitcoin Prime right away. Even so, getting listed on an exchange would not in itself make Bitcoin Prime a worthwhile currency.
For now, we will have to wait and see how this fork of Primecoin and Bitcoin will pan out. There will undoubtedly be some initial momentum and hype associated with Bitcoin Prime, but as we have seen with other hard forks, that momentum could die down pretty quickly. With no official release date set for Bitcoin Prime, there is very little reason to pay much attention to this project until more definitive details are announced.