Single speed bikes are all the rage now a days. Most of them converted from old normal bikes. This can be done yourself with a little work, and that is just what I am planning to do. I have gotten a hold of a decent bike frame and will start the conversion progress later this weekend or next week.
Here is some general information about single speed bikes:
A single-speed bicycle is a type of bicycle with a single gear ratio. These bicycles are without derailleur gears, hub gearing or other methods for varying the gear ratio of the bicycle. Historically, all bicycles were single speed bicycles, specifically fixed-gear or fixed wheel single speed bicycles that had no mechanism to vary the gear ratio or to allow the pedals to coast while the drive wheel moved.
Many individuals looking to improve the efficiency, speed and comfort for bicycle riders developed freewheel systems and gearing systems for bicycles. The term 'single speed' in this article refers to modern bicycles.
There are many types of modern single speed bicycles; BMX bicycles, most bicycles designed for children, cruiser type bicycles, classic commuter bicycles, unicycles, bicycles designed for track racing, fixed gear road bicycles, and fixed gear mountain bicycles.
A subset of single speed bike is the fixed-gear bicycle. The difference is that a fixed-gear bike does not have freewheel mechanism to allow coasting.
And of course some pictures and a "how to" video from youtube:
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