What exactly is a Bitcoin fork, for beginners? Back to list

Member SinceJul 08, 2021

Posts 201

Sterling

Nov 01, 2021 a 11:35
For the purpose of conceptualizing a fork in a cryptocurrency's blockchain, imagine that the fork introduces a new set of rules that bitcoin must follow. The blockchain of bitcoin splits into two possible directions following a fork. Due to the implementation of a new rule, users who are mining a particular bitcoin blockchain can choose between two sets of rules. It represents a point of decision, like a fork in the road.

Member SinceAug 09, 2021

Posts 250

Hightrade

Nov 02, 2021 a 16:32
The Bitcoin blockchain is a public ledger of cryptocurrency transactions. This decentralized network records information about transactions to help verify them, but it doesn't have any say in the content of the transaction. To make changes to the way Bitcoin works, developers take code from the existing software and create what's called a "fork." Forks are essentially just copies of Bitcoin with different features. A hard fork occurs when there is a disagreement between developers about how to proceed, which prevents them from coming together.

Member SinceJul 12, 2021

Posts 241

Fiba

Nov 02, 2021 a 19:03
Bitcoin is a cryptocurrency that has been around for nearly ten years now. Bitcoin itself is not owned by any centralized entity, but rather, it's owned by all individual Bitcoin holders. Bitcoin forks are the process of splitting Bitcoin into two different currencies, which happens when miners or users want to implement new rules or update the block size. The result of this split is the original Bitcoin and the new Bitcoin fork.

Member SinceJul 12, 2021

Posts 239

meni78

Nov 16, 2021 a 07:16
It refers to the splitting of Bitcoin into two currencies. This occurs when miners are trying to introduce new rules or changes. It is essentially a copy of Bitcoin with slightly different elements.

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