What is a bitcoin fork?
Hello. What is a bitcoin fork? I read something there that it is divided in half and a new cryptocurrency is created. Could someone explain this concept to me in terms understandable to a layman?
Hello. What is a bitcoin fork? I read something there that it is divided in half and a new cryptocurrency is created. Could someone explain this concept to me in terms understandable to a layman?
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3 answers
A "fork" is a change in the digital currency's software that creates two distinct versions of the blockchain with a shared history.
A forkc can be temporary, lasting a few minutes, or it can be a permanent split in the network creating two separate versions of the blockchain. When this happens, two different digital currencies are also created.
There are several reasons why forks are created. For example, when a digital currency protocol change is proposed, users must show their support for the new version and upgrade - in a similar way to people regularly updating applications on their computer. For these changes to be approved, many people must agree, just as changes to mobile networks require the approval of many telephone companies.
A "fork" is a change in the digital currency's software that creates two distinct versions of the blockchain with a shared history.
A forkc can be temporary, lasting a few minutes, or it can be a permanent split in the network creating two separate versions of the blockchain. When this happens, two different digital currencies are also created.
There are several reasons why forks are created. For example, when a digital currency protocol change is proposed, users must show their support for the new version and upgrade - in a similar way to people regularly updating applications on their computer. For these changes to be approved, many people must agree, just as changes to mobile networks require the approval of many telephone companies.
Machine translated
Blockchain is such a technology that once it starts, nothing can be edited or undone in the entire chain. Therefore, if developers or users agree on any changes or improvements to the network by consensus, a new blockchain must be launched, which is called a fork, and then a new cryptocurrency is created on the newly created chain. Bitcoin has many of its forks that allegedly make changes for the better to the main protocol. For example, the most famous bitcoin fork is bitcoin cash, which copied the source code from the original bitcoin and increased the block size from 1mb to 32mb, also lowering transaction fees.
Blockchain is such a technology that once it starts, nothing can be edited or undone in the entire chain. Therefore, if developers or users agree on any changes or improvements to the network by consensus, a new blockchain must be launched, which is called a fork, and then a new cryptocurrency is created on the newly created chain. Bitcoin has many of its forks that allegedly make changes for the better to the main protocol. For example, the most famous bitcoin fork is bitcoin cash, which copied the source code from the original bitcoin and increased the block size from 1mb to 32mb, also lowering transaction fees.
Machine translated
Machine translated