What Is A Hard Fork? Bitcoin Hard fork Explanation 🍴🍴

What Is A Hard Fork? Bitcoin Hard fork Explanation 🍴🍴


What’s up CryptoPeeps it’s your girl,
Maria, here to deliver your daily dose of Bitcoin news! Bitcoin is getting forked?! Calm down, it’s not what you think. If you’ve been doing your research on cryptocurrencies,
you might’ve read about the great debate on bitcoin forks. Bitcoin as we know, is an open source software
which means that the code is available for all to utilize. Those who are willing to participate in the
Bitcoin network can be a miner, node operator, or wallet administrator. These people are updating and maintaining
current versions of the Bitcoin software code. The blockchain – the technology underlying
Bitcoin, is continuously growing. Since Bitcoin is a decentralized network,
participants in the network need to agree on a common set of rules to achieve consensus. This, therefore, results in a single chain
of verified data that everyone agrees is correct, or a single truth. So I told you that Bitcoin is getting forked! A fork is a change to the software of the
digital currency that creates two separate versions of the blockchain. These are merely protocol upgrades. It can either be temporary or a permanent
split in the network creating two separate versions of the blockchain, creating two different
digital currencies. A fork occurs when the single blockchain splits
into two either due to a split in consensus or a change in protocol rules. And a change in the underlying rules of the
protocol is generally classified into 3 categories: Soft Forks, Hard Forks and Spin-off Coins A soft fork is where updated versions of the
protocol are backwards compatible with previous versions. It is easier to implement this since only
most participants need to upgrade the software and all others, whether they’ve updated
or not will continue to maintain compatibility with the network. A hard fork on the other hand can be complicated. This is a change of the Bitcoin protocol that
is not backwards compatible with the older versions. All participants must upgrade to continue
participating and validating new transactions. Those who didn’t upgrade, would be separated
from the network and cannot participate in new transactions. This results in a permanent deviation from the
blockchain. However, as long as there is support in both
chains, these will simultaneously exist. The most well-known hard fork is Bitcoin Cash,
which was designed to process transactions quickly and cheaply. It took the one MB block size that bitcoin
has and increased it to eight MB. It was first launched back in August 2017
and is still alive today BUT there have been many arguments regarding this. For one, they basically copied the program
of bitcoin and people are speculating if the people behind bitcoin cash just wanna take
over the system. Secondly, its pretty new and untested. Unlike bitcoin that’s been around for many
years and has many websites and merchants that support it. Lastly, people are arguing that it is simply
a scam into tricking consumers that they are getting bitcoins for a lower price. I know forks can be confusing, but the bottom
line and most important thing is that you understand who, where, and why the fork is
happening, so you can decide whether or not you support the change. Through this, you can help the ever-growing
bitcoin community. What do you think of bitcoin forks? Have you ever supported or opposed one? Let us know in the comment section below. Don’t forget to give this video a thumbs
up and subscribe to our channel. Once more I’m Maria and
this is WeTheCryptos!

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47 thoughts on “What Is A Hard Fork? Bitcoin Hard fork Explanation 🍴🍴”

  • Michael Sargent says:

    For those who are wondering, a hard fork (or sometimes hardfork), as it relates to blockchain technology, is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the latest version of the protocol software…. Thanks for the video !

  • Ismail Shaikh says:

    Im confused- how would one cash out after a fork? In other words, how do you claim the new currency as your own after a coin has forked?

  • Kumarlavanya M says:

    Excellent explanation. Although, hard fork is not compatible with older versions, upgrading will let us to get new things. Thanks for sharing.

  • I've always wondered what a Bitcoin hard fork meant. I've watched a few explanation videos but yours is by far the best, I actually understand it now! Thanks.

  • Jaime Espinoza says:

    I enjoyed the video from start to finish, thanks for this in-depth and professional explanation about this system, I've already started to invest in bit and I'm doing really well thanks to all the videos on this channel I've learned about the world of krypton coins.

  • Fork is the change of the digital currency that creates two separate version of the blockchain which is temporary and permanent. Thank you for this informative video, I understand now what is fork in blockchain.

  • You guys are getting better and better every time keep up the good work guys. I learnt a lot about hard fork thanks for sharing this

  • Nice… but one thing is that bitcoin cash is NOT a copied program of bitcoin core. It has same genesis block only with the upgrades.. like the bitcoin (bitcoin core) that most everyone knows..

  • Nice to learn something new and get more information about Bitcoin world, i'm curious about it because I'm mining Bitcoin and want to earn more, and even hard ford is complicated, but your explanation makes it easier to understand. Thanks for sharing

  • Thank you so much for the latest information about bitcoin. That's why i am a regular viewer of your channel. Expecting more videos like this…

  • Hehe..when i first moved into these bitcoin and altcoin things, I heard a lot of these things. Now I understood what is bitcoin fork.

  • Fork is the change of the digital currency that creates two separate version of the blockchain which is temporary and permanent.
    Something I'd love to understand is why is Ethereum valuable. And what is the difference between a coin and token? Effectively, could you walk us through the layers starting with blockchain, then [BTC], then tokens, etc? Thank you so much these are great videos!

  • Jisbin San Jose says:

    I heard the term 'Bitcoin Hard fork' couple of days ago on Reddit & since then I have been searching the internet to understand it. this comprehensive video clearly explained what I was looking for.

  • Nidhi Shrestha says:

    I never heard about bitcoin Hard fork before. You guys are always provides us such a innovative information. Thank you for sharing such a useful information with us.

  • I really enjoy watching your videos. You look amazing,you have a great content and i have learned a lot from you! Thank you!

  • You have given a very good description for bitcoin fork for beginners like me. The info is clear in a very short video.

  • Musafir Awara says:

    Yes Maria, now i understood what a fork is? There are so many terms in crypto world. I appreciate quality of guidance this channel is providing.

  • Michael Santos says:

    Awesome! I've been seeing this "fork" a lot in the articles I read and this is the best explanation out there. Thanks!

  • Excellent explanation. You gave detailed information about Bitcoin Hard Fork. Your video is very helpful to others for understand the awareness of bitcoin fork. Keep doing..!

  • Martin Ognenovski says:

    Hey girl thanks for explantation about Hard fork! Yeah bitcoin hard fork, not fork for food:) With every video you are getting better and better! Thanks again for all informations about hard fork!

  • I am little new to bitcoin, Can you tell me from where can I Buy bitcoins and other coins for little low rate….Thank you for making bitcoin little simple for me

  • Santosh Kumar says:

    Excellent description on Bitcoin Hard Fork, was clearly and well defined on what is exactly an hard fork is overall it was interesting video thanks for sharing!!!

  • Very interesting work presentation!! and perfect explanation over different types of bitcoin fork. It's recommended to watch this video to know more about fork easily and in-detail. Stay tuned.

  • I love these videos because they are very informative and at the same time entertaining, they explain many terms related to the world of cryptocurrencies, everyone should see them!

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