Press "Enter" to skip to content

Forkhandles?

So the Bitcoin Blockchain which is basically a ledger sometimes forks. Now there are soft forks and there are hard forks.

Soft Forks

A soft fork is where something in the specification of the Bitcoin changes, but it’s backward compatible, that means that miners running older software and people using bitcoins won’t notice any change, personally I like to keep to the latest soft fork to maintain the most compatibility with the network.

Hard Forks

Basically this is where someone decides (or a group) to make a change that is not compatible, this normally means the birth of a new Crypto Currency (however Bitcoin still have a massive 80% majority share of the currency market). So we have a choice as a community to stick with Bitcoins or move to a new fork, it’s almost like the birth of a lot of denominations in religion where people think they can improve on what was before or correct a problem.

For Further reading Wikipedia has an interesting article here.

Just to give you an idea of how much power Bitcoin (and why I’m sticking with it) has in the market… here

 

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

(C)2015-18 UK Bitcoinblog.com/Paul Clevett all rights reserved.