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Bitcoin => Bitcoin Discussion => Topic started by: thilinanamal on October 11, 2017, 01:52:12 PM



Title: What is a hard fork
Post by: thilinanamal on October 11, 2017, 01:52:12 PM
I'm a newbie to crypto world & I think it's a great help to all the newbies if we can make a discussion on hard forks.

Thanks :) :)


Title: Re: What is a hard fork
Post by: Xavofat on October 11, 2017, 03:31:42 PM
A hard fork is a loosening of BTC's consensus rules (such as the block size in the case of Bitcoin Cash and SegWit2x) which results in a chain split

This will be two separate blockchains, which will both share the same history until the time of the split.  After the split happens, they will continue on different paths.  The chain which loosens the consensus rules (the new chain) will follow their new consensus rules, while the old chain follows the previous consensus rules.

Because the chains share the same history, all users who held coins on the old chain also hold the same number of coins on the new chain.


Title: Re: What is a hard fork
Post by: Gotumoot on October 11, 2017, 03:40:37 PM
The hard fork is a way to split a Coins. So far the two hard-forks are Bitcoins and one is going to be on October 25. It will give life to a single currency and call it Bitcoin Gold. This is a good step for Bitcoins holders because they will receive BTG of 1: 1 I mean that your bitcoins will be 0.02BTC you will also receive 0.02 BTG.


Title: Re: What is a hard fork
Post by: thilinanamal on October 14, 2017, 04:35:22 AM
A hard fork is a loosening of BTC's consensus rules (such as the block size in the case of Bitcoin Cash and SegWit2x) which results in a chain split

This will be two separate blockchains, which will both share the same history until the time of the split.  After the split happens, they will continue on different paths.  The chain which loosens the consensus rules (the new chain) will follow their new consensus rules, while the old chain follows the previous consensus rules.

Because the chains share the same history, all users who held coins on the old chain also hold the same number of coins on the new chain.

What is the process of changing into new blockchain?
Does all members should transfer their previous blockchains to new one or is it depend on user's choise?


Title: Re: What is a hard fork
Post by: thilinanamal on October 14, 2017, 04:37:49 AM
The hard fork is a way to split a Coins. So far the two hard-forks are Bitcoins and one is going to be on October 25. It will give life to a single currency and call it Bitcoin Gold. This is a good step for Bitcoins holders because they will receive BTG of 1: 1 I mean that your bitcoins will be 0.02BTC you will also receive 0.02 BTG.

Do I receive this 1:1 offer if I deposit my BTC in a exchange wallet like Bittrex? or should I transfer it to coinbase?


Title: Re: What is a hard fork
Post by: pooya87 on October 14, 2017, 05:02:26 AM
A hard fork is a loosening of BTC's consensus rules (such as the block size in the case of Bitcoin Cash and SegWit2x) which results in a chain split
simple small differences in what you say make huge difference in the result:
a hard fork is changing bitcoin's consensus rules which may result it a chain split.

Quote
This will be two separate blockchains, which will both share the same history until the time of the split.  After the split happens, they will continue on different paths.  The chain which loosens the consensus rules (the new chain) will follow their new consensus rules, while the old chain follows the previous consensus rules.

Because the chains share the same history, all users who held coins on the old chain also hold the same number of coins on the new chain.
all true but you forgot to mention in the first line the assumption you are making which is assuming if there is no enough support for the hard fork proposal.
OP is asking about "hard fork" in general, he is not asking what is "bitcoin cash hard fork" or things like that.

What is the process of changing into new blockchain?
Does all members should transfer their previous blockchains to new one or is it depend on user's choise?
the proposal comes out, then they do the coding, then choose a method for signalling support for it. bitcoin is decentralized so signalling is by upgrading your node to the newer version, adding some string to your "user agent" for example to support a proposal. for miners it is with changing the block versions. there are guidelines for it which you can find among BIPs (i don't recall all of them).
and in a hard fork all the network should switch because it will not be backward compatible.


Title: Re: What is a hard fork
Post by: gribble on October 14, 2017, 06:22:24 AM
The hard fork is a way to split a Coins. So far the two hard-forks are Bitcoins and one is going to be on October 25. It will give life to a single currency and call it Bitcoin Gold. This is a good step for Bitcoins holders because they will receive BTG of 1: 1 I mean that your bitcoins will be 0.02BTC you will also receive 0.02 BTG.

Do I receive this 1:1 offer if I deposit my BTC in a exchange wallet like Bittrex? or should I transfer it to coinbase?
The last of bitcoin's hard fork (bitcoin cash) BCH now the exchanger like bittrex they gave  1:1 
The most important of bitcoin's hard fork now is the risk losing your bitcoin on November. There is an good article related with bitcoin's hard fork now A Bitcoin Beginner’s Guide to Surviving the Bgold and SegWit2x Forks https://t.co/13PTJzn8TO
I think you must see it first to get good much knowledge of bitcoin's hard fork. Good luck


Title: Re: What is a hard fork
Post by: squatter on October 14, 2017, 08:23:14 AM
A hard fork is a loosening of BTC's consensus rules (such as the block size in the case of Bitcoin Cash and SegWit2x) which results in a chain split
simple small differences in what you say make huge difference in the result:
a hard fork is changing bitcoin's consensus rules which may result it a chain split.

The primary distinction that Core developers have drawn is that soft forks add rules and hard forks remove them. Personally, I don't think this is an ideal definition, and the BIP148 experience proved it to me even more.

The important thing is whether a fork is compatible with the original chain. That should be the primary distinction between a soft vs. hard fork, in my view. For example: Miner-activated soft forks (beyond a comfortable majority threshold for activation) are always compatible. These should be known as soft forks. User-activated "soft forks", on the other hand, are a priori incompatible. That is, they explicitly add new rules that will split from the original chain unless and until supported by a majority of the hash rate. Really, I think "UASF" is a misnomer.

Experts will argue both sides of this point, but I tend to believe that hard forks as currently defined (removal of consensus rules) will always cause a chain split. In a technical sense, even if 100% of users migrated to the hard fork chain (impossible), it is literally split from the original chain. It has no relationship to the original chain whatsoever; the "ledger" is merely a copy.


Title: Re: What is a hard fork
Post by: thilinanamal on October 14, 2017, 10:48:53 AM
The hard fork is a way to split a Coins. So far the two hard-forks are Bitcoins and one is going to be on October 25. It will give life to a single currency and call it Bitcoin Gold. This is a good step for Bitcoins holders because they will receive BTG of 1: 1 I mean that your bitcoins will be 0.02BTC you will also receive 0.02 BTG.

Do I receive this 1:1 offer if I deposit my BTC in a exchange wallet like Bittrex? or should I transfer it to coinbase?
The last of bitcoin's hard fork (bitcoin cash) BCH now the exchanger like bittrex they gave  1:1 
The most important of bitcoin's hard fork now is the risk losing your bitcoin on November. There is an good article related with bitcoin's hard fork now A Bitcoin Beginner’s Guide to Surviving the Bgold and SegWit2x Forks https://t.co/13PTJzn8TO
I think you must see it first to get good much knowledge of bitcoin's hard fork. Good luck

Thank you very much for your direction. I'll follow up.


Title: Re: What is a hard fork
Post by: androidpobeditel on October 14, 2017, 11:10:48 AM
Hey. I think that hard fork is a good idea for fans of freebies. This idea worked with bitcoin cash, and now it will most likely work with bitcoin gold. But I think that this is most likely a crap, so I will not intentionally participate in it.


Title: Re: What is a hard fork
Post by: VitKoyn on October 14, 2017, 11:21:03 AM
I'm a newbie to crypto world & I think it's a great help to all the newbies if we can make a discussion on hard forks.

Thanks :) :)
A hard fork is a change in the blockchain protocol which forces all users to upgrade and that failure to update will result in the client’s incompatibility with the network. One example is changing the block structure. The term fork is used because this causes the blockchain to split, with one chain of users running the updated client and another chain of users running the old.


Title: Re: What is a hard fork
Post by: Emerge on October 15, 2017, 04:32:04 PM
A hard fork is a software upgrade that introduces a new rule to the network that isn't compatible with the older software. You can think of a hard fork as an expansion of the rules. A new rule that allows block size to be 2MB instead of 1MB would require a hard fork.


Title: Re: What is a hard fork
Post by: thilinanamal on October 16, 2017, 11:43:12 AM
A hard fork is a software upgrade that introduces a new rule to the network that isn't compatible with the older software. You can think of a hard fork as an expansion of the rules. A new rule that allows block size to be 2MB instead of 1MB would require a hard fork.

Could you please explain how can this affects the market price?


Title: Re: What is a hard fork
Post by: MoonIsBlue on October 16, 2017, 11:49:39 AM
A hard fork is a software upgrade that introduces a new rule to the network that isn't compatible with the older software. You can think of a hard fork as an expansion of the rules. A new rule that allows block size to be 2MB instead of 1MB would require a hard fork.

Could you please explain how can this affects the market price?

I'm not very familiar with BCH hardfork, but it is obvious that people are going to withdraw their funds from altcoins (leaving them to drop) to put everything in BTC as to get as much of the new coin as possible (free money). So BTC price increases whilst all other coins find a decrease. Only more established coins like ETH can potentially withstand this.

I think and this shouldn't be taken as final. That during the actuall fork BTC price dropped significantly and made a recovery in the days/weeks after.
Most likely this is because of that the tokens are received and so people rush to buy up the altcoins they left behind for a cheaper price.
You can also take a look at marketcap history to see what happened before and after the last hardfork.

IMO hardforks are a bit of a shame to witness as it is essentially a community split. Especially since BTC is still rooting itself in the world it also sparks confusion to newcomers.
It can be intimidating especially when you try to get into BTC during a hardfork since you don't know what everyone is talking about.


Title: Re: What is a hard fork
Post by: faceoff97 on October 16, 2017, 12:03:18 PM
Hard fork is a term used for splitting, the current coin which is bitcoin splits into something new which is bitcoin gold. The new coin was made with some development, they were proportional in valuel but going into different track. Last August 1, hard fork happened where bitcoin was split into two known as Bitcoin cash. Bitcoin holder during that time recieved 1:1 of their BTC. Hard forlk also serves as an opportunity to buy big amount of coins because of its audden decrease in value


Title: Re: What is a hard fork
Post by: xiboothrezi on October 16, 2017, 12:17:46 PM
Hard Fork is the name for an event that occurs when the developer team of a cryptocurrency agrees to apply new features / changes to the programming system of the coin. on the first hardfork this year there is a new coin that is launched bitcoincash. while on the second hardfork november later he will be launched bitcoingold.


Title: Re: What is a hard fork
Post by: thilinanamal on October 23, 2017, 07:31:30 PM
Hard Fork is the name for an event that occurs when the developer team of a cryptocurrency agrees to apply new features / changes to the programming system of the coin. on the first hardfork this year there is a new coin that is launched bitcoincash. while on the second hardfork november later he will be launched bitcoingold.

There is a another hard fork coming in November (segwit 2x) So does it means this will reduce the block size of the current & increase the transaction speed?


Title: Re: What is a hard fork
Post by: pranaja on October 24, 2017, 02:19:23 AM
Hard Fork is a name for events that occur when the developer team of a cryptocurrency agrees to apply new features / changes to the programming system of the coin
Hard Fork can cause a mismatch between the old and new versions, so all cryptocurrency users need to update all the applications associated with this coin in order to keep it in good working order.


Title: Re: What is a hard fork
Post by: yonjitsu on October 24, 2017, 03:06:08 AM
Hard fork is like an update of an older version of a particular software to maximize its functionality or enhance its features to make it even more reliable and secure. In the case of bitcoin, the blockchain is the one that needs attention.
For more information regarding hard fork, you can visit on this site: http://www.investopedia.com/terms/h/hard-fork.asp


Title: Re: What is a hard fork
Post by: malading on October 24, 2017, 03:13:13 AM
I also want to know what is hard fork, listen to your explanation or do not understand


Title: Re: What is a hard fork
Post by: winderx on October 24, 2017, 03:15:24 AM
i hear this term often too, i guess its like an update of version like computer ?


Title: Re: What is a hard fork
Post by: ishinn99 on October 24, 2017, 03:17:42 AM
A hard fork is a loosening of BTC's consensus rules (such as the block size in the case of Bitcoin Cash and SegWit2x) which results in a chain split

This will be two separate blockchains, which will both share the same history until the time of the split.  After the split happens, they will continue on different paths.  The chain which loosens the consensus rules (the new chain) will follow their new consensus rules, while the old chain follows the previous consensus rules.

Because the chains share the same history, all users who held coins on the old chain also hold the same number of coins on the new chain.

Nice explanation. Im newbie and dont have any idea about hard fork. Thanks for explaining it. The thing that I dont understand is why they are doing this? Are they not satisfied with the old btc?


Title: Re: What is a hard fork
Post by: danggoron on October 24, 2017, 04:01:31 AM
As simply, hardfork is an upgrade. This upgrade for example by raising the capacity of Block Bitcoin for example from 1MB to 10MB. it is done to support the transaction process more and more.


Title: Re: What is a hard fork
Post by: tyronecoinbit on October 24, 2017, 04:03:16 AM
i hear this term often too, i guess its like an update of version like computer ?
A hard fork is a software upgrade that introduces a new rule to the network that isn't compatible with the older software. So, those who were still running the old version of the software will see the new transactions as invalid.


Title: Re: What is a hard fork
Post by: Lei Crypto bounty on October 24, 2017, 04:07:21 AM
I'm a newbie to crypto world & I think it's a great help to all the newbies if we can make a discussion on hard forks.

Thanks :) :)
a hardfork in laymans term basically is an upgrade of the blockchain software that causes a split of chain just like what happened in bitcoincash, on the contrary a soft fork is also an upgrade of the software but it does not split the chain it only enhance the speed of the transaction process.


Title: Re: What is a hard fork
Post by: pooya87 on October 24, 2017, 04:28:49 AM
I'm a newbie to crypto world & I think it's a great help to all the newbies if we can make a discussion on hard forks.

Thanks :) :)
a hardfork in laymans term basically is an upgrade of the blockchain software that causes a split of chain just like what happened in bitcoincash, on the contrary a soft fork is also an upgrade of the software but it does not split the chain it only enhance the speed of the transaction process.

please don't give false information about something you do not understand.
splitting has nothing to do with the fork being hard or soft! splitting will happen only when not-everyone agrees with the fork. a hard fork can be as smooth as a soft fork with enough support and a soft fork can be risky and end up splitting if it has no support.

soft fork also has nothing to do with "speed of transaction process"!


Title: Re: What is a hard fork
Post by: Lasvista on October 24, 2017, 05:02:01 AM
The hard fork is split into two to have a new value-added coins again. And you will get it free when you have Bitcoins hold on a supported wallet. You will receive it depending on your holding Bitcoins (1: 1). So far there have been two hard forks and one is happening now. So expect the arrival of your BTG when you hold bitcoins on supported wallets


Title: Re: What is a hard fork
Post by: fabrizoc on October 27, 2017, 02:11:27 PM
i hear this term often too, i guess its like an update of version like computer ?
A hard fork is a software upgrade that introduces a new rule to the network that isn't compatible with the older software. So, those who were still running the old version of the software will see the new transactions as invalid.
Yes you have explained very well actually it is used for  introducing the upcoming new rules where there is no compatibility between the new one and older on software’s which help you in knowing the validity of your transactions either these are valid if new one while invalid in case of running the old version of your software.



Title: Re: What is a hard fork
Post by: greenpips on October 29, 2017, 09:17:55 PM
Let us use Microsoft Word for example. Microsoft frequently releases new versions of Word. Each version attempts to be backwards compatible and retain the ability to read and edit older documents. However, often older versions of Word have great difficulty in reading documents created in one of the newer versions. So if you create a document in Word 2007 and your buddy edits and saves it in Word 2013, you may have problems reading it. Despite the assumption that its going to be the same document, you two have created a fork in your document.


Title: Re: What is a hard fork
Post by: Shreek on October 29, 2017, 10:26:41 PM
I think the problem about hard fork is often discussed, and also often asked. but no problem, I will explain a little. hard fork is the work done by the developer of a cryptocurrency to secure the crypto network so that it can adapt to more and more users. by creating a new app, so users need to update it. otherwise the coin transaction will not work properly.


Title: Re: What is a hard fork
Post by: foxbat on October 29, 2017, 10:31:27 PM
I also want to know what is hard fork, listen to your explanation or do not understand

There are many explanations, if we sum them up, you will get the most accurate answer, here, we learn from each other, sharing knowledge is a necessity.


Title: Re: What is a hard fork
Post by: prehisto on October 29, 2017, 10:40:56 PM
There are several good explanation here what is hard fork.
But I think that it is important to note that they do not happen just because they can and someone wants.

Forks is attempt to upgrade chain. Upgrade means to change it in such way that it benefits the chain.
In case of BTC there has been a lot of talk about how slow and expensive the transaction are thus the need for change.

But the fork is dependent on community, community has to decide if it will happen, the most say so is given to those who has the most mining power.

I hope that I did describe it accurately enough to help with understanding.