Bitcoin Forum

I am very confused about the blockchain. They saying this is peer to peer tech. Btc not control by anyone. Then who is doing segwit, forks ?

It is decentralized. It's also open source so anyone can alter the code and create a new fork. There have been LOTS of Bitcoin forks, it's just that most of them have barely any supporters. Forks like segwit2x has a lot of influential backers, so it' being somewhat recognized.

In the end, the users will decide which chain is the main one, not the one who made the forks.

In fact, there are always people who are playing the role of developer, operator and regulator of the development of bitcoin. However, it is still a decentralized system because executive authority is not concentrated in the hands of the developer.

Yeah they are ALWAYS the devs who do these forks just to improve some technical terms.

Decentralized refers to the fact that anyone (and therefore many people) operate the nodes that create the network that is the blockchain, many of these nodes are miners. The nodes subscribe/follow a specific set of code that defines the blockchains. Any group of developers can propose a change to that code and therefore create a new, parallel blockchain. A majority of the node operators need to accept the new version of the code. If this majority is gained the new blockchain is adopted.

Anyone could (in theory) propose a change to the code. But the only way to be successful is to plan and coordinate a date and time to make the change, this is the hard fork. None of the attempts have been successful with Bitcoin yet.

Good question!

Anyone can create a fork or make a proposal for Bitcoin Core client, even you and me. Decentralization means that people have to agree with each other to reach consensus and be on the same network - so hard fork is essentially creating a new network and inviting people from original network to switch to a new one. But until people from original network accepted this invitations, those forks have no effect on them, so even if development is controlled by a single person or organization, people can always choose a new developer via a fork.
Now, to be more specific, the upcoming SegWit2x fork is backed by big businesses. it has zero support from current Bitcoin developers and very small support from Bitcoin users - this means that it's unlikely that it will become Bitcoin, it will just be an altcoin.

Bitcoin is Decentralized The One Who is doing The Fork are the big Mining companies They are trying to resolve and balance the problems of Bitcoin. If Bitcoin keeps on Increasing then it will be too much Expensive but In order to maintain the value we need forks that should be succesful. There is no Owner nor controller but there are people who puts codes in it.

oh I see. actually I have the same question like OP has. but I don't want to ask it here. then finally there are someone create this topic (OP Thread) now its give me light and soon to know what else information I got to learn. but I need more information about segwit, I got an eye on this topic to learn more. thanks anyway.

Thanks i got the information. Even i can suggest a fork.. This seems that over 21 million btc can be happen?

the developers do the coding since they are the ones who are capable of doing it.
then the miners look at their proposals and if they like it they start showing their support by "voting". it will be a change in the version number of the blocks to show that "vote".
then if it reaches enough support the fork happens.

this is what Satoshi refereed to as 1 CPU 1 Vote IIRC.
but since in Satoshi time, a miner was also a node, things were different. now nodes are separate from miners. they do get a vote too, not as strong but still a vote. for example if a big enough part of the network  decides they don't want the blocks miners are creating (for example in case of them not voting for SegWit) they can reject their blocks and force them to accept the fork proposal.

yes it is true that blockchain is not controlled by anyone, but segwit2x is a development that is supported by several parties, and many bitcoin fork fork that appears to have no support until it is not too famous, but the decentralized blockchain system can not be changed.

Forks can happen because bitcoin is decentralized. If there was only one ledger, there is no way it would allow a new consensus beyond itself. thats self defeating; there we be no reason to keep the ledger in the first place if it was that mutable. specifically cuz of the the decentralization, there can be more than one ledger running that is sourced from the same point. these forks are akin o someone making a copy of the bitcoin blockchain, making a change to the primary source code, and using that snapshot as a basis of the new coin they just created. in theory. f they have a better idea, everyonre should switch over to the new coin.

so far, that hasnt happened  yet  ;)

I have seen this mentioned in a couple of other posts -- that there are actually many bitcoin forks that have been done. However, the only ones I know about are Bitcoin Cash and Bitcoin Gold. So where are these other forks? Are their coins tradeable like BTC or BCH? Is there a list of these other forks posted somewhere?

People choose to join the fork and be a part of the new chain, it's not something that is forced on the community aside from updates from developers and the like. People can go back and forth as they please, essentially. If people want to stay on one chain forever, they're free to do that, they just have to live with other people not necessarily doing the same thing.

As for getting other forked coins, typically it is just importing a private key, assuming they're both parts of the same blockchain "image". If they are, then there is a one-time instance where the chains are the same, and then split.

Does that mean that forks are just like an ICO who made it on a shortcut and no people earning from it just the people who has bitcoin will get their share and no developers to offer it.

So if this forks don't have any supporters it will not have any value right?

What part of the setup you don't understand? Bitcoin is an open source, p2p decentralized cryptocurrency, meaning everyone can alter the source code if they wish, and can also create their own version of bitcoin which would be the forks of the original source code. These entities/groups that do these forks are those who believe that their version of the coin is better than the pre-existing one, and chose to distance themselves to the original code to create their own version. The community then decides whether this fork is better by buying it/using it.

So as per my conclution nods and miners do and accept the forks? Am i right

For the fact that its also decentralised makes the fork possible. I really don't understand the technicals surrounding this but looking at the fiat which is not centralised no one has the ability to make currency aside the body authorised to do same but in the case of bitcoin, every one can do that so far you can so the set up no matter how small and this can also be linked to the forks that we see around because of the decentralisation, a lot of people can then code and get their own source from the original to be established for others but that does not mean its going to be successful though. My idea.

yes,there is no one for fault but  bitcoin decentralized by fork. sometimes it occured

It is decentralized but there are people who is responsible for building these that is why the forks were created but that does not actually matter because no matter how many forks that can happen on bitcoin and no matter how many alt coins exist and will be created bitcoin is and will be at the top of it. Simply because bitcoin has the support of the community. It is the people who decide which coin is the best and right now that is bitcoin.

Simply there whales. Actually creating fork doesn’t mean that someone is controlling bitcoin as from their database and systems, no. it is not like this. There are so many whales around you and international market who have invested such huge investments in bitcoin that they can shift prices from one level to another. And forks are created by them, for them and they mean it.