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Author Topic: The bitcoin forks  (Read 182 times)
MrcMrc (OP)
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March 25, 2020, 10:54:25 AM
Last edit: September 15, 2020, 09:44:35 PM by MrcMrc
 #1

Bitcoin forks are changes in a set of rules or protocols in bitcoin blockchain. Originally, bitcoin was created and has the main blockchain but due to certain reasons another blockchain was created. Example of the blockchain created was the bitcoin cash blochain and this led to the creation of bitcoin cash. What cause the creation of bitcoin cash was the argument that occurred to increase bitcoin block size so that transactions can be fast. But later, they came to the conclusion of creating another another cryptocurrency in which transactions speed will be increased.

Bitcoin forks are changes in a set of rules or protocols in bitcoin blockchain. Originally, bitcoin was created and has the main blockchain but due to certain reasons another blockchain was created. Example of the blockchain created was the bitcoin cash blochain and this led to the creation of bitcoin cash. What cause the creation of bitcoin cash was the argument that occurred to increase bitcoin block size so that transactions can be fast. But later, they came to the conclusion of creating another another cryptocurrency in which transactions speed will be increased.

Forks of bitcoin that led to the generation of bitcoin-like cryptocurrencies.
Bitcoin cash blockchain is the example of the hard fork, in which another cryptocurrency is created to improve scalabily. It was the first most successful bitcoin fork.

Fork of forks
Example of those category is bitcoin sv and bitcoin abc. They were actually created from bitcoin cash. That is why they are regardless as for of forks.

Forks from bitcoin that led to generation of another cryptocurrencies.
Bitcoin have many other forks which I am not talking about today. Example is the litecoin. It is forked from bitcoin, this is another type of fork that lead to the generation of another cryptocurrencies other than bitcoin coin, this is another type of crypto fork. There are more examples, doge and zCash are a good typical example of cryptocurrencies that was forked from bitcoin blockchain directly.

Why bitcoin hard forks
With bitcoin hard fork, a new protocol or rule is generated. In the past, bitcoin users and investors were increasing even up till to day, the transactions time decreased significantly, in a way that many transactions were trapped in bitcoin mempool. So, this created arguments amoung bitcoin community. Some want the block size to increase which will lead to increase transaction time and reduce mining fee. So mimers can not agree, even this is the way that can solve the scalability issue. So, this lead to the generation of another blockchain which lead to the generation of another cryptocurrencies.]Forks of bitcoin that led to the generation of bitcoin-like cryptocurrencies.
Bitcoin cash blockchain is the example of the hard fork, in which another cryptocurrency is created to improve scalabily. It was the first most successful bitcoin fork.

Forks from bitcoin that led to generation of another cryptocurrencies.
Bitcoin have many other forks which I am not talking about today. Example is the litecoin. It is forked from bitcoin, this is another type of fork that lead to the generation of another cryptocurrencies other than bitcoin coin, this is another type of crypto fork. There are more examples, doge and zCash are a good typical example of cryptocurrencies that was forked from bitcoin blockchain directly.

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hd49728
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March 25, 2020, 11:01:56 AM
 #2

First, your OP format is broken, that causes nearly the whole content highlighted in Blue, that is annoying.

Second, if you need a good source (in particular a topic on the forum) on bitcoin forks. Here you go: How Many Bitcoin Forks Are There? You will be surprised!!!
It is available and you can simply find it by using the Search tool of the forum (look at the left corner on the top).

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.PLAY NOW.
MrcMrc (OP)
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March 25, 2020, 01:06:18 PM
 #3

First, your OP format is broken, that causes nearly the whole content highlighted in Blue, that is annoying.

Second, if you need a good source (in particular a topic on the forum) on bitcoin forks. Here you go: How Many Bitcoin Forks Are There? You will be surprised!!!
It is available and you can simply find it by using the Search tool of the forum (look at the left corner on the top).

The link you sent was educative but I am still new to this forum. Secondly, newbies are not allowed to post diagrams and this is a restriction. It would have been better to post diagrams and add links to the pictures you post.

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hd49728
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March 25, 2020, 02:00:51 PM
 #4

Secondly, newbies are not allowed to post diagrams and this is a restriction. It would have been better to post diagrams and add links to the pictures you post.
You are wrong too. All users have right to integrate links of pictures, diagrams in posts. But newbies are restricted and can not display images officially (because of abuse in the past).

But:
- If you leave links to diagrams/ pictures, inside img block the others can still see your diagrams/ pictures by visiting your post history page, and take a look at that post (of course, if they have intention to do that).
- If you leave links, later if you have enough merits and activities to rank up to Junior Members, those diagrams/ pictures will automatically be displayed.
Due to abuse, newbie-posted embedded images are now disabled on these pages:
- Topic display
- Recent posts / patrol
- Previews
They're not currently hidden in PMs or on some other pages (like a user's "show posts" page), though I might change that later if it seems necessary.

Disabled images get transformed into links automatically. When the poster becomes a Jr member, the images that he tried to post previously will automatically be re-enabled (though there might be a few minutes of delay).

This extends to all past posts as well as future ones.

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bitmover
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March 25, 2020, 04:29:49 PM
 #5

Forks were very popular in Bitcoin community in 2017, after BCH drama.

But nowadays any fork that shows up has no value. There isn't anyone really paying attention to new forks.

Old forks like BCH and SV will eventually disappear, imo, as they don't add anything new. Just looks like a quick-rich scheme.

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