Many people out there like you and me, are confused and fearing about the term “bitcoin fork”, but what is actually a bitcoin fork?, why it is happens now? is it happened ever before? like wise a lot of questions are running through our mind since we are in the same industry. But after reading some recent articles published by popular websites, i could able to understand a little bit about the “hard fork“, and that’s what i would like to share it here.
Bitcoin hard fork :
Bitcoin the red – hot cryptocurrency underpins by a software mechanism called blockchain. Some of the core developers were claimed to decrease the size of blocks in order to prevent hacks, and in another side miners were asked to increase the size in order to increase the speed of the network. So to mediate these issues, bitcoin business executives and miners came up with a proposal known as Segwit2x, So that it can increase the size of bitcoin blocks to 2 megabytes. (in general size of a block is limited to 1 mb and it is free for every 10 minutes). This is what the expected situation until the last week.
But the matter actually happened is different!
Yes, bitcoin Cash , an alternative to bitcoin entered from nowhere.
Segwit2x was actually planned to move out the bitcoin transactions and to store it in a separate ledger similar to blockchain. But the principal of bitcoin Cash is to increase the size of blocks in to 8 MB, in recent days more people have signaled their support for bitcoin cash, And it is end up with a new cryptocurrency called Bitcoin cash.
Bitcoin has been split up in to two!
Bitcoin cash and the original bitcoin.
Surprisingly the new clone of bitcoin, didn’t affect the worth of original bitcoin. So we can have a hope that “bitcoin could never die, whatever happens in the bitcoin industry.”
Yoni Ben Shimon, CEOat Matchpool told to Business Insider. “bitcoin will never die -it’s because it can adapt itself to changes.”