Nov 15, · The Bitcoin Cash hard fork to two separate chains—BCHN and BCHABC—is complete, and the support from miners is split 60% and 37% among the two competing sides. Unlike common voting, the majority does not kill the minority chain. Instead, two versions of the chain continue to exist as long as miners and users transact on the network. Sep 10, · The Bitcoin Cash community is at the beginning of a new era – Bitcoin Cash hard fork may happen on November 15, , splitting the network into Author: Jeff Fawkes. At approximately /11/15 PM (UTC), the Bitcoin Cash (BCH) blockchain is scheduled to undergo a hard fork. It is likely that there is a chain-split between the two main BCH clients, Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN), making this a .
Bitcoin october hard forkBitcoin Cash Hard Fork: Here's What Happened - Decrypt
Since the team cannot work for free forever, they have decided to change the core consensus rules. They are going to put the funds in place to keep making the BCH network a competing project. The funds will go to BCH community members, as well as to the team.
They blame the development team for asking too much money. The beauty of the hard fork is that you get free coins. However, you must possess the parent cryptocurrency, in this case — Bitcoin Cash. When Bitcoin Cash has forked off Bitcoin , people were angry. However, the situation changed. Today, BCH has gathered a ton of subscribers, fans, miners, and appreciation. People in the BTC community received free coins in a new blockchain.
Moreover, many of Bitcoin maximalists were praising Bitcoin Cash since They saw rapid evolution and growing community support around this coin. Previously, Bitcoin SV was created via a similar fork in This time, the majority of BCH businesses and the community seem unhappy about the new drama.
Pay attention to a wallet where you store the coins. To receive free coins, your BCH must reside in a personal wallet. You can keep trading till November and withdraw from exchange two days before Bitcoin Cash hard fork begins. After the split, use the latest version of the ABC wallet to access your new coins. You can also return BCH to exchanges if you need it. During such forks, cryptocurrencies usually gain and lose in value, showing extreme volatility.
Such chaos will likely occur with BCH too. Traders need to watch both coins and buy or sell carefully. The aim is to avoid losses after the BCH split, buying or selling both assets at the right time.
Looks like the exchanges will face a new type of challenge with this possible hard fork. Bitcoin XT was one of the first notable hard forks of bitcoin.
The software was launched by Mike Hearn in late in order to include several new features he had proposed. In order to accomplish this, it proposed increasing the block size from 1 megabyte to 8 megabytes. Bitcoin XT initially saw success, with more than 1, nodes running its software in the late summer of However, by just a few months later, the project lost user interest and was essentially left for dead. Bitcoin XT is technically still available, but it is generally seen to have fallen out of favor.
When bitcoin XT declined, some community members still wanted block sizes to increase. In response, a group of developers launched Bitcoin Classic in early Unlike XT, which proposed increasing the block size to 8 megabytes, Classic intended to increase it to only 2 megabytes. Like Bitcoin XT, bitcoin classic saw initial interest, with about 2, nodes for several months during The project also still exists today, with some developers strongly supporting Bitcoin Classic.
Nonetheless, the larger cryptocurrency community seems to have generally moved on to other options. Bitcoin Unlimited remains something of an enigma some two years after its release. The project's developers released code but did not specify which type of fork it would require. Bitcoin Unlimited set itself apart by allowing miners to decide on the size of their blocks, with nodes and miners limiting the size of blocks they accept, up to 16 megabytes.
Despite some lingering interest, Bitcoin Unlimited has largely failed to gain acceptance. Put simply, SegWit aims to reduce the size of each bitcoin transaction, thereby allowing more transactions to take place at once. SegWit was technically a soft fork. However, it may have helped to prompt hard forks after it was originally proposed.
In response to SegWit, some bitcoin developers and users decided to initiate a hard fork in order to avoid the protocol updates it brought about. Bitcoin cash was the result of this hard fork. It split off from the main blockchain in August , when bitcoin cash wallets rejected bitcoin transactions and blocks.
Bitcoin cash remains the most successful hard fork of the primary cryptocurrency. As of this writing, it is the fourth-largest digital currency by market cap , owing in part to the backing of many prominent figures in the cryptocurrency community and many popular exchanges. Bitcoin cash allows blocks of 8 megabytes and did not adopt the SegWit protocol. The creators of this hard fork aimed to restore the mining functionality with basic graphics processing units GPU , as they felt that mining had become too specialized in terms of equipment and hardware required.
One unique feature of the Bitcoin gold hard fork was a "post-mine," a process by which the development team mined , coins after the fork had taken place. Many of these coins were placed into a special "endowment," and developers have indicated that this endowment will be used to grow and finance the bitcoin gold ecosystem, with a portion of those coins being set aside as payment for developers as well.
Generally, bitcoin gold adheres to many of the basic principles of bitcoin. However, it differs in terms of the proof-of-work algorithm it requires of miners. When SegWit was implemented in August , developers planned on a second component to the protocol upgrade.
This addition, known as SegWit2x , would trigger a hard fork stipulating a block size of 2 megabytes. SegWit2x was slated to take place as a hard fork in November However, a number of companies and individuals in the bitcoin community that had originally backed the SegWit protocol decided to back out of the hard fork in the second component.
Some of the backlashes was a result of SegWit2x including opt-in rather than mandatory replay protection; this would have had a major impact on the types of transactions that the new fork would have accepted.
In only a few short years, bitcoin has already spawned a large number of forks. While no one can say for sure, it's likely that the cryptocurrency will continue to experience both soft and hard forks into the future as well, continually growing the cryptocurrency community while also making it increasingly complicated.