What are Bitcoin Forks? A Simple Explanation
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- เผยแพร่เมื่อ 28 พ.ค. 2024
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A Bitcoin fork happens when new code is “branched” out of Bitcoin’s source code in order to slightly change the rules of the Bitcoin network. Soft forks that play well with the old rules, and hard forks that create new rules completely.
Hard forks result in the creation of new coins that abide to these new rules. Each person that held Bitcoins before the fork, will now get new “forkcoins” equal to the amount of his Bitcoin holdings at the time of the fork.
Forkcoins can either be claimed freely using DIY methods or by using services, which take the hassle away but may charge considerable fees.
That’s Bitcoin forks in a nutshell. If you want a more detailed explanation about Bitcoin forks keep on watching. Here’s what I’ll cover:
0:41 - What is a Bitcoin fork?
2:14 - Soft forks vs. Hard forks
2:34 - Why are forks important?
3:01 - Get "free money" from forks
5:00 - Why forks occur
6:31 - Claiming forkcoins
8:13 - Conclusion
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I've watched most of your content and I thought I should at least give a comment in addition to the thumbs-up. This is the best educational channel related to crypto. The clarity and conciseness of each capsule is just remarkable. Thank you so much!
Very clear explanation! Awesome work.
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
Hi. I really enjoy your videos though there's none speaking of how consensus works for dev to pass new changes (how do they propose a change, how it is validated and aplicated by the devs) nor concerning how does the new coins claim works. Would you think speaking of this one day?
Thanks a lot for all your wonderful content!
Very good video. Nice and clear. Thank you
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
When I put my address in blockchain.com, it shows my bitcoin address and some other bitcoin cash address. What is that other bitcoin cash address that shows? My bitcoin wallet was created 29 January 2020.
Nice vid, and respecto lolz for triggering Ver with 'Bcash'
You should have more respect for Bitcoin.
awesome irony! respecto lolz to you too sir
What happens if there is a hard fork and user does not attempt to claim new crypto, is there a risk original bitcoins can be stolen (even if stores offline)? Or is that need to transfer to different wallet (risk mitigation) when one wants to claim new crytpo from the hard fork?
Hello,
There is no risk of the original bitcoins being stolen at all!
So basically, only the forked coins that are claimed are technically in circulation? I would imagine a lot of people who had small holdings or lives to live, would not have bothered to claim the forked currency.
very cool idea, I liked it!
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
Q: why aren’t lots of hard forks made to simply generate free value if they already have a (similar) Bitcoin protocol?
Because the Ponzi scheme will unravel too soon. We devs need to defraud more people before pulling the rug.
👍🏻 really insightful
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
Great contend. Thanks
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
So what your saying is bitcoin is not decentralized, but centralized by some mystery men who decide to change the rules.
No, the rule changes mean a new coin is created - The original game is still intact. If you change games with them, that's a choice.
@@MrMenace3210 so when you create a new coin now you will loose possible buyer. If you constantly create new coins than demand would be fragmented for the coin also, same thing as printing new currency or creating new currency and spliting the users
@@mynamemylastname7179 the impossibility of a new currency is not what makes bitcoin or any crypto valuable. I can create a new currency by drawing a line on a piece of paper. Bitcoin has potential to be a world currency as it corrects many pain points in fiat currencies, and it has the huge advantage that it was first.
@@MrMenace3210 bitcoin is the same as a fiat currency.
Watching to prepare for a possible ETH fork :)
[09/13/2022]
what happens to the coin limits for the new fork? do they also have the same limit of 21m as bitcoin in this case?
Not necessarily, the devs can alter the new rules. It doesn’t have to be a clone of the previous coin
All of the adjusted and seemingly "better" rules are gimmicks, and they're the reason the only crypto that will stand the tes tof time will have bitcoins rules at its core. Most altcoins and forks should be traded and dumped for profit.
@@MrMenace3210 so your saying bitcoin is the only worthy long term investment atm? are altcoins and forks just another medium for trading and mining and thats that?
So lets say if i have 0.5 bitcoins and I want to go in for the fork (Bitcoin Gold for example). I would then get to keep my 0.5 bitcoins AND get 0.5 bitcoin gold too? If yes, then what is the risk? Seems like a good hedge? Did i understand this correctly?
Yes, that is correct. You keep your original BTC but get the new coin too. The risk is in performing the operation unsafely in a way which compromises the security of your original BTC. You should research the process thoroughly before attempting it.
Very nice video.
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
Thanks
Do you think it’s safe to invest in a fork coin? Like PLC ULTIMA
Hey!
Deciding on which coin to invest in is a very personal decision, it should be answered based on the following questions:
How well do you understand the tech of the PLC ULTIMA?
How well can you deal with risk?
For most people the answer for both questions is "not well enough". So if you're interested in a specific coin I suggest you first read about it and understand its value to you or the outside world. Second, NEVER invest more money than you can afford to lose since investing in any kind of cryptocurrency is a risky business.
So I'm sorry I won't be able to answer your question directly but perhaps this gave you some initial direction for further investigation.
So can I fork a smaller amount of coins than Bitcoin? For example, can I set a max limit of 10.5 million to my fork while Bitcoin still being at 21 million? How would the coins be distributed then? Would everyone receive 0.5 of my fork?
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
Well explained
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
Good forking job m8
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
Thank you for this. It looks like I might get some free money from this video :D
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
who is changing to rules for bitcoin? developers? who are they?
the*
The simple answer is anyone who wants to change the rules. You can now download Bitcoin's code, alter it and decide that you want to create a "new" Bitcoin. The main issue is to gain public support to actually use your code. For example, Bitcoin Cash was led mainly by Roger Ver, a veteran Bitcoin investor.
Roger Ver is just one of many supporters of Bitcoin Cash. Bitcoin Cash is supported by everyone who wants Bitcoin to work, everyone who cares about Bitcoin's vision of banking the world. Bitcoin Cash is supported by for instance Satoshi Nakamoto. Bitcoin Cash is Bitcoin.
2 questions
you say forks are the 'new icos' - how so? dont forks happen regardless of our control? icos, if i understood them correctly, i have to buy into them to get scammed, assuming its a scam. forks happen regardless of 'my control', so there is a difference.. what am i missing?
2nd question, when claiming your new whatever bitcoin version after a fork, how do you prove that you actually had bitcoin at the time of the fork?? this is really confusing to me.
i recently signed up to coinbase and they had a message saying something along the lines of remembering ppl to claim their bitcoin cash, if they had btc at the time of the fork, so i assumed you had to have the btc on the actual exchange to 'prove' it. so if i keep my btcs ofline, how do i even prove that i have the money when i claim it?
im just not getting the whole theory behind it...
Great questions! Earlier in 2017, just uttering the term "ICO" grabbed a lot of attention in crypto specific media and in the public forum. The analogy of 'forks are the new ICOs' is intended to allude to the fact that much public attention is given to a project that is a fork of BTC, much like the attention garnered by pretty much any ICO last year, especially in that you don't have to buy a new coin in order to own it; not that forks and ICOs are the same thing, which they are not.
Actually, keeping your BTC in cold storage gives better assurance that you have the ability to claim forked coins. Even though you keep your private keys offline, the balance of BTC in your public address is known by the network. So, then, the first block of the forked network will also know what that balance is, so you have the 'same amount of points in both games' so to speak. Again, do your homework! Take into account the risks before embarking in the process of claiming the new coins.
Hope this helps.
so 'forks are the new ICOs' is more about public perception, regarding all the attention and hype around it?
i would never claim any coins as of yet, was really just trying to understand how it works behind the scenes.
yes it helped, thanks a lot! looking forward to future videos as well! have been loving your explanations
This sounds similar to a stock split.
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
If you claim new coins, create a new wallet where your store the coins, THAN claim the coins on forked network. Essentially you are exposing your private keys from another network to the new network. OVERALL if you claim new coins the END RESULTS should be you have all NEW wallets on both networks......
💪
Trading sessions start at different times of the day, which means that you can trade on Forex,bit coin,crypto,luno wallet around the clock. For timothy, this isn't a problem, but for a human, this is simply not possible. Keeping track of your schedule can be difficult when balancing home life, so set aside time to trade
It seems like money printing. No different normal currency and cryptocurrency. 😂😂😂
How is this fork concept not a thousand times more concerning than a government just printing a crap load of money? An instant duplication at the drop of a hat? This video proves that the circulation of BTC Cash is undoubtedly much less than what they claim, otherwise every BTC holder would have had to claim BTC Cash, which is not the reality.
Who proposed the fork I mean who did fork
@@jessicawiley5797 I am from India
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My negative mind: It seems like bitcoin is "forking" everyday
Bitcoin you dirty bastard🤣
Who's here in 2022 because of Luna?
Bitcoin never forked! Creating a pre-mined altcoin by copying the Bitcoin blockchain and adjusting the difficulty in the software isn't a fork of Bitcoin. Any joker can do that and it would be a meaningless definition. Only new rules that respect Bitcoin’s difficulty adjustment every 2016 blocks and that create 2 independent blockchains could be called a fork of Bitcoin. Obviously that never happened (although it was tried a few times).
Um what do you mean? Bitcoin Core (SegWit) and Bitcoin Cash are two currently viable forks of Bitcoin. Bitcoin is currently very forked.
@@mungojelly what bitcoin is forked? so am i forked for owning bitcoin? ahhh!!!
@@mungojelly You guys are all forked eventfully. Once the Ponzi scheme upon its pillars of sand begins to crumble, to will crush everyone except the devs, and a few chinese miners.