The arrival of cryptocurrency has significantly affected the digital market because the general public’s interest is continuously shifting toward these digital tokens of blockchain networks. A wide variety of secured crypto trading platforms such as Bitcoin Focus has low minimum deposit facility available on the internet. While talking about bitcoin, bitcoin hard forks are the most common term, containing a vast concept related to the crypto market.
Bitcoin hard fork is a group of blockchains that no longer use the original bitcoin blockchain as the primary source of its security but instead change the original code, adding new features. These new features are introduced to improve the scalability, utility, and speed of blocks in the network. The history of bitcoin’s hard forks has remained distinctive as people did not anticipate its arrival from as early as 2013 until 2015.
A survey conducted by Cryptocompare.com shows that bitcoin blockchains have hard forked more than 12 times in the history of this revolutionary digital currency. Hard forks are vital for the crypto market because they allow users to benefit from upgraded technology and keep their existing coins in their respective wallets from the newly created blockchain. As these new digital tokens are created, they resemble bitcoin as they provide similar features to bitcoin but also vary in some aspects.
Understanding Bitcoin Hard Forks:
Hard forks fundamentally change the protocol of a blockchain network, and a majority vote makes that change. Hard Fork in bitcoin is a result of innovations and continuous efforts of the support team at Bitmain. The first hard-fork on the bitcoin blockchain network was made by them, which was called Bitcoin Cash. The reason behind doing it was to increase the efficiency of transaction rates and reduce fees.
The general public did not accept Bitcoin Cash hard fork because they have different opinions about bitcoin blockchains and digital tokens. The unlimited cryptocurrency, Bitcoin Cash, is the first hard fork of bitcoin. However, the support team at Bitmain made it. The main reason behind making it was to increase transaction rates and fees.
The supporters of this hard fork believe that they are better than other bitcoin blockchains because they have more efficiency. Since 2014, a series of different bitcoin hard forks have taken place on this digital currency network, resulting in increased popularity among the general public due to increased efficiency and scalability.
What is bitcoin XT?
Bitcoin XT is a bitcoin hard fork that developers launched in August 2015. Mike Hearn and Gavin Andresen created it. The main motive behind making this hard fork was to increase the size of the block so that the number of transactions could be increased, and it would eventually result in speed and scalability. But the general public did not accept it because they have different opinions about bitcoin blockchains and digital tokens. The main reason behind this was that the people who opposed bitcoin XT did not see any positive aspects of it and considered it an attempt to take hold of their hard-earned coins.
What is bitcoin classic?
Bitcoin Classic is a bitcoin hard fork launched in 2016 by the duo of Jeff Garzik and Gavin Andresen. The main motive behind making this hard fork was to increase the size of the block so that the number of transactions could be increased, and it would eventually result in speed and scalability. But the general public did not accept it because they have different opinions about bitcoin blockchains and digital tokens. The main reason behind this was that the people who opposed bitcoin classic did not see any positive aspects of it and considered it an attempt to take hold of their hard-earned coins.
What is Bitcoin Cash?
The supporters of the bitcoin classic created it. The main motive behind making this hard fork was to increase the size of the block so that the number of transactions could be increased, and it would eventually result in speed and scalability. But the general public did not accept it because they have different opinions about bitcoin blockchains and digital tokens. The main reason behind this was that the people who opposed bitcoin classic did not see any positive aspects of it and considered it an attempt to take hold of their hard-earned coins.
What is Bitcoin Gold?
It was created by Jack Liao, the founder of Lightning ASIC, and the main motive behind making this hard fork was to increase decentralization. Another commodity-based popular fork of bitcoin is BTC diamond, developed in 2017 and listed on plenty of crypto exchanges.
