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The History of Bitcoin Hard Forks

Currencies / Bitcoin Apr 10, 2021 - 06:03 PM GMT

By: Umer_Mahmood

Currencies

It was way back in 2009 when Satoshi Nakamoto, an anonymous person (or group of people) released the revolutionary cryptocurrency known as Bitcoin. Since that time, Bitcoin has made a huge impact around the world and it is currently the name/word in every single person’s mouth, even if they don’t realise it at first. All over the globe, people are rushing to gain a sneak peek at Bitcoin and all it has to offer to people.

There were also many developments such as apps, programs, and even websites such as the Immediate Edge website that have all been created to make the cryptocurrency progress run more smoothly. Anyway, this is all just further proof of just how much of an impact Bitcoin and other cryptocurrencies have made, however, now we get to the next big thing to discuss, Bitcoin Forks. It is all through what is called a forking process that various digital currencies with names similar to bitcoin have come to be.


This includes names such as Bitcoin Cash, Bitcoin Gold, and others. For investors who are more so casual about all of this, you may find yourself becoming bored or confused when you begin to look at all of the hard forks, however, it may come naturally to the more experienced investors. Let’s take a look at some of the most recognizable Bitcoin hard forks.

Bitcoin Gold
One of the most popular of the Bitcoin hard forks is definitely Bitcoin Gold. It was a handy hard fork that was sent out right after Bitcoin Cash back in October of 2017. When this hard fork was being created, there were many different things that went into it and it gives people complete and serene peace of mind knowing it is backed by knowledge and research. Bitcoin Gold basically follows along to many of the basic principles of Bitcoin as an entirety,

However, it does begin to become different when you look at it in terms of the proof-of-work algorithm it requires of miners.

Bitcoin Cash
Another one that is up there in popularity is Bitcoin Cash. It was created in response to SegWit and some specific developers specifically decided to initiate this hard fork so that they could avoid protocol updates that were brought up. It was because of all of this that Bitcoin Cash was created, and it has since pretty much taken over the Bitcoin and cryptocurrency world.

It was in August of 2017 that it split off from the main blockchain when Bitcoin Cash wallets began to reject Bitcoin transactions as well as blocks. While Bitcoin Gold is fairly popular, it seriously pales in comparison to just how popular and significant Bitcoin Cash actually is. It is one of the most loved and desired hard forks and people from all over the world adore it.

Another point to make is that Bitcoin Cash also allows blocks of 8 megabytes and did not adopt the SegWit protocol which many people find interesting.

By Umer Mahmood

© 2021 Copyright Umer Mahmood - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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