Author Topic: what is a bitcoin fork?  (Read 1517 times)

Offline yasmikash

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what is a bitcoin fork?
« on: April 15, 2018, 04:35:16 AM »
Bitcoin is based on what is called a blockchain. So, imagine a huge register that contains information about all transactions which have ever taken place. This register consists of billions of pages.  ???  ??? Now imagine this register as the blockchain and each page of the register as  a 'block'. Each of these pages is being filled with transactions, and basically a bitcoin miner do is to add these pages filled with transactions to the register (blockchain).

There are two parties that are involving into this entire process:
1. Community who develop the bitcoin open source software.
2. Minors who allocate their resources to keep it up and running.


These two parties are essential to maintain the bitcoin network, but they have different ambitions and visions. At some point community says that they no longer include the 'witness', significant amount of data about the transaction, on each transactions being made, as a lot of space is occupied by the witness. So basically it means that miners will able to add a lot more transactions to a single block. Then minors, on the other hand, also insist that increase the block size, allowing them to fit even more transactions into each block.

To mine some more transactions included in a single block needs to have a sufficient processing power. But comparing to big miners, small miners wouldn't have enough resources to do so. This is the point at which two new currencies or blockchains tend to exist.  :o  This is the time when the bitcoin fork is happening.  :P

Offline jackg

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Re: what is a bitcoin fork?
« Reply #1 on: April 16, 2018, 09:11:42 PM »
Nice Job on making a post here already! I can understand it all, the corrections I have given will just help improve it even further.
I removed the editing so I could place my own comments with it.



Bitcoin is based on what is called a blockchain. So, imagine a huge register that contains information about all transactions which have ever taken place. This register consists of billions of pages.  ???  ??? Now imagine this register as the blockchain and each page of the register as  a 'block'. Each of these pages is being filled with transactions, and basically a bitcoin miner do A bitcoin miner's task is to add these pages (blocks) filled with transactions to the register (blockchain).

There are two parties that are involving into involved in this entire process:
1. Community who develop the bitcoin open source bitcoin software.
2. Minors Miners who allocate their resources to keep it up and running.

These two parties are essential to maintain the bitcoin network, but they have different ambitions and visions. At some point community says that they no longer include the 'segregated witness', which is significant amount of data about the transaction, on each transactions being made, as a lot of space is occupied by the witness as a lot of space is removed by segregating the witness part. So basically it means that miners will able to add a lot more transactions to a single block. Then minors miners. On the other hand, miners also insist that increase the block size, allowing them to fit even more transactions into each block.

To mine some more transactions included in a single block needs to have a sufficient processing power. But comparing to big miners, small miners wouldn't have enough resources to do so. This is the point at which two new currencies or blockchains tend to exist.  :o  This is the time when the bitcoin fork is happening.  :P
To add improvements to the Bitcoin networks, software rule changes are usually required. These are what cause hard forks as the main blockchain splits into two as some miners "vote" for the previous network rules and some miners vote for the main network rules

Sorry for the extensive editing of the last paragraph, I'm not entirely sure I understood what you were discussing but I think I got the gist with me little rewrite?

Offline yasmikash

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Re: what is a bitcoin fork?
« Reply #2 on: April 22, 2018, 08:04:36 AM »
Nice Job on making a post here already! I can understand it all, the corrections I have given will just help improve it even further.
I removed the editing so I could place my own comments with it.



Bitcoin is based on what is called a blockchain. So, imagine a huge register that contains information about all transactions which have ever taken place. This register consists of billions of pages.  ???  ??? Now imagine this register as the blockchain and each page of the register as  a 'block'. Each of these pages is being filled with transactions, and basically a bitcoin miner do A bitcoin miner's task is to add these pages (blocks) filled with transactions to the register (blockchain).

There are two parties that are involving into involved in this entire process:
1. Community who develop the bitcoin open source bitcoin software.
2. Minors Miners who allocate their resources to keep it up and running.

These two parties are essential to maintain the bitcoin network, but they have different ambitions and visions. At some point community says that they no longer include the 'segregated witness', which is significant amount of data about the transaction, on each transactions being made, as a lot of space is occupied by the witness as a lot of space is removed by segregating the witness part. So basically it means that miners will able to add a lot more transactions to a single block. Then minors miners. On the other hand, miners also insist that increase the block size, allowing them to fit even more transactions into each block.

To mine some more transactions included in a single block needs to have a sufficient processing power. But comparing to big miners, small miners wouldn't have enough resources to do so. This is the point at which two new currencies or blockchains tend to exist.  :o  This is the time when the bitcoin fork is happening.  :P
To add improvements to the Bitcoin networks, software rule changes are usually required. These are what cause hard forks as the main blockchain splits into two as some miners "vote" for the previous network rules and some miners vote for the main network rules

Sorry for the extensive editing of the last paragraph, I'm not entirely sure I understood what you were discussing but I think I got the gist with me little rewrite?

Thank you for your corrections. Now I understand what mistakes I have done, and will definitely keep in my mind not to do these mistakes again in my next posts.