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Bitcoin fork is the type of event that realizing on the blockchain networks. We can think of it like a branch growing from a crypto tree. A fork happens when people using a particular cryptocurrency can’t agree on how to make it better. Instead of arguing, they split into different paths and create new versions of the cryptocurrency.
There are different types of forks. A hard fork is a complete split, creating a new platform with its own cryptocurrency. A soft fork is more like a modification of the existing cryptocurrency. It’s like adding some new leaves to the tree without creating a whole new branch.
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When hard fork happens, prices often go up because people are excited about the new cryptocurrency. However, prices can decline afterward as the market settles and people decide which version they prefer.
An example of the BTC hard fork in August 2017. Before the fork, there were different ideas:
- Some believed the new coin, Bitcoin Cash, would become more popular than the original Bitcoin.
- Others thought the original Bitcoin would remain on top and Bitcoin Cash would disappear.
Second idea was closer to being right. Bitcoin is still highly valuable, while Bitcoin Cash is worth much less. However no one knew for sure what would happen. Both Bitcoin and Bitcoin Cash saw a surge in prices after the fork.
Famous Bitcoin Forks:
- Litecoin
- Bitcoin XT
- Bitcoin Classic
- Segregated Witness
- Bitcoin Cash (BCH)
- SegWit2x
- Bitcoin Gold
- Bitcoin Diamond (BCD)
- Bitcoin Private
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