Don’t Panic: The Next Bitcoin Fork Does Not Deserve Your Hysteria

Dont Panic: The Next #bitcoin Fork Does Not Deserve Your Hysteria #Tech #stocks

  • Before we get into the details of the “Bitcoin gold” offshoot, let me first review what a Bitcoin fork is.
  • In short, hard forks are permanent changes to the blockchain architecture, and therefore they spark mainstream interest.
  • More than two months ago, the first fork occurred, creating “Bitcoin cash.”
  • Deemed a “friendly fork,” Bitcoin gold is scheduled for an Oct. 25 introduction.
  • Bitcoin gold integrates new programming that encourages mining the upcoming Bitcoin fork features complex algorithms that are very similar to Ethereum’s system.

After a dramatic and admittedly scary selloff, the Bitcoin price is now hovering just under the $4,800 level. Before we get into the details of the “Bitcoin gold” offshoot, let me first review what a Bitcoin fork is. At the core of every cryptocurrency is the blockchain, a “database where entries and

After a dramatic and admittedly scary selloff, the Bitcoin price is now hovering just under the $4,800 level. Roughly a month-and-a-half ago, billions of dollars evaporated as its price tag fell briefly below $3,000. But just when you thought it was safe to re-engage the virtual-currency market, we have yet another Bitcoin fork coming.

Before we get into the details of the “Bitcoin gold” offshoot, let me first review what a Bitcoin fork is. At the core of every cryptocurrency is the blockchain, a “database where entries and transactions are verified without needing central administrators or third-party intermediaries.” The process, called “mining,” involves decentralized agents competing with each other to verify blocks of transactional data, essentially operates the blockchain.

For any number of reasons, usually to address a security vulnerability, blockchain participants will propose a protocol change. Depending on the proposal’s magnitude, a fork could either be a “hard fork” or a “soft fork.” In short, hard forks are permanent changes to the blockchain architecture, and therefore they spark mainstream interest.

Specifically for the this fork, cryptocurrency users have two options: jump onboard the newly-created pathway, or stick to the original road. Either way, the Bitcoin fork is a dichotomy. You have to choose one or the other, as one path’s algorithms won’t be valid for another iteration.

This is the primary controversy over Bitcoin gold: it’s yet another offshoot of the namesake cryptocurrency. More than two months ago, the first fork occurred, creating “Bitcoin…

Don’t Panic: The Next Bitcoin Fork Does Not Deserve Your Hysteria