When will bitcoin fork happen
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Beyond censorship is the lobbying. Propaganda and persuasion are the name of the game. On the opposing 2mb side? Very little. Business leaders who — I should add — have done a great service to the ecosystem as a whole. The reason as to why an individual might choose to lobby, brigade or censor content will be nuanced no doubt driven by an honest belief and speculating on motive would be equally as distasteful.
The main cause for concern here is the number of red flags that this type of activity throws up; a swift jettisoning of this vitriol would be in the interests of everyone. What will happen when Bitcoin forks on November 16th For simplicity, we will refer to Bitcoin Legacy as the existing chain, and Bitcoin 2 as the newly forked chain with the 2mb increase. Assuming miners act as they signal they are not bound by any agreement , block times on the Bitcoin 2 chain will increase by a couple of minutes before resetting to 10 minutes 2 weeks following the fork interested in Bitcoin difficulty?
See the explainer. Put simply, those who choose to transact on the Bitcoin 2 chain will not notice much of a change in transaction speed. As a result, blocks on this chain will be mined every hour before resetting to 10 minutes a little over 80 days later. Given that a typical transaction requires at least 3 block confirmations, those transacting on Bitcoin Legacy will need to wait 3 hours — until mining difficulty resets nearly 3 months later.
These are all simple assumptions which disregard the minutes and hours post-fork when game theory takes hold and users, merchants, exchanges, nodes and miners all have the opportunity to change position. Merchants will be able to deal quickly on Bitcoin 2, but Legacy is still in demand by some users. Exchanges then enter the picture. This would allow miners to add more transactions into a block, which would have reduced the fees that Bitcoin users pay to transfer funds.
Remember how I said a soft fork needed to receive the majority vote? Well, unfortunately, the majority of Bitcoin users didn't want to make the change, so they had to create a whole new blockchain. The Bitcoin Cash blockchain was officially launched on 1st August Just like Bitcoin, the Bitcoin Cash supply is limited to 21 million coins and each block takes 10 minutes before it is confirmed. On the other hand, as the maximum block size was increased by eight times, it allowed the Bitcoin Cash blockchain or Bitcoin fork to scale more transactions.
Scalability or scaling is the maximum amount of transactions that a particular blockchain can process every second. Bitcoin is very limited in this sense as it can only process an average of 7 transactions per second. This is one of the things that are currently letting Bitcoin down — if it is going to be used as a global payment system, it must improve its scalability performance.
Source: cointelegraph Due to the changes that were implemented after this Bitcoin split, Bitcoin Cash can process about 61 transactions per second. What this means is that if you held 0. Since this Bitcoin fork was launched, it has been a very successful project. In fact, at the time of writing in June , it is the fourth most valuable cryptocurrency in the industry. The main person behind the Bitcoin Cash project is a well-known cryptocurrency investor called Roger Ver.
Ver, often referred to as "Bitcoin Jesus", believes that Bitcoin Cash is actually the "Real Bitcoin", and he thinks it will overtake Bitcoin as the number one cryptocurrency. Bitcoin is the most important invention in the history of the world since the internet.
While Bitcoin Cash was concerned with reducing transaction fees, the people behind Bitcoin Gold wanted to make Bitcoin more "decentralized". This is because the vast majority of Bitcoin mining is controlled by just a few pools in China. Once the Bitcoin reward is won, it is divided between the pool, based on how much each person has invested. Ultimately, this gives the people running the mining pool lots of power and influence over the network, which is why some believe that this Bitcoin fork has become too centralized.
In the early days before mining pools became dominant, it was possible to mine Bitcoin by using a basic CPU or GPU, meaning that anybody could do it in the comfort of their own home. Those days are now long gone if you want a chance of winning the reward — not only do you need to be part of a mining pool, but you also need to own really expensive ASIC hardware. But guess who manufacturers a lot of the mining hardware?
One of the largest mining pools in the industry! In response, Bitcoin Gold installed a new mining process that makes sure that specialized and expensive hardware cannot be used to increase somebody's chances of winning the mining reward. Think about it like this: If a Ferrari raced 10 Mini Cooper's, which car do you think would win? Well, obviously the Ferrari as it has the most powerful engine! However, Bitcoin Gold changes things so that instead of a Ferrari being in the race, there are just 10 Mini Coopers, giving everybody a fair chance of winning.
However, instead of taking 10 minutes like Bitcoin, Bitcoin Gold can confirm a transaction in just 2. The other major difference is the way that miners verify transactions. Just like the Bitcoin Cash fork, anyone holding Bitcoin at the time of the launch received identical amounts in Bitcoin Gold. Since it was launched, Bitcoin Gold has also performed really well.
This attack is actually quite ironic because the whole point of Bitcoin Gold was to prevent centralized miners from gaining too much control.
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