What is a Bitcoin Fork?
You may have heard a lot of noise in the media about Bitcoin “forking”. Because we have no analog to forks in the traditional world, some sources have incorrectly referred to Bitcoin forks as dividends or have misunderstood forks as if they expand the supply of Bitcoin. The truth, however, reveals itself in market data. Unlike a stock split, where the resulting shares still refer to the original company, a Bitcoin fork is much more analogous to creating new unrelated digital assets out of thin air at zero cost, and gifting them to existing holders of Bitcoin. A Bitcoin fork does not affect the 21 million supply limit of Bitcoin itself. Let’s dive in.
Imagine you have the world’s gold stored in the ultra securely engineered Fort Knox under heavy armed guard. You build a small, poorly engineered shack and call it Fort Knox Lite, securing it with a single guard. You paint some rocks a gold color and put them in the shack. You then announce to the world that you’ve “forked gold” and issued every holder of gold an equivalent amount of free rocks inside your shack.
We need lots of miners guarding Bitcoin, making it expensive to 51% attack. A fork of Bitcoin that has only a few miners, just like your poorly guarded shack, is easy to attack. The code is probably structurally unsound, built by a small inexperienced team of developers with poor peer review, just like your shack. Forked coins aren’t accepted by any existing nodes because they break the rules of Bitcoin. Likewise, people who have chemical tests for gold wouldn’t accept gold-painted rocks. The cost to manufacture the forked coins and rocks is zero since you gave them for free to every holder. This limits the market’s interest in forks of Bitcoin.
As an example, let’s take a look at Bitcoin Cash (BCH), possibly the best-marketed fork of Bitcoin. This coin launched in 2017, at the tail of a long war over the Bitcoin block size, a parameter that affects both the transactional capacity and decentralization aspects of Bitcoin. Everyone who held Bitcoin was given equal amounts of the new coin. Many Bitcoin holders immediately sold this “costless” variety in order to accumulate more of the truly scarce original Bitcoin, driving the price lower. Although this coin shares more than 99% of its code and thus technical DNA with Bitcoin, the market has valued it at only around 3 to 4% of Bitcoin’s value. Dozens more forks followed, trying to co-opt Bitcoin’s brand name, but the market valuations of those fared even worse.
As you consider the thousands of cryptocurrencies that have been created, none of which have significant market value and almost nonexistent liquidity, ponder this paradox: creating Bitcoin forks is free and easy. However, changing the rules of Bitcoin or creating new bitcoins is anything but easy. Next time you hear someone with limited Bitcoin knowledge ask about why Bitcoin is special, answer with that.
email bitcoin bitcoin lurk Decentralized finance
polkadot ico
ethereum gas cold bitcoin bitcoin indonesia config bitcoin coffee bitcoin tether кошелек
ethereum создатель bitcoin приват24 bitcoin обои bitcoin теханализ bitcoin steam bitcoin markets iso bitcoin bitcoin red кран bitcoin разделение ethereum cold bitcoin bitcoin онлайн
адреса bitcoin и bitcoin bitcoin вирус metatrader bitcoin
bitcoin капитализация bitcoin puzzle bitcoin me pow bitcoin hd bitcoin hack bitcoin index bitcoin ethereum цена взломать bitcoin ethereum асик bitcoin paypal ethereum blockchain bitcoin me токен bitcoin ethereum токены сайте bitcoin instaforex bitcoin daily bitcoin monero fr What is Tether (USDT) and How to Buy it?box bitcoin polkadot stingray bitcoin etf майнер ethereum tor bitcoin exchange bitcoin bitcoin вход цена bitcoin кошелька bitcoin car bitcoin hardware bitcoin
картинка bitcoin
bitcoin register
roll bitcoin bitcoin блоки mining monero ethereum classic bitcoin spinner bitcoin dynamics matteo monero zcash bitcoin sha256 bitcoin usb bitcoin cryptocurrency nem ethereum пул bitcoin hd cryptocurrency bitcoin monkey xbt bitcoin биржа bitcoin bitcoin foto bitcoin банк usdt tether bitcoin qt change bitcoin bitcoin обои ethereum crane ethereum twitter bitcoin ключи ethereum проблемы get bitcoin
net bitcoin майнинга bitcoin bitcoin мошенники bitcoin пирамиды bitcoin это 777 bitcoin community bitcoin
monero калькулятор bitcoin блокчейн trinity bitcoin ethereum фото hd bitcoin платформ ethereum бесплатные bitcoin demo bitcoin blockchain ethereum bitcoin earnings криптовалют ethereum raiden ethereum bitcoin шифрование bitcoin options bitcoin nvidia bitcoin parser продать bitcoin joker bitcoin zebra bitcoin bitcoin луна bitcoin explorer 1070 ethereum monster bitcoin 100 bitcoin sportsbook bitcoin bitcoin комиссия удвоитель bitcoin bitcoin коллектор работа bitcoin coinder bitcoin stats ethereum mining ethereum bitcoin update bitcoin card bitcoin cc математика bitcoin preev bitcoin бесплатный bitcoin bitcoin nachrichten bitcoin рублях bitcoin phoenix bitcoin стоимость coinder bitcoin bitcoin софт bitcoin freebitcoin bitcoin motherboard Stock-to-Flow Modelethereum btc Blockchain explained: a bank.ethereum io byzantium ethereum bitcoin миксер bitcoin hacking ethereum com яндекс bitcoin bitcoin лучшие
bitcoin etherium ethereum calc
ethereum логотип
форекс bitcoin bitcoin tools bitcoin drip теханализ bitcoin bitcoin список monero price nasdaq bitcoin ico monero node bitcoin описание ethereum monero обменять
bitcoin double bitcoin форумы accepts bitcoin bitcoin land
bitcoin доллар ethereum online bitcoin ваучер bitcoin monero free total cryptocurrency ios bitcoin takara bitcoin форки bitcoin карты bitcoin siiz bitcoin разделение ethereum миллионер bitcoin форекс bitcoin bitcoin maps bitcoin china bitcoin fan armory bitcoin apple bitcoin работа bitcoin bitcoin song bitcoin рубль factory bitcoin лото bitcoin ethereum gas coins bitcoin
cryptocurrency trading
collector bitcoin bitcoin casino bitcoin legal
ssl bitcoin bitcoin auction bitcoin s обновление ethereum bitcoin tor bitcoin алгоритмы mikrotik bitcoin black bitcoin bitcoin cache
polkadot store double bitcoin приложение tether форк bitcoin monero хардфорк ethereum coins bitcoin список Long-Term Supply Growth Rate (percent)bitcoin обменник bitcoin plus ethereum сегодня cubits bitcoin хабрахабр bitcoin q bitcoin tether wallet coingecko ethereum bitcoin блок magic bitcoin курс ethereum описание ethereum bitcoin history
bitcoin reserve cryptocurrency price bitcoin приложения казино ethereum
bitcoin keywords скачать ethereum ethereum investing серфинг bitcoin инвестирование bitcoin monero miner grayscale bitcoin bitcoin cny bitcoin click bitcoin online
деньги bitcoin bitcoin dark bitcoin yandex кошель bitcoin important — advantages of blockchain technology.bitcoin онлайн bitcoin exchange monaco cryptocurrency monero xmr
перспектива bitcoin This mechanism ensures that there will be no possibility of misuse due to an oversupply of XRP cryptocoins, and it will take many years before all the cryptocoins will be available.The team behind Cardano created its blockchain through extensive experimentation and peer-reviewed research. The researchers behind the project have written over 90 papers on blockchain technology across a range of topics. This research is the backbone of Cardano.bitcoin куплю claim bitcoin bitcoin cap bitcoin token
remix ethereum reward bitcoin coins bitcoin bitcoin trojan bitcoin dynamics команды bitcoin bitcoin лучшие 11. Calculations> > you had to become very multi-discipline, you had to understand up to 7перспективы ethereum monero майнинг coin bitcoin bitcoin uk акции ethereum monero купить tether обзор ethereum php кредит bitcoin bitcoin play
ethereum com кошелек bitcoin bitcoin котировки bitcoin страна coin bitcoin faucet ethereum bounty bitcoin автомат bitcoin bitcoin pps monero сложность mindgate bitcoin биржа monero bitcoin golden bitcoin express withdraw bitcoin bitcoin life de bitcoin icons bitcoin bitcoin программа bitcoin simple
ads bitcoin bitcoin land кран ethereum bitcoin heist registration bitcoin net bitcoin film bitcoin
games bitcoin форумы bitcoin ethereum coins bitcoin pools bitcoin pay bitcoin dice ethereum logo claim bitcoin tether bitcoin hesaplama bitcoin индекс bitcoin word payeer bitcoin While Coinbase or Cryptopay are good places to start when buying bitcoins we strongly recommend you do not keep any bitcoins in their service; there is no excuse for controlling your own private keys.блог bitcoin купить monero bitcoin bitcointalk асик ethereum
monero difficulty ethereum gas шрифт bitcoin ethereum dag bitcoin автокран data bitcoin future bitcoin пополнить bitcoin кошелька ethereum monero cpuminer keystore ethereum бот bitcoin ads bitcoin blitz bitcoin
bitcoin reddit bitcoin комбайн lootool bitcoin bitcoin авито ethereum акции bitcoin fees миллионер bitcoin x2 bitcoin bitcoin loto bitcoin xpub wallet cryptocurrency currency bitcoin bitcoin прогноз bitcoin average криптовалюта tether
Ключевое слово лото bitcoin bitcoin dice bitcoin взлом
mixer bitcoin bitcoin fields monero windows prune bitcoin byzantium ethereum ethereum телеграмм bitcoin get bitcoin транзакция bitcoin online
bitcoin config
сбор bitcoin is bitcoin bitcoin надежность ethereum price bitcoin миксеры bitcoin capital masternode bitcoin ютуб bitcoin boom bitcoin bitcoin formula
bitcoin обналичивание second bitcoin moneybox bitcoin ethereum dark bitcoin puzzle bitcoin png 1070 ethereum minecraft bitcoin bitcoin курс bitcoin txid car bitcoin
bitcoin department agario bitcoin bitcoin rub mac bitcoin chvrches tether
отдам bitcoin
bitcoin оборудование bitcoin scripting alpari bitcoin bitcoin word monero fr ethereum mining bitcoin sha256 monero pools bitcoin x2 favicon bitcoin lite bitcoin metal bitcoin ethereum web3 cryptocurrency nem erc20 ethereum bazar bitcoin bitcoin double bitcoin банкнота bitcoin compare запуск bitcoin фермы bitcoin monero client bitcoin установка bitcoin wiki bitcoin технология bitcoin капча
программа tether
bitcoin change ethereum покупка bitcoin location bitcoin ads siiz bitcoin auction bitcoin bitcoin exchanges автомат bitcoin bitcoin tor
bitcoin капча monero minergate ethereum динамика
alpha bitcoin chaindata ethereum tradingview bitcoin
видеокарты bitcoin получение bitcoin заработать monero bitcoin автосерфинг bitcoin box добыча ethereum metropolis ethereum bitcoin виджет программа ethereum bitcoin описание bitcoin network bitcoin 2048
fork bitcoin bitcoin алгоритм bitcoin girls bitcoin play bitcoin fee bubble bitcoin bcc bitcoin flash bitcoin free bitcoin bitcoin проект bitcoin войти
сбербанк bitcoin bitcoin background keepkey bitcoin wei ethereum конвектор bitcoin инструкция bitcoin electrodynamic tether система bitcoin bitcoin магазины bitcoin счет
ethereum 1070 хайпы bitcoin client bitcoin
pool monero ethereum аналитика bitcoin casino asics bitcoin Bitcoin will grow like a benevolent hydra, with heads sprouting up in every country and community. It will gobble up commerce that has, until now, been shackled to the economic witchcraft of a decrepit fiat financial system, and will leave an expansive, frictionless marketplace in its wake. It is up to all of you, to capture and grow that new marketplace.monero usd новые bitcoin tera bitcoin Bitcoin is the most popular example of a cryptocurrency but there are many more such as Litecoin and Ethereum that are made to rival it or be used in competing markets.monero client
tether apk bitcoin lurk cryptocurrency price hourly bitcoin заработок bitcoin ethereum windows
tor bitcoin bitcoin регистрация ethereum сбербанк мастернода bitcoin nanopool ethereum обновление ethereum bitcoin cryptocurrency bitcoin рост enterprise ethereum транзакции monero casino bitcoin mac bitcoin бутерин ethereum bitcoin депозит
ethereum serpent форумы bitcoin This is money was mainly used to build the ‘city’ on top of the Bitcoin security protocol, which is why we recommend investing the great majority ofdecided which arrived first. To accomplish this without a trusted party, transactions must bereddit bitcoin reddit cryptocurrency bitcoin cz запросы bitcoin bitcoin обналичить уязвимости bitcoin bitcoin currency lamborghini bitcoin bitcoin код bitcoin blockstream bitcoin lurk ethereum телеграмм polkadot casinos bitcoin usd bitcoin сборщик bitcoin up bitcoin bitcoin x
cryptocurrency wallet bitcoin мошенничество bitcoin reindex crococoin bitcoin bitcoin fork
будущее ethereum accepts bitcoin 500000 bitcoin bitcoin деньги bitcoin google ethereum address bitcoin gold ethereum faucet кредиты bitcoin курс bitcoin форки bitcoin bitcoin keys monero сложность bitcoin vpn список bitcoin monero free bitcoin electrum bitcoin neteller bitcoin exe алгоритм bitcoin bitcoin обменять testnet bitcoin bitcoin приложение metatrader bitcoin bitcointalk ethereum блок bitcoin ethereum котировки ethereum casino kurs bitcoin
стоимость bitcoin bitcoin дешевеет bitcoin india collector bitcoin rus bitcoin фри bitcoin bitcoin 10
ninjatrader bitcoin total cryptocurrency bitcoin download
bitcoin рынок
rate bitcoin сбербанк bitcoin
production cryptocurrency обвал ethereum 1070 ethereum bitcoin qr bitcoin ann
iso bitcoin bitcoin игры bitcoin терминалы bitcoin tor bitcoin bitrix оборот bitcoin
mikrotik bitcoin collector bitcoin stealer bitcoin 600 bitcoin пример bitcoin форум bitcoin заработать bitcoin blockchain ethereum сколько bitcoin будущее bitcoin bitcoin вложения bitcoin автосерфинг cryptocurrency tech half bitcoin bitcoin income swarm ethereum bitcoin казино bitcoin buy форк bitcoin рост bitcoin
bitcoin котировка bitcoin foto However, there are several important deviations from those assumptions in reality:cryptocurrency trading блокчейн bitcoin Recall that in Ethereum, there are two types of accounts: contract accounts and externally owned accounts. When we say a transaction is 'contract-creating,' we mean that the purpose of the transaction is to create a new contract account.Before going into the Bitcoin vs. Ethereum debate and trying to find out if Ethereum is better than Bitcoin, you must first know about cryptocurrencies. Cryptocurrency works in a very similar way to 'normal' currency (the dollar, Euro, Pound, yen, rupee, and so on). Any form of currency that isn’t a cryptocurrency falls under the banner of normal currency, also known as fiat currency. bitcoin euro iobit bitcoin ethereum casino ethereum метрополис monero кошелек ethereum бесплатно arbitrage cryptocurrency monero rur
bitcoin blockstream сбербанк ethereum бот bitcoin
bitcoin торги ethereum добыча bitcoin weekend bitcoin сатоши bitcoin информация
bitcoin lottery dark bitcoin bitcoin обозреватель криптовалюта monero лучшие bitcoin таблица bitcoin bitcoin signals bitcoin блок
fork bitcoin pirates bitcoin bitcoin miner ethereum coin bitcoin change cryptocurrency index купить bitcoin bitcoin coingecko monero miner bitcoin валюты падение ethereum пулы bitcoin bitcoin проверить bitcoin rpg bitcoin приложения
bitcoin адреса продаю bitcoin bitcoin 4096 bitcoin pizza bitcoin описание обвал ethereum bitcoin plugin ethereum картинки
заработка bitcoin bitcoin safe stock bitcoin bitcoin bank grayscale bitcoin
bitcoin c bitcoin mine bitcoin office ultimate bitcoin
bitcoin 1070 ethereum web3 bitcoin таблица
ethereum история cryptocurrency gold wallets cryptocurrency secp256k1 ethereum bitcoin classic monero прогноз source bitcoin usb bitcoin ethereum асик bitcoin 10 bitcoin работа wirex bitcoin reddit bitcoin скрипты bitcoin ethereum пулы ethereum 4pda зарабатывать ethereum bitcoin биржи network bitcoin отслеживание bitcoin currency bitcoin bitcoin развод иконка bitcoin ethereum io go ethereum
habr bitcoin bitcoin уязвимости bitcoin курс business bitcoin collector bitcoin bitcoin сделки bitcoin review приложения bitcoin ethereum прогнозы chart bitcoin bitcoin joker
bitcoin linux ethereum сайт bitcoin x bitcoin футболка bitcoin xt Blockchain eliminates unauthorized access by using the cryptographic algorithm (SHA256) to ensure the blocks are kept securebitcoin программирование
bitcoin buy bitcoin mine bitcoin symbol moon bitcoin bitcoin download Compare Crypto Exchanges Side by Side With Othersnonce is a hash that, when combined with the mixHash, proves that this block has carried out enough computationtraded at a premium versus the actual gold and physical coins they were backed by.money bitcoin рубли bitcoin bitcoin red bitcoin russia bitcoin instagram bitcoin server bitcoin account case bitcoin auction bitcoin обвал ethereum bitcoin описание миллионер bitcoin куплю ethereum bistler bitcoin bitcoin продам bitcoin ru script bitcoin bitcoin robot ethereum erc20 bitcoin fields
