Coingate On Hard Forks

What is a Bitcoin hard fork? Simply Explained!Strictly expanding hard forks are also a dangerous game. Miner-activated soft forks are coercive; user-activated soft forks are less coercive, though still quite coercive because of the economic pressure, and they also have their dangers. If you really want to make a contentious change, and have decided that the high social costs of doing so are worth it, just do a clean bilateral hard fork.

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Hard fork. A hard fork is a rule change such that the software validating according to the old rules will see the blocks produced according to the new rules as invalid. In case of a hard fork, all nodes meant to work in accordance with the new rules need to upgrade their software. If one group of nodes continues to use the old software while the other nodes use the new software, a permanent.

25/03/2017  · A hard fork simply means that a major software update has been made to the underlying application code, that requires the community – users and operators of machines.

A hard-fork is a change both sets of users enforce. Therefore to implement or undo that change all users must agree and upgrade. The block size limit is an example. This could have been implemented as a soft-fork (Bitcoin started with no size limit), but was implemented as a hard-fork, and so requires a hard-fork to change (or remove) it.

First and foremost, stay calm – at the moment, the chances of a Bitcoin hard fork happening are pretty slim. We continuously monitor the Bitcoin ecosystem and will definitely warn you if the likelihood of the fork increases. Nonetheless, we strongly believe that knowledge and education are an absolute must to make well-informed decisions, which is why we have written this post.

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