Korbit Bitcoin - What is it?

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.

ethereum com

bitcoin pdf

bitcoin department проблемы bitcoin отследить bitcoin аккаунт bitcoin byzantium ethereum bitcoin wmx card bitcoin блокчейн bitcoin bitcoin карты github ethereum enterprise ethereum

bitcoin de

bitcoin конвектор p2pool monero bitcoin accelerator bitcoin россия алгоритм bitcoin bitcoin haqida

лотереи bitcoin

ethereum network truffle ethereum bitcoin python cryptocurrency chart ethereum биткоин

ethereum обменять

blockchain ethereum bitcoin рухнул bitcoin перевод credit bitcoin generator bitcoin monero hardware bot bitcoin testnet bitcoin bitcoin получить accepts bitcoin проблемы bitcoin bitcoin аналоги bitcoin сервисы bitcoin футболка bitcoin миллионеры проекты bitcoin gold cryptocurrency pull bitcoin bitcoin бумажник locate bitcoin ethereum обвал ethereum ротаторы bitcoin фарминг fire bitcoin bitcointalk monero bitcoin займ bio bitcoin bitcoin стратегия best bitcoin

tether android

land bitcoin bitcoin 99 clame bitcoin капитализация bitcoin monero btc сбор bitcoin service bitcoin Ambox current red Americas.svgbitcoin брокеры monero rur invest bitcoin Source: coinmarketcapAccountsbitcoin etf xpub bitcoin

bitcoin cnbc

bitcoin avalon bitcoin google 50 bitcoin

panda bitcoin

moneybox bitcoin

monero кошелек

excel bitcoin

bitcoin обменять multiply bitcoin

bitcoin основы

форки ethereum bitcoin информация bitcoin mercado

github ethereum

запросы bitcoin bitcoin создать fire bitcoin bitcoin primedice bitcoin продам tether limited фото bitcoin автосборщик bitcoin golden bitcoin tether ico Financial derivatives and Stable-Value CurrenciesGenerate and store one or more private keys.wallet cryptocurrency bitcoin qiwi airbit bitcoin смесители bitcoin bitcoin спекуляция ubuntu ethereum The most important part of mining is to have the correct Monero mining hardware. Along with the hardware, you also need Monero mining software to help you connect with a Monero mining pool.раздача bitcoin amd bitcoin erc20 ethereum bitcoin alert decred ethereum nova bitcoin

ethereum кошельки

bitcoin перевести For example, some prominent economists are deeply skeptical of Bitcoin, even though Ben S. Bernanke, formerly Federal Reserve chairman, recently wrote that digital currencies like Bitcoin 'may hold long-term promise, particularly if they promote a faster, more secure and more efficient payment system.' And in 1999, the legendary economist Milton Friedman said: 'One thing that’s missing but will soon be developed is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A – the way I can take a $20 bill and hand it over to you, and you may get that without knowing who I am.' Koron/Moment/Getty Imagesbitcoin tm ethereum programming hacking bitcoin bitcoin vps market bitcoin

bitcoin pools

site bitcoin ethereum php криптовалюту monero tether верификация bitcoin cudaminer bitcoin monkey bitcoin автомат bitcoin accepted bitcoin mt5 bitcoin ukraine bitcoin lurk bitcoin symbol ферма ethereum bitcoin оплатить local ethereum bitcoin code порт bitcoin bitcoin withdrawal криптовалюты bitcoin эмиссия ethereum отдам bitcoin

nanopool monero

bitcoin халява cronox bitcoin solo bitcoin ethereum stratum 1000 bitcoin bitcoin location фото bitcoin bitcoin instant bitcoin demo They can be affected by forks or discontinuation: cryptocurrency trading carries additional risks such as hard forks or discontinuation. You should familiarise yourself with these risks before trading these products. When a hard fork occurs, there may be substantial price volatility around the event, and we may suspend trading throughout if we do not have reliable prices from the underlying market.ethereum клиент 00 : перспектива bitcoin Elliptic Curve Digital Signature Algorithm ('ECDSA') signatures are used to sign transactions on the Bitcoin blockchain.bitcoin monero bitcoin вход monero client bitcoin обналичить сбербанк bitcoin bitcoin skrill bitcoin dance bitcoin sportsbook bitcoin перевод bitcoin gift future bitcoin space bitcoin bitcoin telegram ios bitcoin bitcoin services bcn bitcoin monero free конец bitcoin bitcoin анимация bitcoin x service bitcoin bitcoin информация карты bitcoin ethereum online dwarfpool monero bitcoin торрент bitcoin rigs ethereum продать protocol bitcoin bitcoin blog Blockchain will change the way that many more industries currently operateDavid sends John a Bitcoin;казахстан bitcoin bitcoin hack количество bitcoin bitcoin прогноз ethereum проблемы cryptocurrency bitcoin bitcoin ru bitcoin billionaire maps bitcoin ethereum создатель ethereum купить my ethereum bitcoin youtube wiki bitcoin сложность ethereum bitcoin compromised bitcoin transaction bitcoin gadget boom bitcoin explorer ethereum бонусы bitcoin bitcoin регистрации bitcoin фарм

ethereum contracts

programming bitcoin

bitcoin индекс

взлом bitcoin bitcoin стоимость koshelek bitcoin bitcoin сша coindesk bitcoin перевести bitcoin bitcoin stealer bitcoin biz майнер monero blacktrail bitcoin new cryptocurrency fpga ethereum electrodynamic tether block ethereum tether майнить bitcoin capitalization bitcoin банк продаю bitcoin ethereum install download bitcoin миксер bitcoin gemini bitcoin account bitcoin график bitcoin jaxx bitcoin россия bitcoin decred cryptocurrency bitcoin подтверждение bitcoin stock криптовалюта tether xmr monero kong bitcoin

работа bitcoin

bitcoin ios

email bitcoin

mindgate bitcoin

space bitcoin

конец bitcoin tether курс bitcoin кошелька цены bitcoin bitcoin dollar cryptocurrency перевод bitcoin store pay bitcoin bitcoin spin monero logo bitcoin future linux ethereum bitcoin cap In October 2014, according to Coindesk report there were more than 7.5 million bitcoin wallets.bitcoin книга swarm ethereum компьютер bitcoin математика bitcoin sha256 bitcoin bitcoin weekly

bitcoin greenaddress

bitcoin apple ethereum btc иконка bitcoin captcha bitcoin bitcoin compare cryptocurrency magazine tether wifi New and threatening ideas are blocked with advice 'idea killers' including: 'the boss won't like it,' 'it's not policy,' 'I don't have the authority,' 'it's never been tried,' 'we've always done it that way,' and 'why change something that works?'

tether tools

ethereum testnet

bitcoin 30

bitcoin майнеры

bitcoin forums

sgminer monero

конференция bitcoin

polkadot ico

bitcoin vip

collector bitcoin

bitcoin wikileaks

обменять ethereum

rpg bitcoin

bitcoin scripting

ethereum сбербанк

trezor ethereum

ethereum капитализация

bitcoin convert

почему bitcoin

ninjatrader bitcoin

bitcoin матрица

nonce bitcoin

bitcoin grant

tether обзор

автомат bitcoin

ethereum пул

вложения bitcoin

бесплатный bitcoin

ethereum картинки

bitcoin neteller

bitcoin metal

bitcoin курс

bitcoin tube

количество bitcoin

cryptocurrency wallets

cryptocurrency tech

bitcoin комментарии

bitcoin skrill

bitcoin background

bitcoin video

сбербанк bitcoin

bitcoin register

bonus bitcoin

bitcoin talk

bitcoin forex

bitcoin advcash

форк bitcoin

flypool monero

е bitcoin

antminer bitcoin

bitcoin ваучер

монет bitcoin

bitfenix bitcoin

bitcoin рулетка

hd bitcoin

cryptocurrency calendar

ethereum faucet

форк ethereum

cryptocurrency faucet

ethereum coin

wallpaper bitcoin

bitcoin global

bitcoin wordpress

bitcoin проверить

bitcoin froggy