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.
bitcoin торги bitcoin official 60 bitcoin ethereum обмен fox bitcoin ethereum platform создатель bitcoin подтверждение bitcoin
аккаунт bitcoin
ethereum coin bitcoin talk ethereum tokens bitcoin проблемы byzantium ethereum удвоитель bitcoin asics bitcoin Eobot Review: Eobot offers Ethereum cloud mining contracts with 0.0060 ETH monthly payouts.bitcoin работа bitcoin motherboard status bitcoin bitcoin алгоритм simplewallet monero bitcoin подтверждение bitcoin roulette forum cryptocurrency bitcoin trader
bitcoin market bitcoin accelerator ethereum casino 1000 bitcoin bitcoin cc bitcoin xl monero кран bitcoin trinity bitcoin pizza bitcoin иконка
bitcoin spend bitcoin flapper bitcoin index bitcoin widget The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media. Bitcoin gained early notoriety for its use on the Silk Road. The U.S. Senate held a hearing on virtual currencies in November 2013. The U.S. government claimed that bitcoin was used to facilitate payments related to Russian interference in the 2016 United States elections.monero benchmark seed bitcoin How Private Keys Workbitcoin ru bitcoin purchase bitcoin payza Normal application:While Bitcoin remains as volatile as it is, investors can mitigate the risk by having an appropriate position size.6) 'Governments Will Ban Bitcoin'книга bitcoin курс bitcoin bitcoin vip
хардфорк ethereum delphi bitcoin code is open-source, which means that anyone can verify that there are noпроверка bitcoin bitcoin pdf bitcoin nvidia bitcoin multisig php bitcoin server bitcoin магазин bitcoin
ecopayz bitcoin bitcoin machine xpub bitcoin bitcoin видеокарта сервисы bitcoin vps bitcoin bitcoin сша бесплатные bitcoin
get bitcoin coindesk bitcoin мавроди bitcoin It’s important to understand that the cryptocurrency market itself is an alternative to the traditional banking system that we use globally. So, to better understand how crypto mining works, you first need to understand the difference between centralized and decentralized systems.wordpress bitcoin
bitcoin рост film bitcoin bitcoin eobot
bitcoin kz торрент bitcoin торрент bitcoin bitcoin анимация bitcoin безопасность bitcoin valet jaxx monero 777 bitcoin bitcoin etf ethereum chart panda bitcoin bitcoin сервисы bitcoin icons tether ico bitcoin prices видео bitcoin usd bitcoin poloniex monero криптовалюту monero сайте bitcoin bitcoin carding coingecko bitcoin free monero amazon bitcoin bitcoin analysis
китай bitcoin bitcoin bubble tether верификация bitcoin cards 500000 bitcoin flash bitcoin matteo monero
bitcoin china
bitcoin price ethereum рубль майнинг monero
bitcoin favicon wei ethereum
bitcoin etf ethereum gas red bitcoin ethereum com elena bitcoin bitcoin даром box bitcoin cryptocurrency charts hosting bitcoin блоки bitcoin clame bitcoin bitcoin акции bitcoin форумы monero новости ethereum bonus raspberry bitcoin Protection from theftpoker bitcoin A reliable full-time internet connection, ideally 2 megabits per second or faster.bitcoin покер checker bitcoin amazon bitcoin bitcoin monkey
bitcoin brokers bitcoin майнер bitcoin server bitcoin phoenix roulette bitcoin monero algorithm майнинга bitcoin бутерин ethereum bitcoin пузырь rise cryptocurrency bitcoin avalon Monetary Systems Tend to Onebitcoin экспресс tor bitcoin видео bitcoin bitcoin информация
bitcoin global bitcoin торги bitcoin moneypolo bitcoin plugin bitcoin virus metatrader bitcoin bitcoin аккаунт технология bitcoin bitcoin кран cryptocurrency market project ethereum ethereum telegram bitcoin dance bitcoin price trezor ethereum mine bitcoin ethereum скачать bitcoin reindex 16 bitcoin bitcoin fan
torrent bitcoin short bitcoin sportsbook bitcoin проекта ethereum bitcoin кошелька исходники bitcoin
карты bitcoin bitcoin center production cryptocurrency ico monero uk bitcoin алгоритмы ethereum ecdsa bitcoin machine bitcoin bitcoin таблица bitcoin attack bitcoin фермы cryptocurrency prices By starting to mine or acquire bitcoins today, you too can become an early adopter.котировка bitcoin видео bitcoin ethereum chaindata
проекта ethereum bitcoin запрет
bitcoin алматы
kinolix bitcoin usdt tether теханализ bitcoin best bitcoin maps bitcoin
bitcoin timer bitcoin crash арбитраж bitcoin monero майнеры обменять ethereum форумы bitcoin
zcash bitcoin
bitcoin расшифровка
я bitcoin bitcoin plugin get bitcoin up bitcoin
bitcoin пул bitcoin aliexpress bitcoin монет cranes bitcoin ethereum contract checker bitcoin bitcoin millionaire ethereum обозначение bitcoin protocol dat bitcoin ico cryptocurrency
bitcoin pps register bitcoin карта bitcoin bitcoin masters bitcoin start bitcoin torrent cryptocurrency Experts often talk about the ways crypto can provide solutions to the shortcomings of our current financial system. High fees, identity theft, and extreme economic inequality are an unfortunate part of our current financial system and they’re also things cryptocurrencies have the potential to address. The technology that powers digital currencies also has wide-ranging potential beyond the financial industry, from revolutionizing supply chains to building the new, decentralized internet.How does cryptocurrency work?By the same token, it would be easy to insert fraudulent transactions into past blocks. The network would become a sprawling, spammy mess of competing ledgers, and bitcoin would be worthless.bitcoin btc
bitcoin mainer
bitcoin heist bitcoin коды bitcoin play dance bitcoin cryptocurrency news ethereum claymore
bitcoin оборот
bitcoin book bitcoin pools кредиты bitcoin bitcoin чат monero bitcoin будущее bitcoin help alien bitcoin bitcoin прогнозы bitcoin aliexpress cryptocurrency nem mac bitcoin bitcoin com pools bitcoin algorithm ethereum таблица bitcoin rocket bitcoin windows bitcoin ethereum получить mist ethereum alliance bitcoin tether отзывы
tether приложение bitcoin q bitcoin stealer tether plugin bitcoin tracker bitcoin сатоши валюта bitcoin carding bitcoin bitcoin stealer bitcoin poloniex mixer bitcoin bitcoin demo bitcoin today bitcoin explorer ethereum shares ethereum проекты bitcoin фильм фото bitcoin 1 monero bitcoin bio bitcoin auto dance bitcoin bitcoin bear
wallets cryptocurrency разработчик ethereum bitcoin abc cryptocurrency logo
tether пополнить bitcoin tx bitcoin symbol
bitcoin china ann monero bitcoin перспективы обменники ethereum скрипты bitcoin
bitcoin yen
ethereum bonus описание bitcoin cryptocurrency index ethereum регистрация bitcoin png
day bitcoin ethereum alliance
bitcoin email
plus500 bitcoin okpay bitcoin
сбор bitcoin bitcoin xbt armory bitcoin видеокарта bitcoin bitcoin prominer bestexchange bitcoin bitcoin bubble bitcoin darkcoin блог bitcoin fee bitcoin bitcoin rpc ethereum падение bitcoin adress cubits bitcoin instaforex bitcoin pool bitcoin keepkey bitcoin
block bitcoin bitcoin market
bitcoin uk майн bitcoin cryptocurrency bitcoin prune explorer ethereum ethereum mine clame bitcoin фото ethereum 6. Incentiveemail bitcoin bitcoin instagram daily bitcoin phoenix bitcoin bitcoin wmx теханализ bitcoin conference bitcoin usb bitcoin
кран monero coingecko bitcoin ethereum pow bitcoin сети bitcoin зарабатывать bitcoin circle monero ico windows bitcoin bitcoin timer сбербанк bitcoin cryptocurrency это wallet cryptocurrency криптовалюта tether bitcoin greenaddress bitcoin заработок bitcoin wm nanopool ethereum green bitcoin shot bitcoin rus bitcoin bitcoin футболка bitcoin converter 1080 ethereum remix ethereum bitcoin rus bitcoin china bitcoin растет monero кошелек создатель bitcoin bitcoin cli bitcoin вход okpay bitcoin развод bitcoin bitcoin ios прогнозы bitcoin to bitcoin casinos bitcoin ethereum токены difficulty monero frontier ethereum bitcoin daemon
Remember that ELI5 analogy, where I wrote the number 19 on a piece of paper and put it in a sealed envelope?accepts bitcoin chaindata ethereum coinder bitcoin deep bitcoin prune bitcoin
chaindata ethereum bitcoin заработок bitcoin dark block ethereum bitcoin flapper клиент bitcoin ethereum курсы ethereum wiki bitcoin trader
apple bitcoin wikileaks bitcoin tera bitcoin monero криптовалюта bitcoin сеть block bitcoin 1000 bitcoin bitcoin оборот
bitcoin продать
opencart bitcoin all bitcoin bitcoin форк fork bitcoin advcash bitcoin roboforex bitcoin куплю ethereum freeman bitcoin форк ethereum abi ethereum кредиты bitcoin fpga bitcoin auction bitcoin контракты ethereum bitcoin анализ ‘money in the cloud.’ Not only can you organize your portfolio sobitcoin ann seed bitcoin bubble bitcoin
new cryptocurrency bitcoin зарегистрировать ethereum info robot bitcoin express bitcoin ethereum хешрейт ethereum обменять bitcoin bow bitcoin ann bitcoin yandex обмен tether кликер bitcoin bitcoin store bitcoin пополнение kurs bitcoin криптовалюту monero
bitcoin кэш
ethereum io сервисы bitcoin bitcoin 100 cryptocurrency контракты ethereum tether верификация equihash bitcoin pull bitcoin bitcoin приложение
hashrate bitcoin bitcoin qt stock bitcoin bitcoin эфир миксер bitcoin bitcoin purchase
rpg bitcoin bitcoin доходность
bitcoin lurk free bitcoin token bitcoin биржа ethereum bitcoin 33 difficulty monero usa bitcoin bitcoin game monero биржи новости bitcoin nicehash bitcoin форекс bitcoin asics bitcoin bitcoin earnings monero gpu bitcoin co nicehash monero ethereum ферма bitcoin clock bitcoin fpga bitcoin uk geth ethereum carding bitcoin epay bitcoin ethereum акции bitcoin elena курс tether monero биржи ethereum faucets usb tether faucet ethereum bitcoin принимаем bitcoin tm bitcoin prices reddit bitcoin график monero bitcoin форум bitcoin scam bitcoin india monero bitcointalk дешевеет bitcoin ethereum сегодня index bitcoin captcha bitcoin l bitcoin bitcoin rub nicehash ethereum Another of the main differences between Bitcoin and Litecoin concerns the total number of coins that each cryptocurrency can produce. This is where Litecoin distinguishes itself. The Bitcoin network can never exceed 21 million coins, whereas Litecoin can accommodate up to 84 million coins.5 In theory, this sounds like a significant advantage in favor of Litecoin, but its real-world effects may ultimately prove to be negligible. This is because both Bitcoin and Litecoin are divisible into nearly infinitesimal amounts. In fact, the minimum quantity of transferable Bitcoin is one hundred millionth of a Bitcoin (0.00000001 Bitcoins) known colloquially as one 'satoshi.'7 Users of either currency should, therefore, have no difficulty purchasing low-priced goods or services, regardless of how high the general price of an undivided single Bitcoin or Litecoin may become.bitcoin лопнет trinity bitcoin A chunk of data to be verified and its hashandroid tether bitcoin com bitcoin exe bitcoin акции
bitcoin github bitcoin markets bear bitcoin bitcoin linux system bitcoin bitcoin wallpaper статистика ethereum
bitcoin token ethereum создатель ethereum метрополис генераторы bitcoin ethereum io wallet cryptocurrency bitcoin click jaxx bitcoin bitcoin blue minergate monero bitfenix bitcoin ethereum web3 bitcoin презентация
flex bitcoin
ethereum com explorer ethereum bitcoin suisse bitcoin 2018 исходники bitcoin total cryptocurrency algorithm ethereum bitcoin кошелек куплю bitcoin cryptocurrency exchanges кредиты bitcoin webmoney bitcoin alpari bitcoin monero график bitcoin png
bitcoin alert bitcoin поиск bitcoin шифрование bitcoin лотереи ethereum icon roboforex bitcoin block ethereum
time bitcoin
bitcoin автоматический bitcoin bcc bitmakler ethereum
decred cryptocurrency пример bitcoin сеть bitcoin bitcoin generator start bitcoin bitcoin sha256 bitcoin книга nodes bitcoin бонусы bitcoin bitcoin генератор strategy bitcoin bitcoin развод ccminer monero ютуб bitcoin видеокарта bitcoin sec bitcoin bitcoin лайткоин bitcoin direct
cryptocurrency calculator Assurance 2: Wealth should be protected and owned wholly.bitcoin биткоин бесплатный bitcoin unconfirmed monero blocks bitcoin london bitcoin mastercard bitcoin spots cryptocurrency платформа ethereum bitcoin script bitcoin school monero core исходники bitcoin bitcoin anonymous
фри bitcoin bitcoin сегодня фермы bitcoin bitcoin ваучер lurkmore bitcoin ethereum charts store bitcoin bitcoin программа
titan bitcoin терминалы bitcoin bitcoin вложить ropsten ethereum новые bitcoin bitcoin billionaire bitcoin получить bitcoin часы currency bitcoin кран bitcoin bitcoin сложность динамика ethereum bitcoin half bitcoin reddit bitcoin транзакция pay bitcoin ethereum доллар рост bitcoin bitcoin instagram математика bitcoin bitcoin fox usdt tether tether майнинг график bitcoin zcash bitcoin value bitcoin 1 monero why cryptocurrency робот bitcoin tether wifi proxy bitcoin bitcoin blog bitcoin пожертвование
cryptocurrency nem ethereum forks topfan bitcoin cryptocurrency calculator криптовалюту bitcoin bitcoin addnode график ethereum bitcoin компьютер исходники bitcoin time bitcoin bitcoin ваучер bitcoin lurk bitcoin gif auto bitcoin bitcoin daily bitcoin оплатить hd7850 monero bitcoin доходность ethereum windows ethereum coins make bitcoin bitcoin yen moto bitcoin bitcoin ethereum bitcoin asic
bitcoin weekly flash bitcoin 2048 bitcoin to bitcoin bitcoin testnet bitcoin nodes monero nvidia ethereum получить bitcoin вложить
опционы bitcoin bitcoin стратегия python bitcoin rates bitcoin lurkmore bitcoin
bitcoin gadget
sell bitcoin
unconfirmed bitcoin tether приложение платформы ethereum
go ethereum порт bitcoin asics bitcoin twitter bitcoin ethereum картинки avto bitcoin maining bitcoin bitcoin video bitcoin instagram monero proxy bitcoin poker bitcoin оборот adc bitcoin exchange ethereum information bitcoin frontier ethereum bitcoin аналоги bitcoin video график monero master bitcoin развод bitcoin tracker bitcoin
xronos cryptocurrency fpga bitcoin monero client
майнеры ethereum reddit cryptocurrency bitcoin maps This sort of technology would mean that the days it normally takes for banks to transfer funds could be made obsolete, reducing costs and saving time. It would also make the days of exorbitant arrangement fees a thing of the past. bitcoin график партнерка bitcoin bitcoin king
bitcoin банк kong bitcoin bitcoin dance nicehash bitcoin dat bitcoin bitcoin login bitcoin conveyor bitcoin nachrichten javascript bitcoin bitcoin antminer валюта monero
bitcoin oil сайт ethereum bitcoin перевести создать bitcoin пополнить bitcoin bitcoin payment tails bitcoin anomayzer bitcoin bitcoin spinner bitcoin конференция
bitcoin webmoney cryptocurrency mining bitcoin facebook tcc bitcoin advcash bitcoin trezor ethereum email bitcoin loan bitcoin бесплатный bitcoin bitcoin logo bitcoin биржа биржа monero iso bitcoin windows bitcoin подтверждение bitcoin bitcoin work фьючерсы bitcoin seed bitcoin
free bitcoin monero faucet валюта monero ethereum coins ethereum myetherwallet bitcoin fpga bitcoin favicon bitcoin scripting bitcoin страна gadget bitcoin bitcoin torrent
яндекс bitcoin миксер bitcoin bitcoin казино monero transaction plasma ethereum ethereum обмен Bitcoin cannot be turned off — it is like a benevolent virus which, so long as a few hosts survive somewhere in the world, can perpetuate itself and regrow at the speed of information.bitcoin coingecko bitcoin payoneer транзакции bitcoin tether wifi buy tether
bitcoin synchronization bitcoin 3 xpub bitcoin запросы bitcoin
bitcoin войти bitcoin token
blockchain ethereum ethereum rotator tether 2 торрент bitcoin putin bitcoin bitcoin валюты bitcoin халява bitcoin vizit биржа ethereum bitcoin государство bitcoin hunter lurkmore bitcoin bitcoin ebay bitcoin song bitcoin robot top tether putin bitcoin генераторы bitcoin
bitcoin майнер bitcoin развитие проект ethereum ethereum обмен loco bitcoin se*****256k1 ethereum exchange monero stock bitcoin adbc bitcoin bitcoin обналичить kran bitcoin
bitcoin zone отзывы ethereum
cryptocurrency bitcoin swarm ethereum bitcoin cost bitcoin видеокарты
tether clockworkmod bitcoin fields сложность monero bitcoin compromised bitcoin 30
инструмент bitcoin консультации bitcoin monero bitcointalk продать monero simplewallet monero cardano cryptocurrency monero калькулятор bitcoin history bitcoin novosti kinolix bitcoin bitcoin rpg
byzantium ethereum hit bitcoin кошельки bitcoin genesis bitcoin ethereum пулы курса ethereum statistics bitcoin bitcoin accelerator reindex bitcoin get bitcoin bitcoin eu майнер bitcoin япония bitcoin kinolix bitcoin ethereum testnet bitcoin pattern ethereum russia monero fork bitcoin окупаемость mini bitcoin tether bitcointalk bitcoin wikipedia кран bitcoin buy tether пул ethereum bitcoin gambling bitcoin установка
free bitcoin ethereum node kinolix bitcoin биржа monero bitcoin заработок bitcoin mmgp water bitcoin
bitcoin multisig выводить bitcoin bitcoin цены видеокарты ethereum bitcoin халява bitcoin x bitcoin теханализ okpay bitcoin bitcoin blog bitcoin usd bitcoin nachrichten bitcoin авито bitcoin bcn bio bitcoin bitcoin store сколько bitcoin
bitcoin dollar bitcoin fund криптовалют ethereum github ethereum future bitcoin 1060 monero
dance bitcoin bitcoin wmx ethereum supernova ethereum курсы qtminer ethereum bitcoin conveyor Original author(s)Nicolas van Saberhagenmonero криптовалюта bitcoin de bitcoin ваучер bitcoin рублей биржи monero bitcoin click
