Hard Forks in Crypto

How the Crypto Community Takes Votes to Shape the Blockchain’s Future

You know, the world of crypto has produced a whole new set of vocabulary. What on earth is a hard fork and why do you care? Well, it goes back to the question that a lot of people ask. Why is it that Bitcoin works the way that it works? Who says? Well, Satoshi Nakamoto says. Satoshi is the one who wrote the original software code for bitcoin. And there are lots of rules. 

For example, only 21 million bitcoin are ever going to be produced. Well, who says that? That's the way it's got to be. Can somebody change the code? Well, only if a majority of all of the people that are programming and operating the Bitcoin network agree to make a change. Can a change actually be made? And this actually has happened several times in the history of Bitcoin and it's called a hard fork. Literally, a vote gets taken. It's very democratic and everybody gets together virtually that is on their computers online and they examine the question at hand. And if everybody decides, yes, let's make a change in the software, that's called a hard fork. And that's why Bitcoin now has derivatives. There's Bitcoin SV, there's Bitcoin cash, which means these are different blockchain networks that operate differently from the original Bitcoin network. 

And when you make that kind of a vote, when everybody agrees that we're going to make a change in the underlying software code, it's called a hard fork, meaning a totally new and separate blockchain is going to be invented that will sit alongside the original blockchain. 

So Bitcoin SV and Bitcoin Cash are two new blockchains alongside the Bitcoin blockchain. So if you ever hear of a hard fork coming, it means a huge major change is coming to the blockchain. And if you would like to learn more about Hard Forks, read my new book, The Truth About Crypto. It Debuted at number one on Amazon, and it's getting rave reviews. You're trying to finally understand what everybody's been talking about. Blockchain, Bitcoin, Ethereum NFTs, CBDCs, The Metaverse. It's all in The Truth About Crypto, available from your favorite bookseller.