Topic: What is the Bitcoin FORK? (Read 297 times)

Its a new way of create empty money. Fiats have SDR, we have forks...

Well, that's the thing though. For most of Bitcoin's lifetime there was agreement on how to proceed with the project. However Bitcoin is not a centrally directed entity such as a regular cooperation. It follows that there's no thing such as a final word by the CEO of Bitcoin.

So what happens when there's a dispute in which direction the project should go? You start your own and let it compete in the open market. So that's what happened with Bitcoin. A group of developers decided that they didn't like the direction Bitcoin was going -- namely the way scaling was handled -- so they decided to build their own version of Bitcoin. Some miners and parts of the community felt the same, so they supported the new hardfork -- in this case BCH -- by buying up coins and mining the BCH blockchain.

And that's where we are right now.

The story is more or less the same with the other hardforks, only that the reason of dispute varies and the amount of miner / community support.

It's also more or less the story behind alts -- Some dev likes Bitcoin but sees room for improvement that wouldn't fly with the rest of the Bitcoin devs, community and miners, so they start a coin of their own. Sometimes from scratch, sometimes on the basis of Bitcoin, sometimes on the basis of some other alt before them.

Isn't this the kind of things a team should agree upon BEFORE launching a big project?

(I'm new to this, it's a real question)

No old transactions are deleted. The state of the network before the hardfork occurred persists on both sides of the fork. How else would you know which address holds which amount? So yes, looking at the BCH ledger you would see transactions from 2010 as well.

it is mean that if fork happent in btc , does it will delete old transaction before fork happen, let's say, i made a transaction sent 1 btc to other address in 2010, with new fork , is it possible to track my transaction in 2010 with my same btc address that i use in that transaction?

https://en.wikipedia.org/wiki/List_of_bitcoin_forks

For more security of coin or for making coin more secure, usually two type of forks are being done.
1. soft fork - in this case, there is no major impact (there is no change in coin on)

2. hard fork - in this case, there is major impact. After hard fork new coin structure is created which not comparable with old coin)

basically for this almost same coin with the same algorithm, but wit some changes from original coin
for example there is the coin XSH - originally it has block time say 1 min, but because of this there were a lot of bad block
so dev decided to make block time 3 min - that day fork was born. 

As BTC and BCH share the same hashing algorithm for proof-of-work they are competing for the same hashrate. The result of this was occasional hashrate fluctuations, resulting in larger block intervals and subsequently congested transactions and higher fees. This was mostly caused by BCH's customized difficulty adjustment algorithm, however they have updated it since then. We'll still have to see how the network behaves once the next BTC / BCH price fluctuations occur.

Other than that the forks caused volatility, with some people selling, fearing that the fork will reduce BTC's value and other people buying, trying to get their free hardfork coins. In hindsight it seems that the buying group was the larger one.

I'm sure there are a couple of more effects on BTC, but that's the ones I can tell you off the top of my head.

is there any effect negative or positive caused by that fork?

It's when part of the network decides to follow new consensus rules (eg. bigger blocks) that are incompatible with the old ones, leading two a split of the network into two separate ledgers. This leads to owners of pre-fork coins to have a balance on both sides of the split.

Bitcoin got split into BTC and BCH a few weeks ago due to disagreements about the maximum blocksize, ie. how to approach scalability. Other hardforks are caused by other disagreements.


For a more detailed explanation see for example here:
https://www.coindesk.com/short-guide-bitcoin-forks-explained/

What is the meaning of Bitcoin fork? and why should there be a fork of bitcoin ?