Topic: What is the effect of Hard Fork for bitcoin? (Read 444 times)
Oh, too many of people dealing with cryptocurrency felt positive effect. Bitcoin has started to grow fantastically. Bitcoin cash and BTG have appeared. This stuff will be profitable to those who pick altcoins.
What is the effect of Hard Fork for bitcoin?
Luckily right now effects are not that dominant, just a small rise then it's done after the snapshot. It will dip again because other real non HODLers for sure will sell their bitcoin. Those are the usual things that hard fork is showing us. Why? Because the hard fork is not that 100% supported by the community. Why? Again because not all users see what this hard forkers can see.
What is the effect of Hard Fork for bitcoin?
In my opinion with the increase in the trend of the technology , the technology in the bitcoin is already much better then any another coin but here if new things comes in the mind of the team.of the bitcoin then they will surely change something in the technology .Here hard fork was for the improvement and make better thing more better only according to technology .
Here everything was for the implementation , now here what we got we can see clearly . As the price is increasing continuously and also we got the new coin and also we got the free coin in front of the bitcoin that we have .
The trend that I observed after the hard fork is that the price of bitcoin continue to increase.
Of course, no one can predict its price but as you can see the price of BTC has gone to the point of all-time high these past months.
I believe no matter how many hard forks will occur in the future, BTC will always be there as the major player in the crypto market, so that's the reason why the BTC price keeps on increasing.
Of course, no one can predict its price but as you can see the price of BTC has gone to the point of all-time high these past months.
I believe no matter how many hard forks will occur in the future, BTC will always be there as the major player in the crypto market, so that's the reason why the BTC price keeps on increasing.
I think there are good effects and there are also bad effects.
- The issue of there will be another free coin given to the bitcoin holders, making a large buying wall so that bitcoin prices have gone up recently.
- some people consider hard fork unsafe, and there will be many bitcoin transactions which means benefiting the miners.
- support for bitcoin is reduced due to the separation between camps with one another, such as those occurring in bitcoin cash.
there may still be something else that I didn't mention, but at least this is what I see happening during hard fork.
- The issue of there will be another free coin given to the bitcoin holders, making a large buying wall so that bitcoin prices have gone up recently.
- some people consider hard fork unsafe, and there will be many bitcoin transactions which means benefiting the miners.
- support for bitcoin is reduced due to the separation between camps with one another, such as those occurring in bitcoin cash.
there may still be something else that I didn't mention, but at least this is what I see happening during hard fork.
The blockchain splices into two. All the bitcoin that you have is safe. You receive an equal proportion of the forked coins as the bitcoin that you hold. For example, if you hold 2.5 bitcoins you will receive 2.5 of the forked coin. You must be careful though. Sometimes the newer coin may not be as stable and could end up sending your bitcoin for some technical reason. If you choose to move your coins, move your bitcoin first out of the wallet before you move the forked coins.
Long term effects of a bitcoin fork could be good or bad. Nobody knows. Often times it is just a pump and dump. However, one day it could be the beginning of a new bitcoin. Only time will tell.
this is the best answer but i will add more many investor is in panic in that time so the price of bitcoin will be low when fork is already begone so the best for you is to invest in that time because the price is so low try to save now money then buy bitcoin in that time so you will have profit coming from that Long term effects of a bitcoin fork could be good or bad. Nobody knows. Often times it is just a pump and dump. However, one day it could be the beginning of a new bitcoin. Only time will tell.
bitcoin is splice into 2 coin, as we can see that first hard fork bitcoin on august created a new coin that name is BCH or bitcoincash, and the second hardfork created a bitcoingold that booming right now. the advantages of bitcoin fork is make bitcoin is better than before in sending transaction, the confirmation is faster than before
What is the effect of Hard Fork for bitcoin?
It makes the miners splits into mining decision. Others are staying on mining bitcoin and others decided to mine other more profitable coin like bitcoin cash. And this is one of the effect of these hard forks that results the bitcoin confirmation a longer time. Because those miners that should be in bitcoin jumped into lower difficulty level of mining like the coin that I mentioned.
this upcoming fork which is called SegWit2x and a 2 MB hardfork to increase the base block size will cause a lot of havoc in my opinion because there are so many people against it while there are so many others supporting it, including big businesses and a lot of hashrate.
but generally speaking Hard Forks are not desirable although sometimes they are necessary.
but generally speaking Hard Forks are not desirable although sometimes they are necessary.
I think it's possible to lower people's endorsement of bitcoin, if it's always having a fork. That 21 million weight may have some impact on the market. Some people think that bitcoin is actually increasing. Besides, I don't think forks will be of great value.
What is the effect of Hard Fork for bitcoin?
it was low exchange to the dollars
there are many effects that can be generated by hard fork, such as will produce a new coin, and of course there will be application incompatibility between old applications with new applications, so that bitcoin users have to update the application to the new version, in order for the coin transaction to run smoothly.
For me hard forks are created to compete Altcoins, they're created out from Bitcoin's core and a bunch of features that were added into it. And the best part of hard forks they're legitimate and dev team are also Bitcoin's developers.
What is the effect of Hard Fork for bitcoin?
bitcoin will be expensive.
The effect? Bitcoin will probably rise in price since people are chasing the other forked coins or that Bitcoin is going to drop in value because people are uncertain whether the hard fork will destroy Bitcoin, makes it unsafe, etc. After the hardfork, miners are going to be able to change their mined coins if the other coins if more profitable.
Contentious hard forks have a primarily negative effect (through no fault of their own) because:
-They can harm BTC's Nash equilibrium by giving miners an incentive to switch chains, especially when they use the same mining algorithm as BTC. The mining profitability is readily compared, hence why miners often switch along with the BCH profitability.
-Exchanges and third party services which hold coins feel pressured to implement solutions which allow their customers to keep coins, and this takes a lot of effort from many different groups.
However, they can introduce new ideas to BTC holders and create useful debate in the correct circumstances.
-They can harm BTC's Nash equilibrium by giving miners an incentive to switch chains, especially when they use the same mining algorithm as BTC. The mining profitability is readily compared, hence why miners often switch along with the BCH profitability.
-Exchanges and third party services which hold coins feel pressured to implement solutions which allow their customers to keep coins, and this takes a lot of effort from many different groups.
However, they can introduce new ideas to BTC holders and create useful debate in the correct circumstances.
hard fork in general can be good and bad.
good if it is a needed upgrade of example, and if it can get the majority of the network to support that hard fork. it can help bitcoin be improved and become better.
but it is bad in general because hard fork means all the network should upgrade and that is a hard thing to do in a decentralized system and also hard forks have their risks too.
and if it can not get the majority support then there is no point in forking anyways. it becomes more damaging than anything else.
good if it is a needed upgrade of example, and if it can get the majority of the network to support that hard fork. it can help bitcoin be improved and become better.
but it is bad in general because hard fork means all the network should upgrade and that is a hard thing to do in a decentralized system and also hard forks have their risks too.
and if it can not get the majority support then there is no point in forking anyways. it becomes more damaging than anything else.
The blockchain splices into two. All the bitcoin that you have is safe. You receive an equal proportion of the forked coins as the bitcoin that you hold. For example, if you hold 2.5 bitcoins you will receive 2.5 of the forked coin. You must be careful though. Sometimes the newer coin may not be as stable and could end up sending your bitcoin for some technical reason. If you choose to move your coins, move your bitcoin first out of the wallet before you move the forked coins.
Long term effects of a bitcoin fork could be good or bad. Nobody knows. Often times it is just a pump and dump. However, one day it could be the beginning of a new bitcoin. Only time will tell.
Long term effects of a bitcoin fork could be good or bad. Nobody knows. Often times it is just a pump and dump. However, one day it could be the beginning of a new bitcoin. Only time will tell.
What is the effect of Hard Fork for bitcoin?
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