Topic: WHY CRYPTO CURRENCY FORKS ARE SCARY? (Read 142 times)
Producing a fork only affects the mining, not the transaction, which will only slow down the transaction. This is the reason why Bitcoin cannot be used as a mainstream trading currency for a time. The confirmation cycle is too long, resulting in a long transaction time. This does not meet the trading medium that people want.
forks are more dramatic than scary. as a matter of fact if you used the word "fork" before 2017 nobody even knew what you meant and even if a fork happened (which has happened multiple times in bitcoin and other coins before 2017) nobody would have minded or even remembered it happening. but ever since the drama of August 1 2017 with bitcoin and all the FUD that was spread, people are scared of forks.
Cryptocurrency thats are scary for the investor that thier a huge losses. When two different blockchains exist, only one can ultimately be correct.thus, coin transactions found on the “wrong” blockchain could ultimately be lost
this statement is a clear result of those FUDs that I mentioned above. when a fork happens there doesn't have to be 2 blockchains. look at SegWit fork that took place last year. there was no 2 chains. there was one chain, 100% of the network switched to the new chain and continue. a successful fork with majority's support.Quote
During a fork event people are not able to make any transactions until that fork can be resolved.
wrong. people are able to make transactions the only thing that changes is that the receiving parties have to wait for a bigger number of confirmation during a fork to be safer.Quote
Crypto based companies will bear huge losses due to down time of that particular cryptocurrency.
same thing as above.
forks are more dramatic than scary. as a matter of fact if you used the word "fork" before 2017 nobody even knew what you meant and even if a fork happened (which has happened multiple times in bitcoin and other coins before 2017) nobody would have minded or even remembered it happening. but ever since the drama of August 1 2017 with bitcoin and all the FUD that was spread, people are scared of forks.
When two different blockchains exist, only one can ultimately be correct.thus, coin transactions found on the “wrong” blockchain could ultimately be lost
this statement is a clear result of those FUDs that I mentioned above. when a fork happens there doesn't have to be 2 blockchains. look at SegWit fork that took place last year. there was no 2 chains. there was one chain, 100% of the network switched to the new chain and continue. a successful fork with majority's support.Quote
During a fork event people are not able to make any transactions until that fork can be resolved.
wrong. people are able to make transactions the only thing that changes is that the receiving parties have to wait for a bigger number of confirmation during a fork to be safer.Quote
Crypto based companies will bear huge losses due to down time of that particular cryptocurrency.
same thing as above.
WHY CRYPTO CURRENCY FORKS ARE SCARY?
Often forks are associated with great anxiety and panic within a cryptocurrency
When two different blockchains exist, only one can ultimately be correct.thus, coin transactions found on the “wrong” blockchain could ultimately be lost
During a fork event people are not able to make any transactions until that fork can be resolved.
Any potential for lost coins can scare users away from using a particular cryptocurrency.
Crypto based companies will bear huge losses due to down time of that particular cryptocurrency.
Often forks are associated with great anxiety and panic within a cryptocurrency
When two different blockchains exist, only one can ultimately be correct.thus, coin transactions found on the “wrong” blockchain could ultimately be lost
During a fork event people are not able to make any transactions until that fork can be resolved.
Any potential for lost coins can scare users away from using a particular cryptocurrency.
Crypto based companies will bear huge losses due to down time of that particular cryptocurrency.
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