Nov 15, · Bitcoin Cash Fork: The Situation So Far The Bitcoin Cash network is facing a fork that isn’t reaching consensus, meaning those participating in the network aren’t agreeing on whether or not to implement the coming fork. This fork will take place on the 15th of November, and could possibly result in a split of the network. Jun 25, · Bitcoin cash remains the most successful hard fork of the primary cryptocurrency. As of this writing, it is the fourth-largest digital currency by market cap, owing in part to the backing of many. Jun 28, · Bitcoin Cash In , a group of influential Bitcoin developers decided to perform a hard fork of the Bitcoin client, which resulted in a completely new cryptocurrency and blockchain being created, Bitcoin Cash (BCH). The main reason behind this Bitcoin split was because Bitcoin transaction fees were becoming too expensive.
Bitcoin fork bitcoinBitcoin Cash Fork, 15 November What it Means for You | Ledger
Do kindly note that this might bring the risk of the previously mentioned replay attacks though. Another option is to simply wait till we restore service for the most viable chain. Your Bitcoin Cash private keys will remain secured through your device. This means that once our service is restored, you can continue using your BCH as intended.
A last option would be to use your Ledger device with a third-party wallet application such as Electron Cash. Do kindly note that transacting with your BCH at this time may include the risk of replay attacks. We strongly recommend doing your own research on both replay attacks and if these third-party wallet apps will continue to function during this time.
We hope that this has clarified the situation regarding using your Ledger device for BCH during its upcoming fork. You can keep an eye on our Social Media pages for updates on this as well.
Important reminder: During these kinds of contested forks, phishing and scam attempts tend to be more common. Remain vigilants for these! See also: Will Bitcoin Undergo 50 Forks in ? During a hard fork, software implementing bitcoin and its mining procedures is upgraded; once a user upgrades his or her software, that version rejects all transactions from older software, effectively creating a new branch of the blockchain.
However, those users who retain the old software continue to process transactions, meaning that there is a parallel set of transactions taking place across two different chains. Bitcoin XT was one of the first notable hard forks of bitcoin. The software was launched by Mike Hearn in late in order to include several new features he had proposed.
In order to accomplish this, it proposed increasing the block size from 1 megabyte to 8 megabytes. Bitcoin XT initially saw success, with more than 1, nodes running its software in the late summer of However, by just a few months later, the project lost user interest and was essentially left for dead.
Bitcoin XT is technically still available, but it is generally seen to have fallen out of favor. When bitcoin XT declined, some community members still wanted block sizes to increase.
In response, a group of developers launched Bitcoin Classic in early Unlike XT, which proposed increasing the block size to 8 megabytes, Classic intended to increase it to only 2 megabytes. Like Bitcoin XT, bitcoin classic saw initial interest, with about 2, nodes for several months during The project also still exists today, with some developers strongly supporting Bitcoin Classic.
Nonetheless, the larger cryptocurrency community seems to have generally moved on to other options. Bitcoin Unlimited remains something of an enigma some two years after its release. The project's developers released code but did not specify which type of fork it would require. Bitcoin Unlimited set itself apart by allowing miners to decide on the size of their blocks, with nodes and miners limiting the size of blocks they accept, up to 16 megabytes.
Despite some lingering interest, Bitcoin Unlimited has largely failed to gain acceptance. Put simply, SegWit aims to reduce the size of each bitcoin transaction, thereby allowing more transactions to take place at once. SegWit was technically a soft fork. However, it may have helped to prompt hard forks after it was originally proposed. In response to SegWit, some bitcoin developers and users decided to initiate a hard fork in order to avoid the protocol updates it brought about.
Bitcoin cash was the result of this hard fork. It split off from the main blockchain in August , when bitcoin cash wallets rejected bitcoin transactions and blocks. Bitcoin cash remains the most successful hard fork of the primary cryptocurrency. As of this writing, it is the fourth-largest digital currency by market cap , owing in part to the backing of many prominent figures in the cryptocurrency community and many popular exchanges. Bitcoin cash allows blocks of 8 megabytes and did not adopt the SegWit protocol.
The creators of this hard fork aimed to restore the mining functionality with basic graphics processing units GPU , as they felt that mining had become too specialized in terms of equipment and hardware required. One unique feature of the Bitcoin gold hard fork was a "post-mine," a process by which the development team mined , coins after the fork had taken place.
Many of these coins were placed into a special "endowment," and developers have indicated that this endowment will be used to grow and finance the bitcoin gold ecosystem, with a portion of those coins being set aside as payment for developers as well.
Generally, bitcoin gold adheres to many of the basic principles of bitcoin. However, it differs in terms of the proof-of-work algorithm it requires of miners. When SegWit was implemented in August , developers planned on a second component to the protocol upgrade. This addition, known as SegWit2x , would trigger a hard fork stipulating a block size of 2 megabytes. SegWit2x was slated to take place as a hard fork in November However, a number of companies and individuals in the bitcoin community that had originally backed the SegWit protocol decided to back out of the hard fork in the second component.
Some of the backlashes was a result of SegWit2x including opt-in rather than mandatory replay protection; this would have had a major impact on the types of transactions that the new fork would have accepted.