Sep 23, · A year later, in November , Bitcoin Cash went through a hard fork of its own, one similarly fraught with conflict and chaos—once again over block size. The result was yet another split, rending in a contentious fork, known as Bitcoin SV. Bitcoin Cash . Nov 28, · Altcoins Bitcoin Cash hard fork BCHA faces 51% attack. Published. 1 month ago. on. November 28, By. Samyuktha Sriram. Source: Pixabay. Share; Tweet; The recently forked BCHA chain is currently under attack by an anonymous miner that is attempting to force whatever is left of the chain into non-existence. Although there are similarities between Bitcoin hard forks and altcoins, there is also at least one major difference that is common, although not a requirement. A hard fork of Bitcoin will preserve the distribution of bitcoins from the point at which the fork takes place.
Bitcoin hard fork altcoinsWhat Are the Differences Between Hard Forks and Altcoins? | CaptainAltcoin
Bitcoin also remains the most popular cryptocurrency, with millions of users trading the 16 million bitcoins currently in electronic circulation. Quite simply, Bitcoin is the standard for the digital currency asset class.
A hard fork can also occur when the main chain is comprised and a new chain is created to restore stability, but this situation is rare. This was the case when Ethereum hard forked as a response to the DAO hack. Hard forks are not so difficult to pull off on crypto asset networks that do not have a diverse user base. However, this job becomes much more difficult as these networks grow and become more decentralized over time.
So, both altcoins and hard forks involve the creation of a new crypto asset network, but in the case of a hard fork, the new network has been created for the sole purpose of upgrading an already existing crypto asset network. Also, in a hard fork, you will receive the same number of tokens as you own on the main chain from a specific point in time called a snapshot, which means that anyone who had Bitcoins on the original network will also have coins on the new network.
However, there is almost always a new, initial distribution of tokens via a crowdsale, mining, or some other mechanism. One more thing worth noting is that there is no hard fork without consensus. Bitcoin Cash Bitcash was forked on August 1, and is considered to be the most successful Bitcoin fork of all times. However, Bitcash did not have much support when it was launched, which means that this was the creation of a new altcoin rather than an upgrade to the bitcoin network.
Other than Bitcash, the only other two spinoff coins that have gained any sort of notoriety among the greater cryptocurrency community are Bitcoin Gold Bitgold and Bitcoin Private Bitprivate. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses.
None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin. Torsten Hartmann has been an editor in the CaptainAltcoin team since August He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism.
Litecoin was next to do so, just two months after Namecoin's initial split, and would go on to become the most notable of all of Bitcoin's altcoin derivatives. Known as the silver to Bitcoin's gold, Litecoin appeared as a hybrid of Bitcoin and another now-defunct Bitcoin fork known as Fairbix which itself came from a previous Bitcoin fork known as Tenebrix. In the genealogical Bitcoin family tree, Litecoin could, therefore, be defined as Bitcoin's Grandchild.
Litecoin intended to develop upon Bitcoin, focusing on speeding up its transaction rate. Though it looked to improve on Bitcoin, Litecoin has always managed to strike a delicate balance, becoming a functional sidekick to Bitcoin rather than a fully-fledged usurper. However, another major fork was about to give Bitcoin a run for its money. In August , four years after Litecoin's inception, another particularly notable hard fork occurred: Bitcoin Cash.
Rather than a separate group of developers leveraging the Bitcoin codebase to create something new, Bitcoin Cash was the result of an internal battle. Developers disagreed on a solution to the scaling issue of the time—Bitcoin's inability to process large numbers of transactions. Bitcoin Cash proponents believed the matter could be fixed by increasing Bitcoin's block size, allowing the network to process more transactions per block.
Bitcoin core devs opted for a solution dubbed segregated witness, or SegWit, a method of separating certain parts of transaction data to free up space. The result was yet another split, rending in a contentious fork, known as Bitcoin SV. Read on the Decrypt App for the best experience. For the best experience, top crypto news at your fingertips and exclusive features download now.
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