A bitcoin hard fork refers to a radical change to the protocol of bitcoin's blockchain that results in two branches, one that follows the previous protocol and one that follows the new version. A hard fork creates a duplicate version of the blockchain ledger, effectively creating a new cryptocurrency.
Has Bitcoin ever had a hard fork?
The two most significant Bitcoin hard forks are Bitcoin Cash and Bitcoin Gold, despite other smaller forks. The first notable Bitcoin fork was Bitcoin XT, launched in 2014 by Mike Hearn. While the earlier version of Bitcoin permitted up to seven transactions per second, Bitcoin XT aimed for 24 transactions per second.
What happens to my Bitcoin in a hard fork?
But in the case of a hard fork, the old crypto and the new offshoot are NOT interchangable, or fungible. Hence after a hard fork, the original holders don't lose any of their existing digital coin but instead will get a unit of the new crypto as well.
What happens to coins after fork?
During a hard fork, all history is copied to the new blockchain. The history consists of transaction data and wallet addresses. This means that everyone that had coins on the Bitcoin blockchain before the split, will automatically own the equivalent of the newly originated cryptocurrency.
How many times has BTC been forked?
At the time of writing, the Bitcoin blockchain has been hard forked over 100 times since its original release. However, 28 of these forks did not last and were shut down due to various reasons.
What is fork in Bitcoin?
Bitcoin forks are defined variantly as changes in the protocol of the bitcoin network or as the situations that occur "when two or more blocks have the same block height". A fork influences the validity of the rules.