Bitcoin bitcoin cash fork date
- 21.01.2020
- Marn
- 0.00001441 btc
- 2
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Claim it. Install Electron Cash on a computer that does not have your Electrum wallets. Move all of your Electrum funds into a new Electrum wallet. Wait until the transaction is confirmed. Enter the seed of your now empty old wallet or private keys in Electron Cash. Connect your Ledger Nano or Ledger Blue to your computer. Open the Ledger Manager app. Be sure that your firmware is up to date.
Install the Bitcoin Cash app on Ledger. Go to Settings and find the current chain status on the top right side of the screen. From the Settings menu, choose Blockchains. Select the Bitcoin Cash blockchain. Copy the receiving address of your Bitcoin Cash wallet and transfer BCH from the main wallet to the new split wallet. Click on Receive the and copy the BCH receiving address.
Transfer all funds to the BCH wallet address that you copied in step 9. In addition to hard forks, cryptocurrencies, including bitcoin, also undergo soft forks. The difference between a hard fork and a soft fork is that soft forks do not result in a new currency. Soft forks are a change to the bitcoin protocol, but the end product remains unchanged.
Soft forks are backward compatible. 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. The software was launched by Mike Hearn in late in order to include several new features he had proposed.
While the previous version of bitcoin allowed up to seven transactions per second, Bitcoin XT aimed for 24 transactions per second. In order to accomplish this, it proposed increasing the block size from one megabyte to eight megabytes. Bitcoin XT initially saw success, with more than 1, nodes running its software in the late summer of However, just a few months later, the project lost user interest and was essentially abandoned by its users.
Bitcoin XT is no longer available, with its original website now defunct. Bitcoin Classic 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 eight megabytes, classic intended to increase it to only two 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 Bitcoin Unlimited has remained something of an enigma since its release in early 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. Bitcoin Cash 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 June , it is the eleventh-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 eight megabytes and did not adopt the SegWit protocol. Bitcoin Gold Bitcoin Gold was a hard fork that followed shortly after bitcoin cash, in October 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. Although it was initially possible to mine bitcoin using personal laptops and desktop computers, the growing mining difficulty, as well as the advent of Application Specific Integrated Circuit ASICs hardware created specifically for bitcoin mining, has made it all but impossible to profitably mine bitcoin at home using the processing speed of an individual computer.
Some bitcoin forks, including Bitcoin Gold, have attempted to make bitcoin more accessible by changing the hardware necessary to establish a network connection. One unique feature of the Bitcoin Gold hard fork was a "pre-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 PoW algorithm it requires of miners. SegWit2x 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 two 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. To some extent, the backlash 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.
On November 8, , the team behind SegWit2x announced that their planned hard fork had been canceled as a result of discrepancies among previous backers of the project. The simplest way to conceptualize a fork in a cryptocurrency's blockchain is to imagine that the fork introduces a new set of rules for bitcoin to follow.
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