Oct 14

There Is Only One Bitcoin.

I found this must read article on Cointelegraph.com  and wanted to share because there is a lot of

chatter on an upcoming fork.  Not to worry as you will see below.

Don’t Fear Forks, There’s Only One Bitcoin

Don’t Fear Forks, There’s Only One Bitcoin

There’s been some panic lately over the various “forks” of the Bitcoin network, particularly among the less tech-savvy who hear inaccurate or incomplete news on the mainstream media. It’s important to clear up some confusion, because there are more so-called “forks” coming.

First, the most important thing to know is this: there will only ever be 21 mln Bitcoin in existence. Period. End of story.

There have been and will continue to be currencies that fork from the Bitcoin network, taking with them a full snapshot of the network up until that point. Yet there’s still only one Bitcoin. Bitcoin Cash, Bitcoin Gold, Bitcoin-anything-else, none of them have interoperability with the real Bitcoin network.

Bitcoin skeptics have been telling people that with the Bitcoin Cash fork, there will now be 42 mln Bitcoin in existence. It won’t be long before they start claiming that with the upcoming Bitcoin Gold fork, there will ultimately be 63 mln coins in existence. This is complete falsehood.

Bitcoin Cash and Bitcoin Gold cannot be spent on the Bitcoin network. As far as Bitcoin’s network is concerned, they are merely altcoins like LitecoinDash, and so on. They are not Bitcoin and cannot make the argument that they are. There is only one Bitcoin, and there will only ever be 21 mln coins on that network.

The difference between a fork and chain split

Many less sophisticated investors get worried every time they hear about an upcoming fork. Calm down: there’s nothing wrong with a fork. Bitcoin and numerous altcoins have successfully forked countless times over the years with no ill effects. In fact, the currency Dash executes a carefully staged hard fork (called the “spork”) every time it does a protocol upgrade. None of these forks have ever caused a chain split.

There are two types of forks: soft forks and hard forks. Soft forks are backwards-compatible, meaning that upgraded nodes can use the new features, while old nodes will still function but won’t have the new capabilities. Bitcoin’s recent SegWit upgrade is a great example of a soft fork.

With SegWit, not all nodes were required to upgrade their software. Anybody who doesn’t want to use SegWit’s features (namely, lower fees) is free to continue using their older version of the Bitcoin client. It will still work just fine.

A hard fork is the exact opposite: all nodes must upgrade. Any node that doesn’t upgrade will simply not work anymore. The real danger is this: soft forks are reversible, because following the new rules is optional. Hard forks are not reversible, and any bug in the code or unanticipated behavior on the network can only be fixed by issuing another hard fork. This can lead quickly down a deep rabbit hole.

Source:  https://cointelegraph.com/news/dont-fear-forks-theres-only-one-bitcoin

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