A Complete History of Bitcoin Hard Forks!
Bitcoin is the most valuable cryptocurrency as the market value of bitcoin, in contrast to other currencies, is much more. Satoshi Nakamoto invented bitcoin to enhance the ease of transaction without involving government authorities.
Satoshi Nakamoto composed bitcoin after getting inspired by several other digital currency models present in the marketplace. In 2009, they released bitcoin’s first-ever software. In addition, the first-ever purchase using bitcoin as a payment method took place after one year of bitcoin release.
Since the release of bitcoin has gone on to acquire magnificent popularity across the world. Most of the cryptocurrencies present in the marketplace use similar technology as bitcoin. Cryptocurrencies other than bitcoin are also known as altcoins. Some of the most altcoins are Ethereum, Binance coin, lite coin, and Cardano.
Bitcoin has experienced multiple hard forks in its complexity, which has changed the dynamics of trading and investing. Nevertheless, you can read benefits of bitcoin for getting profitable results in your bitcoin trading expedition, despite hard forks. Below is everything you should know about bitcoin hard forks, so without wasting any further ado, let’s have a glance?
Understanding Basics of Bitcoin Hard Forks!
As mentioned ahead, Satoshi Nakamoto, the so-called inventor of bitcoin, released bitcoin in 2009. After releasing the first-ever software of bitcoin, he mined the first block. As a result, Satoshi Nakamoto named the first-ever block of bitcoin infrastructure as genesis block or blocked zero.
The so-called inventor of bitcoin was able to upgrade bitcoin software regularly at the early stages of bitcoin. However, bitcoin acquired an exceeding extent of its user base in a short time. Due to the enormous user base of bitcoin, it was very challenging to upgrade the bitcoin system.
The fact might stun you that no one is familiar with the appropriate way and time to upgrade the bitcoin complex. Over the passing years, there have been ample hard forks conferring the block zero. The hard fork makes changes in the dynamics of bitcoin mining and software. After uploading a hard fork, the blockchain of the bitcoin network divides into two parts. The first one accepts transactions from an older version, and the second accepts transactions from a new version.
History of Bitcoin Hard Forks
There have been many bitcoins hard forks over the passing years, but merely a few of them acquired prominence. Here is a complete timeline of hard forks.
Bitcoin XT was the first-ever prominent bitcoin hard fork. The company released Bitcoin XT in 2014, and the inventor of bitcoin XT was Mike Hearn. One should know that the original bitcoin version can process merely seven transactions per second.
However, bitcoin XT helps to process 24 transactions per second. To process 24 transactions per second, bitcoin XT increased the size of a block eight times. The size of the block in bitcoin’s blockchain is one megabyte, and bitcoin XT inclines the size of the block to 8 MB.
Several teachers appreciated Bitcoin XT to an exceeding extent. All the more, Bitcoin XT had 1000 nodes running its complex. But bitcoin XT was not able to sustain that user base for an extended period. After a few months of its release, bitcoin XT was not that popular, and the model was not present in the crypto marketplace at the time.
The concept of Bitcoin XT did sound appealing to many members of the community. The prominent reason behind this fact is that bitcoin XT increased the size of the blockchain. In 2016, bitcoin Classic arrived in the marketplace.
Rather than increasing the size of blocks in blockchain by eight times, it nearly doubled the size of blocks. Bitcoin Classic was also trendy at the very instance. All the more, it had 2000 nodes running its software. Unlike Bitcoin XT, Bitcoin Classic is still present in the cryptocurrency marketplace.
Bitcoin cash is considered the utmost valuable and successful cryptocurrency hard fork ever. Moreover, bitcoin cash appears in the list of top 10 cryptocurrencies in terms of market cap and trading volume. Bitcoin cash was introduced in 2017 by some members of the community to elude the protocol updates.
There were several hard forks in the history of bitcoin. However, merely a few of them succeeded. Recently Ethereum correspondingly had a hard fork named London hard under the Ethereum improvement proposal.
London hard fork will eradicate the concept of an infinite supply of Ethereum and will work on deflating the currency. Hard forks can completely change the dynamics of a currency’s market value and mechanism.
These are some of the promising bitcoin hard forks.