right, you lot need to listen
On Aug 1st bitcoin is going to change, now there is a lot of people getting really worried about it. Now I am here to tell you the facts. Hopefully it will mean people will calm down and take a chill pill.
Before I start and get into the classifications, it's worth remembering that bitcoin forks already occur quite regularly.
below are the different types of forks are out there
1st - this one happens all the time, when two miners find the same block at the same time. Quite simply to solve this issue the winner of the block is the one that gets the longest chain. ie from subsequent blocks that are added to the block in dispute
2nd hard fork - in simple terms, what they are talking about it changing the block size from 1mb to 2mb. That requires a change in the rules which everyone needs to agree on (or as close to 100% as possible )
3rd soft fork - basically that would allow for 100% compatibility. no one would need to upgrade there software and everyone will be happy............. Apparently. Although it is thought that this way of doing it would allow hackers to access to bitcoin and steal bitcoins if you were not careful.
What ever happens bitcoin will survive, as i have said so many times. There is to much money at stake to mess this up. One thing i have learned for me being involved in business, is that money talks. We have people and company's spending millions of pounds on hardware to mine bitcoin and other crypto coins. Do you really think they would allow bitcoin to go under.
any questions or if you just want to comment just do it below.
