facebookWhy do cryto-currencies like Bitcoin undergo forks? And what happens after that? - Seedly

Anonymous

18 Apr 2019

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Cryptocurrency

Why do cryto-currencies like Bitcoin undergo forks? And what happens after that?

AMA The Fifth Person

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Any changes to the protocol, rules etc have to be agreed by all parties. If there are 2 groups that sturbornly wants to proceed with their own agenda(changes), they split and a fork is resulted. Creating a offspring coin. Coin A can become Coin A and Coin B.

Eg, A country of people(Bitcoin) has an argument over a serious issue. 2 faction of people results each supporting a different solution. After much time there still can be no consensus, so there decide to split their country into 2 independent nation. The main group retain their nation name (Bitcoin), the split-off nation names itself (Bitcoin cash) and issues its own currency and law. Each nation citizen can now only trade within their country using its nation's currency and follow its law.

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