What is a Bitcoin hard fork? Simply Explained!
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- čas přidán 3. 12. 2017
- Recently we’ve heard about a Bitcoin hard fork. But what is a hard ford? What’s the impact on a cryptocurrency and why are they created? In this video I'll explain all of that in a simple way.
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www.savjee.be/videos/simply-e... - Věda a technologie
I read multiple articles on Forks but still did not understand them. But after this video it is all clear. Thank you so much!
Thank you for making this video! It was excellent and answered some very important questions. Can't wait to watch your other videos!
I need more videos. Great works!
Wow! Love the simple explanation.
Great videos👌 keep em coming!
Really nice videos ! Wish you the best !
Thanks a lot for these great great videos!!! Muchas gracias. Estupendos videos clarificadores.
Well done. Keep up the good work.
first ever cryptochannel which has nicely explained the fact,I subscribed
Great explanation. Thank you
These videos helped a lot!!!!
Explained well. Thanks
Great video!!!
Hey can you please make tutorial with rollback system ? because you mentioned it in previous episodes.
Awesome video!
These crypto videos are extremely helpful. Something I'd love to understand is why is Ethereum valuable. And what is the difference between a coin and token? Effectively, could you walk us through the layers starting with blockchain, then [BTC], then tokens, etc? Thank you so much these are great videos!
A token is the money of a new project under the main project/protocol. For example the golem-project (decentralized computing power) is based on the ethereum protocol (ETH) and has its own token (GNT).
Also ETH can support smart contracts..... that is why you need to see the project behind the company. Right now I’m amazed by Cardano... they look like 100 years ahead of bitcoin and eth... eventually they will be the best blockchain company in the world.
really well explained. Thank you. 99% of crypto videos are trash.
Agree ,
those so called themselve professor or lecturor don't relly know how to convey knowledge ，
and we have to pay a fortune to learn those trashes ，
what a education.
great explanation.
Your videos was VERY helpful! Could you make a video about new icos as well please? Especially about SciDex.
Hey man great video! Just wondering if this was done in Keynote?
Awesome video as usual, Savjee. I am however lost with the concept of either type of fork; I thought the blockchain automatically chooses the longest chain to continue to add new blocks to? Thus, preventing double spending. How can one choose which arm to contribute a new block to?
Hey Savjee!
Nice video.. But I am not able to understand soft forks..
Could you please help me with that..
Thanks!
Thank you
Really great videos, you're a chap! Can you make a video on Rchain/Rhoc?
Superb tutorial about crypto on web
Thanks. Bro
Nice!
this dude deserve 1 million subs!!!
Is it true that transactions that didn't really happen can be added to the new chain. For instance when the BCH fork took place could the attackers have added a line to the block that said (In simple language) "Give (the attackers wallet) 100 BCH.
So when there is a new transaction, which fork will it be added to?
Thanks for the info bro! So, could you give an example of a Soft Fork? (A change that is slight and therefore still compatible)
Sure! On the official Bitcoin wiki you can find one: en.bitcoin.it/wiki/Softfork
One of the soft forks was the Pay-to-Script-Hash feature.
Man this is simultaneously exciting to learn and extremely confusing! lol 👍😃🤔😤😖
Thanks a lot for the videos! These are really helpful. On this one in particular, it would be great if you could discuss how the blockchain world is reacting to the hard forking incidents - it almost feels to me like someone is creating new currencies so that they can double what they already have. This makes me wonder what is stopping anyone from continuously forking?
So as the video mentioned while they might have an equal amount of the coin in the fork, they would need to convince others that the forked coin has value. Granted as long as it has SOME value greater than zero, one could argue that they are just "printing" money. So if someone wanted to abuse forking to make money, I'm not fully certain if there's something to stop them, other than just people disregarding the forks as worthless.
I'd personally be interested in hearing more as well though!
nice video
Hello Savjee, Your videos are awesome.There is very few youtube channel where the conceptual topic is explained like you explained.I love your presentation and the knowledge you share is awesome.I just want to know which video editing software you used in order to create videos ?I have subscribed your channel, it is a very useful channel for the developer.
Thank you.
I edit in Final Cut Pro X. But there isn't much editing going on. Just some cuts in the audio and some freeze frames ;)
Please tell me what happened to bitcoin XT , bitcoin unlimited , segwit2x why there prices is dead.
what happen to the blockes created after the Hardfork happen...would they get the new tokens as well?
I wish you explained more about soft forks: ok they're compatible, but then what, they just co-exist with original protocol? This has an impact on users for sure, don't they have to know which version of the protocol they are dealing with?...
Im confused- how would one cash out after a fork? In other words, how do you claim the new currency as your own after a coin has forked?
Elsherdoo because all transactions that happened before the hard fork are on the new blockchain if you had some bitcoin before august 1st you will have an equal amount of bitcoin cash
is this the same as neo and gas ?
So whether it is a hard or soft fork - everyone who was holding btc before said fork gets copies of the new fork ??
If bitcoin is decentralized, then who are the developers changing the code to update it?
A community of people! They vote on what new features should be created and work on them together. Also anyone can contribute to bitcoin. It's completely open source. En
I don't agree with hard or soft forks its starting too look like bitcoin blockchain is moving more and more to becoming centralized, or really each time a fork (hard or soft) is voted in, its going against the core decentralized fundamentals.
As video explained
All should agree (soft fork) and if they dont
They will creat a new coin (hard fork) as bch and btg
Decentralization is just in theory just like communism is a theory. Real communism can not be practiced.
@@HarishSharma-ym4ek Monero is working just fine.
Communism is trash though.
Can a hard fork be reversed at any point and go back to original or another fork?
A video on softfork?
Can you do an explainer video on how to claim MoneroV?
Suggest me blockchain technology books for beginners
I remember when Bitcoin Cash forked. I immediately sold the coins I got from my existing wallet for more bitcoin. I'm not sure how the values have changed relative to each other so I'm still not sure if it was a profitable choice or not.
it would have been very profitable
Can I theoretically keep watch of forks and then when new one comes out sell my coins for USD for example and still have the original coins say in BITCOIN since it's a different blockchain, hence really "free money"?
Yes, you can sell the forked coin for USD. However, forks never have the same value as the original. Just compare the prices between Bitcoin, Bitcoin Gold and Bitcoin Cash.
Savjee Ofcourse, but it's guarenteed it'll have *some* value
Savjee Could I get a bitcoin cash block from before the fork that's also recognized as a bitcoin? Since bitcoin has a higher price I guess nobody would sell it as bitcoin cash, but I'm curious if it could happen.
Sorry if I didn't explain myself properly, english is not my main language.
@@ChogerHD I also have same doubt. If I sell in bitcoin cash will my bitcoins also gone?
@@manishe1486 the bitcoin cash and bitcoin is treated as separate coins, so selling one of them will not deplete the other.
Understand .... but the important question is what happens to the value of a crypto currency in case of a hard fork and a soft fork ?
Is there what we called hard fork fee?
1:25 visual basic lol
Appreciate the Dragon Ball Z reference
what software do you use to make these videos?
Keynote.
If I have 1 BTC PRIOR to the hard fork, then what prevents me from spending it twice, once on each fork? I know I can't but why? Since the the BTC is on the output prior to the fork, both forks should be able to view it. And since the two subsequent forks don't "talk" to each other, they won't know if I spent it on the other fork.
its not gonna have the same value on the new fork
Can you please make a video on how to start your own cryptocurrency?
I had this question a few times already. I don't think that would be a good idea. Some people think that creating their own cryptocurrency is the fastest path to becoming incredibly rich. But that's not the reality. Creating a crypto is very challenging and difficult. Better to leave it to people who really do it well. Would you agree?
it might not be to become rich, it can explain many many concepts in one series effectively, or if creating own crypto-currency is too far fetched from your point of view, a series creating a practical decentralized application using blockchain would do great goods, and yes I really like all your videos, great teaching bro.....
👌👌👌
Thanks for the video. If I held 10 Bitcoins before a hard folk (let say the fork creates Xcoin), do I own 10 Bitcoins and 10 Xcoins after the folk?
Yep
@@simplyexplained If I exchange those 10 Xcoins into Bitcoins when Xcoins are valued in the market, do I earn extra Bitcoins without paying any effort?
Yes. But the new coins are likely less valued then the original.
hard folks
Are hard forks known beforehand? My MIning network said that at the time my deposit to them happened, a hard fork occurred. Therefore, my deposit is lost. Does this seem right?? They are using Blockchain.
Yes, hard forks are usually announced beforehand. That way people can prepare for it and make sure they extract the maximum benefit.
Wouldn't that create more issues since with each fork you essentially get a copy of your coins
The difference between hardfork and softfork is much more complex than that and has everything to do with the price which is set AFTER the fork. lol
Oh yes if anybody suggests Visual Basic we are going to FORK
imagine do forking because some people consider switching to visual basic
who's here after the elon musk picture change
2:32 so how would I support, for example, the original blockchain? Simply by not installing the new update of bitcoin core then?
How would it look like in practice?
Sounds like creating money out of thin air just like fiat money.
It takes an immense amount of electrical energy to mine bitcoin.
? If you have a hard fork, doesn't that expand the number of Bitcoin? It's no longer a maximum of 21 million Bitcoin. Since you have more than one chain that can expand to 21 million coins. In effect it's currency dilution. Just like with fiat currency. And if someone has a Bitcoin on the original chain, why can't they spend it on both the original and forked chains? I.e., double, triple, quadruple,... spend.
How is this fork concept not a thousand times more concerning than a government just printing a crap load of money?
Only U.S.A. have the privilege to printing fiat money or Dollars out of thin air, other countries, especially the developing one's are only there to take the burden of the inflation.
I always put your videos in 1.25 speed. You speak too slow, and pauses are too long
Oops, sorry about that. I had some remarks before that I was talking too fast. Guess it's personal preference. But at least you can change the playback speed!
its ok with that speed, for those who feel it to be slow can always increase the speed,
no, no. your speed is perfect! and voice is clear. very easy to understand for foreign listeners like me )
I change it to 1.5 speed
That's OK for me since I'm not English native speaker.