SOFT FORK - TRANSACTION FEE - GENESIS BLOCK - BIP -

realskilled (47)in #bitcoin • 6 years ago


SOFT FORK	the transaction fees add up to account for the block reward that a miner receives when he successfully processes a block. all cryptocurrency transactions involve a small transaction fee. ^{Source + Source}
TRANSACTION FEE	this type of fork requires most miners upgrading in order to enforce, while a hard fork requires all nodes to agree on the new version. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}
GENESIS BLOCK	refers to the 1st or first few blocks of a blockchain.^{Source + Source}
BIP	can be submitted by anyone who wants to improve the bitcoin network. an acronym for “bitcoin improvement proposals”. ^{Source + Source}


SOFT FORK	this type of fork requires most miners upgrading in order to enforce, while a hard fork requires all nodes to agree on the new version. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}
TRANSACTION FEE	the transaction fees add up to account for the block reward that a miner receives when he successfully processes a block. all cryptocurrency transactions involve a small transaction fee. ^{Source + Source}
GENESIS BLOCK	refers to the 1st or first few blocks of a blockchain.^{Source + Source}
BIP	can be submitted by anyone who wants to improve the bitcoin network. an acronym for “bitcoin improvement proposals”. ^{Source + Source}

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