What is a Bitcoin Fork?
Blockchain currencies are powered by miners, the people who perform transaction verifications. In order for a transaction to be verified, the majority of the miners must agree that it follows the rules of the blockchain. If the majority of miners decide to create new rules for the blockchain, they can branch off from the existing blockchain through a fork. The fork then continues on independently from the rest of the blockchain under its own rules.
Miners create Bitcoin forks to improve the capacity, efficiency, and security of virtual currency transactions. Bitcoin Cash, one of the most successful Bitcoin forks to date, now has a market value of about $20 billion. However, the second hard fork on the Bitcoin blockchain, Bitcoin Gold, was not as well received. In the handful of weeks Bitcoin Gold has been on the market, the new currency has been mired by fraudulent activities and security threats, making purchasing the coin even riskier that most cryptocurrency investments.
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For future viewers: price of bitcoin at the moment of posting is 8228.70USD
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