What the Fork is Going on With Bitcoin?

You may have heard that Bitcoin is going through a bit of a civil war. No, there isn’t actual fighting (that we know of), but there is a big debate raging on about what direction the cryptocurrency should go in next.

This disagreement has led to a “fork” in Bitcoin’s code, which created two separate versions of the currency: Bitcoin (BTC) and Bitcoin Cash (BCH). In this blog post, we’ll explain what a fork is, how it affects you, and what you should do if you own any Bitcoin.

What is a Fork?

In technical terms, a fork is a change to the software code that runs Bitcoin. Up until now, all forks have been “soft forks,” which are changes that are compatible with the old software. This means that everyone who uses the new software can still communicate and transact with people who are using the old software. A “hard fork,” on the other hand, is a change to the code that is not compatible with the old software. This split creates two separate versions of the currency, which can lead to confusion and chaos.

The current fork in Bitcoin’s code was caused by a disagreement about how to deal with scalability, or the ability of the network to handle an increasing number of transactions.Bitcoin Cash emerged from this fork as a solution that allows for larger blocks, which means more transactions can be processed per block. This could help solve the problem of scalability, but it goes against the vision of Satoshi Nakamoto, who created Bitcoin with the intention of it being a decentralized currency that could be used by anyone in the world.

How Does This Affect Me?

If you own any Bitcoin, then you may be wondering how this fork will affect you. The truth is, it depends on where you store your Bitcoin. If you store your Bitcoin on an exchange like Coinbase or Gemini, then you don’t need to do anything; these exchanges will automatically credit your account with an equal amount of Bitcoin Cash. However, if you store your Bitcoin in a wallet like Electrum or Mycelium, then you will need to take some extra steps to claim your Bitcoin Cash. We won’t go into those steps here, but you can find instructions on how to do so here:

The Bitcoin Fork and how to get some

The recent fork in Bitcoin’s code has led to the creation of two separate versions of the currency: BTC and BCH. If you own any BTC, then you may be wondering how this affects you and what you should do next.

If you store your BTC on an exchange like Coinbase or Gemini, then you don’t need to take any action; these exchanges will automatically credit your account with an equal amount of BCH.

However, if you store your BTC in a wallet like Electrum or Mycelium, then you’ll need to take some extra steps to claim your BCH.