Understanding What a Bitcoin Fork Is

Money and Finance

If you’ve been reading up on Bitcoin or Litecoin, you have likely heard about changes made to the networks that host these cryptocurrencies. In many cases, you will hear these things referred to as “forks.” Not everyone wants to know all the technical aspects behind Cleveland Heights Bitcoin, so we wanted to offer some easy-to-understand information about what forks are and why it should matter to you.

What a Fork Is

As we mentioned, a “fork” is some kind of change that is made to a digital currency software. This results in having two separate versions of the blockchain but both with the same shared history. Sometimes a fork can be temporary and last only a few minutes, while in other cases, it may be permanent and result in two separate blockchain versions. This is done in order to create two different digital currencies.

Why Changes Are Made

Bitcoin, Litecoin, and Ethereum each use open-source software protocols and have independent teams of development in charge of making changes and improvements to that network. You can compare this to the way in which Internet protocols are ever-changing in order to make browsing the web better and easier than before.

The reality is that most digital currencies are in the early stages of development. There are going to be changes and improvements that need to be made to the software in order to make them easier and better to use for adopters of the currency.

Reasons Forks Occur

There are nearly endless amounts of reasons why a fork might happen to Cleveland Heights Bitcoin. As an example, if a change is considered for a digital currency protocol, users will need to support that and upgrade. This is similar to updating the applications you keep on your computer. However, for the changes to the protocol to occur, people have to agree to them, which is just like when cellphone networks are looking to make changes. In that case, phone companies have to agree before it happens.

Bitcoin ATMS in Cleveland Heights

You might be surprised to find out that you can purchase or sell Ethereum, Litecoin, and Bitcoin via ATM in Cleveland Heights. RockItCoin has many locations across the United States to choose from. You can learn more or get in touch with us with questions by visiting www.RockItCoin.com.