The new fork

The different alternatives to the Bitcoin Classic (Bitcoin Core) have been seen by various members of the world, there are several alternatives, forming mainly the trident that was mentioned weeks ago, Bitcoin Core, Bitcoin Cash and Bitcoin Gold.

Bitcoin Cash and Bitcoin Gold are not operable cryptocurrencies in the Bitcoin network. As for the Bitcoin network, they are simply altcoins like any other (Dash, Monero ….) The fork or the fork of a criptomoneda is not a bad thing, and we have very impressive cases like the aforementioned Dash, the trident then should not worry anyone.

To understand Bitcoin Gold (which will be created around October 25th) and why these divisions are occurring (SegWit2x for November) we will first explain that it is a Hard Fork and a Soft Fork.

Soft forks are backward compatible, meaning that updated nodes can use the new features while old nodes will continue to function but will not have the new capabilities, saving total conversion from the first node. The recent SegWit update from Bitcoin is a great example of a soft fork.

With SegWit, you did not need to update the software on all existing nodes. Anyone who does not want to use the features of SegWit (ie lower rates) is free to continue using their previous version of the Bitcoin client that would continue to function properly.

A hard fork is completely the opposite, all existing nodes must be updated. Any node that is not updated simply will not work. The real danger is this: soft fork are reversible because following the new rules is optional, while the hard fork is totally irreversible and in case of any error, could only be fixed by another hard fork.

The worst scenario would be with the division or breakage of a chain of the bad hard fork because part of the network follows one set of rules while the other part follows another set of rules. The divisions of the chain are very dangerous and essentially make the network unusable until the division is solved by another hard fork as mentioned above.

We trust, however, in the experts that until today are doing a perfect job and also we must take into account that there are testnets to test changes that can then be applied to the main platform.