What is a Bitcoin fork?

#1

Post by sds111 » Fri, Nov 10, 2017, 3:01 AM UTC

What is a Bitcoin fork?
blog.coinbase.com

Re: What is a Bitcoin fork?

#2

Post by [deleted] » Fri, Nov 10, 2017, 3:59 AM UTC

[deleted]

Re: What is a Bitcoin fork?

#3

Post by Waterluvian » Fri, Nov 10, 2017, 4:01 AM UTC

That helped but I do not understand the economic compatibility of a fork. How do they not wreak havoc and chaos on that coin's economy? Do I get coins for each of the new coins or do I have to pick? It all feels really risky and that risk feels foisted upon me. Can I cash out before the fork?

Re: What is a Bitcoin fork?

#4

Post by Beejeepa » Fri, Nov 10, 2017, 4:01 AM UTC

Coinbase is going to only support Bitcoin Cash.

Re: What is a Bitcoin fork?

#5

Post by mlamat » Fri, Nov 10, 2017, 4:07 AM UTC

A bitcoin fork is a political decision on the currency, like the ones central banks make.

There are going to be a lot of forks in the future.

Re: What is a Bitcoin fork?

#6

Post by jeremyt » Fri, Nov 10, 2017, 4:15 AM UTC

Waterluvian wrote: post #3

That helped but I do not understand the economic compatibility of a fork. How do they not wreak havoc and chaos on that coin's economy? Do I get coins for each of the new coins or do I have to pick? It all feels really risky and that risk feels foisted upon me. Can I cash out before the fork?

Yes, if you hold during the fork you get coins on both forks. Yes you can cash out before the fork.

Re: What is a Bitcoin fork?

#7

Post by vinniejames » Fri, Nov 10, 2017, 4:22 AM UTC

Beejeepa wrote: post #4

Coinbase is going to only support Bitcoin Cash.

This is flat out false. They have no plan to even support it at all, let alone default to it

Re: What is a Bitcoin fork?

#8

Post by acchow » Fri, Nov 10, 2017, 4:25 AM UTC

vinniejames wrote: post #7

Beejeepa wrote: post #4

Coinbase is going to only support Bitcoin Cash.

This is flat out false. They have no plan to even support it at all, let alone default to it

"We are planning to have support for bitcoin cash by January 1, 2018"

https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbd...

Re: What is a Bitcoin fork?

#9

Post by [deleted] » Fri, Nov 10, 2017, 4:29 AM UTC

[deleted]

Re: What is a Bitcoin fork?

#10

Post by tomglynch » Fri, Nov 10, 2017, 4:45 AM UTC

Waterluvian wrote: post #3

That helped but I do not understand the economic compatibility of a fork. How do they not wreak havoc and chaos on that coin's economy? Do I get coins for each of the new coins or do I have to pick? It all feels really risky and that risk feels foisted upon me. Can I cash out before the fork?

Realistically, the value of the chain pre-fork should equal the value of the two chains post fork.

However, this is not always the case - due to people thinking they can get 'free coins' from the other chain (price goes up), people being afraid of a fork (price goes down), etc