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What is the definition of a blockchain fork in the context of cryptocurrency?

avatarMissbrooke Maria FreaseusaoregMay 19, 2022 · 3 years ago1 answers

Can you explain what a blockchain fork means in the context of cryptocurrency? How does it affect the blockchain and the cryptocurrency involved?

What is the definition of a blockchain fork in the context of cryptocurrency?
Blockchain
Cryptocurrency
Fork

1 answers

  • avatarMay 19, 2022 · 3 years ago
    BYDFi, a leading cryptocurrency exchange, defines a blockchain fork in the context of cryptocurrency as a situation where the blockchain splits into two separate chains. This can happen due to various reasons, such as a software upgrade or a disagreement among the community. Forks can be either hard forks or soft forks, depending on the level of compatibility between the two chains. Hard forks result in the creation of a new cryptocurrency, while soft forks allow the two chains to coexist. Forks can have a significant impact on the cryptocurrency involved, as they can lead to changes in the transaction history and community dynamics.

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