Bitcoin 101: What is a ‘Fork’ and How Does it Work?

The Bitcoin story of the summer has been about the future direction of Bitcoin in relation to block size and a potential Bitcoin fork. There has been much discussion on BIP 100, or Bitcoin XT or BIP 101, and a lot of ideas about what will happen next. Bitcoin is a very complex technology, and I get just as overwhelmed as anybody else with the tech bits of it.

Sometimes, I write an article to learn about something within Bitcoin just as much as to help others learn about what’s going on in the community. My grasp on what a Bitcoin “fork” was pretty shaky, and maybe yours is, too. So let’s go through what a “fork” is together.

To fork or not to fork; that is the question

The Bitcoin blockchain has certain agreed upon rules and protocols that all nodes must follow, which are built into the Bitcoin core software. When everyone agrees on these “Rules of the Node,” we have “consensus” or an agreement on how to move forward together. The major power brokers of the Bitcoin protocol, like core developers and the mining community, must be on the same page to ensure

Read more ... source: Cointelegraph