Blockchain 101 Episode 65 – Bitcoin giving birth

There are many proposed scaling solutions from the Bitcoin Community. If any solution receives enough hashrate support it will be activated, and the Bitcoin network avoids a fork.

However, Bitcoin has no central authority, making it hard to reach a consensus. Without enough hashrate support, a blockchain fork occurs, giving rise to a variety of Bitcoin fork coins. Bitcoins holders will automatically receive new fork coins after the fork.

Since the fork coins are received at no cost, they’re referred to as candies.

August 2017, The community reached a consensus, activating the Segwit soft fork, Increasing the confirmation speed of the Bitcoin blockchain by up to 1.7 times.

In the next 4 months, Bitcoin continued to have numerous forks, resulting in many Bitcoin fork coins. Therefore, many Bitcoin enthusiasts joke that Bitcoin gave birth to many kids.