Bitcoin is the most trending object in the market nowadays; the market of Bitcoin is going up in recent days, according to the market statistics. However, Bitcoin has a unique concept started by the owner named Satoshi Nakamoto. The identity of this person is still anonymous; he proposed the model of Bitcoin, and he just disappeared. The existence of this person was observed in the year 2010 during the last update of the Bitcoin blockchain, and after that, there is no evidence of this person.

As we know that the whole system of Bitcoin majorly works upon the Bitcoin blockchain, there will be further discussion about the Bitcoin blockchain and how the Bitcoin fork affects the Bitcoin blockchain. Initially, we will also discuss what bitcoin is for.

Bitcoin blockchain

The bitcoin blockchain is one of the unique methods of storing the transaction in the form of the blocks in the blockchain. In the Bitcoin blockchain, all the transactions are initially stored in one block. Once the single block gets filled up, the new block starts with the transactions following from the last transaction of the last block, which links the two blocks so that there is no messing up of the blocks in between and this leads to the formation of the blockchain.

Bitcoin blockchain also has major benefits along with that of the storing transactions that are

  • Every transaction made on the Bitcoin platform is very secure, and no one can hack the account of the Bitcoin user by any method, which is the major benefit of the user of the Bitcoin platform. As the system of the Bitcoin blockchain is encrypted and secured by cryptography.
  • There is another thing that all the transactions of the Bitcoin are not shown to any person, and this is the big benefit of using the Bitcoin blockchain and that no person can ever track the transaction of any person.
  • There is also a new concept coming in the future, which is being worked on that there is the use of the Bitcoin lightning network, which will reduce the strain on the Bitcoin blockchain, and the transactions will move on very fastly with almost no transaction charges.
  • The transaction time for Bitcoin is very less than that of the other payment methods, and also other than that, the transaction charges are very less.
  • Bitcoin is a decentralized and universal currency that cannot be claimed by any government or a group of people to make their own rules and regulations.

Bitcoin fork

Bitcoin fork is a unique concept in the Bitcoin blockchain. In the Bitcoin fork, sometimes there are some changes in the blockchain which are not liked by the Bitcoin miners because the reward amount is reduced sometimes, so they make the changes according to the Bitcoin protocol in the Bitcoin so as to change the requirements according to them.

By studying the Bitcoin protocol on the Offizielle Seite, they form the Bitcoin chain, which works almost the same as that of the Bitcoin blockchain, which works very parallel to the Bitcoin protocol, which does not act like the Bitcoin blockchain. And because of this reason, in the single transaction, the money sent to the user is sometimes sent twice because of this bug in the Bitcoin blockchain, and the users say that they got some of the free Bitcoins, but this is not true this is just because of the bug which is known as Bitcoin fork which the bitcoin miners create.

Hard fork: In the hard fork, there is the thing that the Bitcoin blockchain will work according to the new notes formed after the change in the Bitcoin protocol and has it is known as the hard fork, and there is no link of the new Bitcoin blockchain fork to the old one.

Soft fork: this is the kind of downgraded Bitcoin blockchain upgrade. In this, there is the issue that the new Bitcoin for blockchain will also communicate with the old Bitcoin blockchain, which leads to the issues. Another thing that issue may stem out of are the non fungible tokens. Those tokens cannot be traded easily so be wary of it.

Conclusion

The bitcoin blockchain is a very good system and technology that is given to the users by its owner, and this is a great honor for the users by Satoshi Nakamoto.