BITCOIN FORK!

Ever since the past 7 years the bitcoin network has been growing rapidly and now the system is taking much time and money a Validate transactions on its blockchain network. And it seems like the only solution is a hard Fork!

Not like the kind you would find on a table, on a blockchain, a fork is a technical event that occurs because diverse participants need to agree on common rules.

At its most basic, a fork is what happens when a blockchain diverges into two potential paths forward — either with regard to a network’s transaction history or a new rule in deciding what makes a transaction valid.

As a result, those who use the blockchain have to show support for one choice over the other.

Such Fork has occured in the crypto world an example is the Etherum and the Etherum classic. The Etherum classic is as a result of a Hard fork in tue Etherum network.
There is nothing to worry about in this situation as to the Crypto currencies will still exist in the Blockcahin and will be tradeable.
There are ofcourse many different kinds of Fork and the science for studying them is still new so am going to break them down as much as possibly i can.

The basics

Before we get into the classifications, it's worth noting that bitcoin forks already occur quite regularly.

A byproduct of distributed consensus, forks happen anytime two miners find a block at nearly the same time. The ambiguity is resolved when subsequent blocks are added to one, making it the longest chain, while the other block gets "orphaned" (or abandoned) by the network.

But forks also can be willingly introduced to the network. This occurs when developers seek to change the rules the software uses to decide whether a transaction is valid or not.

When a block contains invalid transactions, that block is ignored by the network, and the miner who found that block loses out on a block reward. As such, miners generally want to mine only valid blocks and build on the longest chain.

Following are some of the more common forks and their traits.

Hard Fork
What is it? A hard fork is a software upgrade that introduces a new rule to the network that isn't compatible with the older software. You can think of a hard fork as an expansion of the rules. (A new rule that allows block size to be 2MB instead of 1MB would require a hard fork).

Soft Fork
What is it? A soft fork, by contrast, is any change that's backward compatible. Say, instead of 1MB blocks, a new rule might only allow 500K blocks.

Like i said there is nothing to be afraid of once the Bitcoin fork occurs.
Blog by andy...
Please upvote and follow😇