What is a Bitcoin hard fork? Simply Explained!
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6 жыл бұрынRecently we’ve heard about a Bitcoin hard fork. But what is a hard ford? What’s the impact on a cryptocurrency and why are they created? In this video I'll explain all of that in a simple way.
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www.savjee.be/videos/simply-e...
@Ezio2907 5 жыл бұрын
I read multiple articles on Forks but still did not understand them. But after this video it is all clear. Thank you so much!
@Vogeln 6 жыл бұрын
Thank you for making this video! It was excellent and answered some very important questions. Can't wait to watch your other videos!
@hasrulwayne 6 жыл бұрын
I need more videos. Great works!
@emenikeokorie3680 Жыл бұрын
Wow! Love the simple explanation.
@XQGaming 6 жыл бұрын
Great videos👌 keep em coming!
@tek1234 6 жыл бұрын
Really nice videos ! Wish you the best !
@sdfsfsfd437 5 жыл бұрын
Thanks a lot for these great great videos!!! Muchas gracias. Estupendos videos clarificadores.
@drewbizdev 6 жыл бұрын
Well done. Keep up the good work.
@KiranSharma64414 5 жыл бұрын
first ever cryptochannel which has nicely explained the fact,I subscribed
@chrisdivine6601 3 жыл бұрын
Great explanation. Thank you
@Ms-yz1gw 6 жыл бұрын
These videos helped a lot!!!!
@timroy4497 5 жыл бұрын
Explained well. Thanks
@ripichipi 6 жыл бұрын
Great video!!!
@ara7546 6 жыл бұрын
Hey can you please make tutorial with rollback system ? because you mentioned it in previous episodes.
@JoeChow80 6 жыл бұрын
Awesome video!
@chrisreilly85 6 жыл бұрын
These crypto videos are extremely helpful. Something I'd love to understand is why is Ethereum valuable. And what is the difference between a coin and token? Effectively, could you walk us through the layers starting with blockchain, then [BTC], then tokens, etc? Thank you so much these are great videos!
@JohnyIIOh 5 жыл бұрын
A token is the money of a new project under the main project/protocol. For example the golem-project (decentralized computing power) is based on the ethereum protocol (ETH) and has its own token (GNT).
@DMcXPX 3 жыл бұрын
Also ETH can support smart contracts..... that is why you need to see the project behind the company. Right now I’m amazed by Cardano... they look like 100 years ahead of bitcoin and eth... eventually they will be the best blockchain company in the world.
@silverphoenix_game6588 4 жыл бұрын
really well explained. Thank you. 99% of crypto videos are trash.
@tkhue3296 3 жыл бұрын
Agree , those so called themselve professor or lecturor don't relly know how to convey knowledge ， and we have to pay a fortune to learn those trashes ， what a education.
@0truckmafk 6 жыл бұрын
great explanation.
@ttf268 6 жыл бұрын
Your videos was VERY helpful! Could you make a video about new icos as well please? Especially about SciDex.
@jucks 4 жыл бұрын
Hey man great video! Just wondering if this was done in Keynote?
@joshpars6900 4 жыл бұрын
Awesome video as usual, Savjee. I am however lost with the concept of either type of fork; I thought the blockchain automatically chooses the longest chain to continue to add new blocks to? Thus, preventing double spending. How can one choose which arm to contribute a new block to?
@irvin9316 5 жыл бұрын
Hey Savjee! Nice video.. But I am not able to understand soft forks.. Could you please help me with that.. Thanks!
@MrKpro 2 жыл бұрын
Thank you
@joachimbindslev6434 6 жыл бұрын
Really great videos, you're a chap! Can you make a video on Rchain/Rhoc?
@botsm5858 6 жыл бұрын
Superb tutorial about crypto on web
@cpanelbuzz 6 жыл бұрын
Thanks. Bro
@alymuni 6 жыл бұрын
Nice!
@RenoTrader 6 жыл бұрын
this dude deserve 1 million subs!!!
@mosjosb 5 жыл бұрын
Is it true that transactions that didn't really happen can be added to the new chain. For instance when the BCH fork took place could the attackers have added a line to the block that said (In simple language) "Give (the attackers wallet) 100 BCH.
@Creativeloot 6 жыл бұрын
Thanks for the info bro! So, could you give an example of a Soft Fork? (A change that is slight and therefore still compatible)
@simplyexplained 6 жыл бұрын
Sure! On the official Bitcoin wiki you can find one: en.bitcoin.it/wiki/Softfork One of the soft forks was the Pay-to-Script-Hash feature.
@Creativeloot 6 жыл бұрын
Man this is simultaneously exciting to learn and extremely confusing! lol 👍😃🤔😤😖
@hoksungyau8973 2 жыл бұрын
So when there is a new transaction, which fork will it be added to?
@chloewang8806 6 жыл бұрын
Thanks a lot for the videos! These are really helpful. On this one in particular, it would be great if you could discuss how the blockchain world is reacting to the hard forking incidents - it almost feels to me like someone is creating new currencies so that they can double what they already have. This makes me wonder what is stopping anyone from continuously forking?
@alemfi 3 жыл бұрын
So as the video mentioned while they might have an equal amount of the coin in the fork, they would need to convince others that the forked coin has value. Granted as long as it has SOME value greater than zero, one could argue that they are just "printing" money. So if someone wanted to abuse forking to make money, I'm not fully certain if there's something to stop them, other than just people disregarding the forks as worthless. I'd personally be interested in hearing more as well though!
@umeshvaswade3387 6 жыл бұрын
nice video
@MrSajidmumtazraza 3 жыл бұрын
what happen to the blockes created after the Hardfork happen...would they get the new tokens as well?
@shamshtabrez6492 6 жыл бұрын
Hello Savjee, Your videos are awesome.There is very few youtube channel where the conceptual topic is explained like you explained.I love your presentation and the knowledge you share is awesome.I just want to know which video editing software you used in order to create videos ?I have subscribed your channel, it is a very useful channel for the developer. Thank you.
@simplyexplained 6 жыл бұрын
I edit in Final Cut Pro X. But there isn't much editing going on. Just some cuts in the audio and some freeze frames ;)
@rajput7582 6 жыл бұрын
Please tell me what happened to bitcoin XT , bitcoin unlimited , segwit2x why there prices is dead.
@grugruu 4 жыл бұрын
I wish you explained more about soft forks: ok they're compatible, but then what, they just co-exist with original protocol? This has an impact on users for sure, don't they have to know which version of the protocol they are dealing with?...
@hqaivids 6 жыл бұрын
Im confused- how would one cash out after a fork? In other words, how do you claim the new currency as your own after a coin has forked?
@georgedddx3 6 жыл бұрын
Elsherdoo because all transactions that happened before the hard fork are on the new blockchain if you had some bitcoin before august 1st you will have an equal amount of bitcoin cash
@jonnydavidson4977 6 жыл бұрын
is this the same as neo and gas ?
@saintwolfcrypto Жыл бұрын
So whether it is a hard or soft fork - everyone who was holding btc before said fork gets copies of the new fork ??
@KopMATT96 6 жыл бұрын
If bitcoin is decentralized, then who are the developers changing the code to update it?
@simplyexplained 6 жыл бұрын
A community of people! They vote on what new features should be created and work on them together. Also anyone can contribute to bitcoin. It's completely open source. En
@tgroh007 6 жыл бұрын
I don't agree with hard or soft forks its starting too look like bitcoin blockchain is moving more and more to becoming centralized, or really each time a fork (hard or soft) is voted in, its going against the core decentralized fundamentals.
@hassanalhakeem5664 5 жыл бұрын
As video explained All should agree (soft fork) and if they dont They will creat a new coin (hard fork) as bch and btg
@HarishSharma-ym4ek 4 жыл бұрын
Decentralization is just in theory just like communism is a theory. Real communism can not be practiced.
@Stopinvadingmyhardware Жыл бұрын
@@HarishSharma-ym4ek Monero is working just fine. Communism is trash though.
@stevemoser124 6 жыл бұрын
Can a hard fork be reversed at any point and go back to original or another fork?
@TheVixo95 6 жыл бұрын
A video on softfork?
@richardgilmore474 6 жыл бұрын
Can you do an explainer video on how to claim MoneroV?
@pradipamkar1621 6 жыл бұрын
Suggest me blockchain technology books for beginners
@GiffysChannel 4 жыл бұрын
I remember when Bitcoin Cash forked. I immediately sold the coins I got from my existing wallet for more bitcoin. I'm not sure how the values have changed relative to each other so I'm still not sure if it was a profitable choice or not.
@scorch4299 Жыл бұрын
it would have been very profitable
@roykimor 6 жыл бұрын
Can I theoretically keep watch of forks and then when new one comes out sell my coins for USD for example and still have the original coins say in BITCOIN since it's a different blockchain, hence really "free money"?
@simplyexplained 6 жыл бұрын
Yes, you can sell the forked coin for USD. However, forks never have the same value as the original. Just compare the prices between Bitcoin, Bitcoin Gold and Bitcoin Cash.
@roykimor 6 жыл бұрын
Savjee Ofcourse, but it's guarenteed it'll have *some* value
@ChogerHD 6 жыл бұрын
Savjee Could I get a bitcoin cash block from before the fork that's also recognized as a bitcoin? Since bitcoin has a higher price I guess nobody would sell it as bitcoin cash, but I'm curious if it could happen. Sorry if I didn't explain myself properly, english is not my main language.
@manishe1486 5 жыл бұрын
@@ChogerHD I also have same doubt. If I sell in bitcoin cash will my bitcoins also gone?
@andywong2244 5 жыл бұрын
@@manishe1486 the bitcoin cash and bitcoin is treated as separate coins, so selling one of them will not deplete the other.
@ikhalid1 4 жыл бұрын
Understand .... but the important question is what happens to the value of a crypto currency in case of a hard fork and a soft fork ?
@chejaychannel9162 Жыл бұрын
Is there what we called hard fork fee?
@arunsatyarth9097 6 жыл бұрын
1:25 visual basic lol
@DevSage 6 жыл бұрын
Appreciate the Dragon Ball Z reference
@dpremsagar 6 жыл бұрын
what software do you use to make these videos?
@simplyexplained 6 жыл бұрын
Keynote.
@edwardwong654 4 жыл бұрын
If I have 1 BTC PRIOR to the hard fork, then what prevents me from spending it twice, once on each fork? I know I can't but why? Since the the BTC is on the output prior to the fork, both forks should be able to view it. And since the two subsequent forks don't "talk" to each other, they won't know if I spent it on the other fork.
@scorch4299 Жыл бұрын
its not gonna have the same value on the new fork
@Furtivo95 6 жыл бұрын
Can you please make a video on how to start your own cryptocurrency?
@simplyexplained 6 жыл бұрын
I had this question a few times already. I don't think that would be a good idea. Some people think that creating their own cryptocurrency is the fastest path to becoming incredibly rich. But that's not the reality. Creating a crypto is very challenging and difficult. Better to leave it to people who really do it well. Would you agree?
@TheSukhdeep401 6 жыл бұрын
it might not be to become rich, it can explain many many concepts in one series effectively, or if creating own crypto-currency is too far fetched from your point of view, a series creating a practical decentralized application using blockchain would do great goods, and yes I really like all your videos, great teaching bro.....
@user-ub9tt4ev2m 2 жыл бұрын
👌👌👌
@punkysuen 3 жыл бұрын
Thanks for the video. If I held 10 Bitcoins before a hard folk (let say the fork creates Xcoin), do I own 10 Bitcoins and 10 Xcoins after the folk?
@simplyexplained 3 жыл бұрын
Yep
@punkysuen 3 жыл бұрын
@@simplyexplained If I exchange those 10 Xcoins into Bitcoins when Xcoins are valued in the market, do I earn extra Bitcoins without paying any effort?
@simplyexplained 3 жыл бұрын
Yes. But the new coins are likely less valued then the original.
@MillionSubscribers-wm5sm 4 жыл бұрын
hard folks
@kalani1987 6 жыл бұрын
Are hard forks known beforehand? My MIning network said that at the time my deposit to them happened, a hard fork occurred. Therefore, my deposit is lost. Does this seem right?? They are using Blockchain.
@simplyexplained 5 жыл бұрын
Yes, hard forks are usually announced beforehand. That way people can prepare for it and make sure they extract the maximum benefit.
@poisonpotato1 3 жыл бұрын
Wouldn't that create more issues since with each fork you essentially get a copy of your coins
@currencyprofits 3 жыл бұрын
The difference between hardfork and softfork is much more complex than that and has everything to do with the price which is set AFTER the fork. lol
@johnnm3207 6 жыл бұрын
Oh yes if anybody suggests Visual Basic we are going to FORK
@ariedevs 3 жыл бұрын
imagine do forking because some people consider switching to visual basic
@sirgrizzly2120 3 жыл бұрын
who's here after the elon musk picture change
@GenoGambinoDeutschland Жыл бұрын
2:32 so how would I support, for example, the original blockchain? Simply by not installing the new update of bitcoin core then? How would it look like in practice?
@goldcurrency9245 5 жыл бұрын
Sounds like creating money out of thin air just like fiat money.
@SAL-fs1mr 5 жыл бұрын
It takes an immense amount of electrical energy to mine bitcoin.
@SportsIncorporated 3 жыл бұрын
? If you have a hard fork, doesn't that expand the number of Bitcoin? It's no longer a maximum of 21 million Bitcoin. Since you have more than one chain that can expand to 21 million coins. In effect it's currency dilution. Just like with fiat currency. And if someone has a Bitcoin on the original chain, why can't they spend it on both the original and forked chains? I.e., double, triple, quadruple,... spend.
@ryanpatrick4920 2 жыл бұрын
How is this fork concept not a thousand times more concerning than a government just printing a crap load of money?
@NativeVsColonial Жыл бұрын
Only U.S.A. have the privilege to printing fiat money or Dollars out of thin air, other countries, especially the developing one's are only there to take the burden of the inflation.
@yourspanishstories 6 жыл бұрын
I always put your videos in 1.25 speed. You speak too slow, and pauses are too long
@simplyexplained 6 жыл бұрын
Oops, sorry about that. I had some remarks before that I was talking too fast. Guess it's personal preference. But at least you can change the playback speed!
@predatorcanine 6 жыл бұрын
its ok with that speed, for those who feel it to be slow can always increase the speed,
@11cHIP1 6 жыл бұрын
no, no. your speed is perfect! and voice is clear. very easy to understand for foreign listeners like me )
@aqua123670 6 жыл бұрын
I change it to 1.5 speed
@sang84119 6 жыл бұрын
That's OK for me since I'm not English native speaker.
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