Bitcoin Forks Explained

[CryptoMav]

Below is a summary of Amity's original post: Bitcoin Forks Explained

In early November, while Bitcoin enthusiasts and investors were waiting for a long-anticipated update to the software that supports the famous digital currency, a mass email from the group behind the project informed everyone that they were canceling the update.

For months, Segwit2x, as the update was called, was at the center of a heated debate between different stakeholders in the Bitcoin community on how to address Bitcoin’s struggles in increasing the speed at which it handles transactions.

In their announcement, the Segwit2x leaders stated the update had not won sufficient consensus in the community, hence their decision to call it off.

The debate surrounding Segwit2x and the eventual withdrawal of the update proposal demonstrates how updating cryptocurrency software (called "forks" in the crypto-jargon) can be complicated.

Here’s what you need to know about forks and how they affect Bitcoin and other cryptocurrencies…