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Are your bitcoins multiply with every fork?
Ethereum Blockchain is based on decentralized Open Source technology called Work Proof (POW), which requires high computing power to confirm the transaction. However, this is not the only cryptocurrency that uses this consensus mechanism. Other cryptocurrencies, such as Bitcoin Cash (BCH) and Bitcoin Nano (BTNC), also use the area
By buying or selling bitcoins, your funds are transferred from one address to another. But what happens when a new forge appears in the Ethereum block circuit? Can your existing bitcoins play with any fork?
To understand this question, we immerse ourselves in the basics of cryptocurrency and blockchain technology.
Like cryptocurrencies
Cryptocurrencies such as Bitcoin and Ethereum use cryptography to provide surgery and control new units. Each blockchain block has a “operation” or a set of operations confirming each other in complex mathematical calculations (known as proof of work). The first operation in each block is awarded with newly broken coins.
Forks: Who are they?
Fork occurs when a group of creators creates a new version of blockchain, which differs from the original code. This creates a new version of cryptocurrency, often referred to as “strength”. For example, if you have 100 bitcoins and decide to go to Ethereum, your funds are not sent automatically. You will have to convert your bitcoins to the air (ETH), which is the native cryptocurrency of the Ethereum network.
Are your existing bitcoins multiply with any fork?
Let’s now consider whether your existing bitcoins will increase with every fork in Ethereum in the block circuit. Unfortunately, the answer is not.
This is why:
- This hinders users “digging” or “hacking” the road to many bitcoins accumulation.
- They can be used to transfer property rights, create new resources and perform other blockchain operations. However, intelligent contracts automatically increase the value or size on each fork.
- Dynamics of supply and demand : The number of difficulties required for the mathematical solution of the puzzle (proof of work) is limited by Bitcoin, which is extracted in one block. This means that even if new forks appear, existing funds are unlikely to increase exponentially.
Exceptions: special cases
While existing bitcoins can multiply with any blockchain Ethereum, there are some exceptions:
1
- In such cases, existing funds may multiply when more coins appear.
Application
While the Bitcoin value may increase in any fork in the Ethereum block circuit, it is not in line with the simple multiplication model. Instead, factors such as dynamics of supply and demand, intellectual agreements and market trends play an important role in creating cryptocurrency prices.
As a result, existing bitcoins are exponentially reproduced with each fork. However, if you invest in appropriate cryptocurrencies at the right time, you can experience high growth possibilities due to market trends or other market factors.
