Is the failure rate of bitcoin bifurcation high

1.

The capacity of a block in bitcoin is 1m (megabytes). A transaction is between 250 and 500 bytes

according to this algorithm, a block contains about 4194.3 transactions

the confirmation time of a block in bitcoin is 10 minutes, so the seven transactions that a block can process per second may sometimes be less than seven

What are the consequences

The bifurcations of

bitcoin are divided into hard bifurcations and soft bifurcations

hard fork means that when the block format or transaction format of bitcoin changes, the UN upgraded nodes refuse to verify the blocks proced by the upgraded nodes

the upgraded nodes can verify the blocks proced by the non upgraded nodes, and they continue the chain they think is correct, so they are divided into two chains

What is soft bifurcation

soft bifurcation means that when the data structure of bitcoin transaction changes,

UN upgraded nodes can verify the blocks proced by upgraded nodes,

and upgraded nodes can also verify the blocks proced by UN upgraded nodes

2.

In the discussion of blockchain, bitcoin and other digital currencies, we often hear the word "bifurcation". So what is bifurcation? What is the effect of bifurcation

blockchain

before talking about bifurcation, popularize a little knowledge of blockchain, so as to help us understand what bifurcation is more easily (if you don't have any concept of blockchain, please read my previous articles, which are all popular words to help you understand what blockchain is)

blockchain, as the name suggests, is a chain composed of blocks. Of course, this kind of chain is just a figurative metaphor. To put it bluntly, data blocks are connected orderly. In bitcoin, the transaction records of bitcoin are stored in the block. The size of the block and the space occupied by the transaction records determine how many transactions can be stored in a block. These transaction records are packaged into blocks, and then the blocks are connected one by one to form a blockchain

We know that bitcoin software, like other software, needs to be updated and modified regularly in order to make it better. So a new version will appear, but not everyone will download the new version, so one miner will run the old version, and some will run the new version. If the old and new versions are not compatible, the blockchain will bifurcate. Because there may be differences between the version blocks and the old version blocks, they cannot be connected to the same blockchain, so there will be two or even more chains, which is called bifurcation

soft forking

soft forking refers to that when the new consensus rules are released, nodes that have not been upgraded will proce illegal blocks because they do not know the new consensus rules, resulting in temporary forking. This kind of bifurcation will be graally repaired with the upgrading of nodes

hard fork

hard fork refers to the permanent divergence of the blockchain. After the release of the new consensus rules, some nodes that have not been upgraded cannot verify the blocks proced by the upgraded nodes, and usually hard fork occurs. Therefore, in the field of digital currency, hard bifurcation often leads to the emergence of new currencies. For example, the hard bifurcation of Ethereum led to the emergence of eth

What is bifurcation? What is bitcoin bifurcation

3. Bitcoin bifurcation has little impact on ordinary users, and ordinary users don't care whether bitcoin should be bifurcated or not
bitcoin bifurcations are mainly divided into two types: hard bifurcations and soft bifurcations
the main supporters of hard bifurcations are China's bitcoin community, bitcoin Jesus, Gavin and other bigwigs. That is to say, the expansion faction insists on large blocks, does not expand the main chain, and nothing else. Hard bifurcation has the risk of splitting bitcoin, but once the main chain is split, it will kill the small chain coin
the main supporters of soft bifurcation are the core team and the BS company behind it. The main chain does not change and the functions of the main chain are distributed to the side chain. This will develop bitcoin into a better settlement system, but the main chain will be graally marginalized. Some people doubt that this is to kill bitcoin and benefit some companies.

4. There are three situations:
1. Segwit2x completes the hard fork upgrade, that is, the 1m block becomes 2m. And most of the computing power of the whole network supports the upgraded btc1 (or the compatible version of btc1), so that BTC maintains a chain
2. The segwit2x hard fork failed, and the BTC continued to maintain the 1m block size. Most of the computing power of the whole network runs on the node version that is not upgraded, such as bitcoin core 0.15, so that BTC maintains a chain
3. Segwit2x hard bifurcation is successful, but it splits into a new chain, namely two chains. Btc1 and bitcoin core 0.15 are supported in the whole network. It's the old 1m blockchain. And the new 2m blockchain. At present, both miners and developers hold opinions on both sides. I don't know the specific support. Users are currently in the melon eating crowd
in my opinion, in the first case, the best way is to complete the hard fork upgrade and get the support of computing power
the worst case is the third. Because in the end, a chain will die. When a chain dies, all the transactions generated in the chain will be lost, which will lead to most people losing money
the second situation has nothing to say.

5. Although bitcoin continues to encounter "bifurcation", its price is soaring. Recently, the market price of bitcoin has exceeded 8000 US dollars, setting a new historical record.

6. Hehe, it's a technical problem. If it's really hard fork, it's really better. Just like windows upgrade, in fact, hard fork is system upgrade. But the soft bifurcation needs to be backward compatible, this is very troublesome, and there is no progress. Of course, you can also invest in other currencies. Bitcoin mining is a waste of electricity. For example, some new currencies such as cloud coins and small business stocks do not need to consume energy, but only the coins pushed by a large team for business operation

7.

The Ministry of Commerce issued the overall pilot plan for comprehensively deepening the innovation and development of service trade, which mentioned that digital RMB pilot projects should be carried out in Beijing Tianjin Hebei, Yangtze River Delta, Guangdong, Hong Kong, Macao and other pilot areas in central and Western China. The people's Bank of China formulates policy safeguard measures, which are promoted by relevant departments in Shenzhen, Cheng, Suzhou, xiong'an new area and the future Winter Olympic Games scene, and then extended to other regions

as the case may be. For example, two people have digital money bags in legal digital currency in their mobile phones, as long as their mobile phones have electricity, Even if there are no network, two mobile phone can touch the digital coins in one person's electronic wallet to another person, that is to say, the digital money does not need to bind any bank account when it is paid, unlike now, WeChat and Alipay need to bind the bank card, and the statutory digital currency does not need to bind the bank account unless it is charged to the legal digital currency. Or withdraw money from legal digital currency for transfer between financial users and users without account binding

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