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Rachel Welch

22 November 2022 139 Read Blockchain

What Are Crypto Forks?

Usually, a fork occurs when a group of miners or developers decide to split off a crypto-asset and create a new version of the coin. This can create drama within the community.It also can have an impact on the price of the underlying crypto-asset. The price of a cryptocurrency can drop after a fork occurs. However, this depends on the fork's impact on the community. If the new version is improved, it can be considered a win.

A fork can be considered a major change to the blockchain and its protocol. It can also create spin-off versions of the currency. It is also important to note that the new version has its own rules. This means that users on the old chain will eventually upgrade to the new version.