August going to be a huge month in bitcoin history. Bitcoin, the largest cryptocurrency on the internet, is currently at a crossroads. Before August 1, the powerful users who “mine” the currency with souped-up PCs will have to choose whether or not to apply BIP 91, a set of software code to the bitcoin’s bedrock, known as the blockchain — a chronological public ledger that documents every transaction of the digital currency. While the miners currently seem to be in favor of the update, the controversial decision on how to update the cryptocurrency’s technology has driven a rift between several groups of users, leading many to speculate that at some point, the technology will “fork.” But the concept of a fork is complicated, and involves everything from the specific technology applied to bitcoin to the foundational philosophy behind the cryptocurrency. Here are five things you need to know about a possible bitcoin fork. 1. What is a bitcoin fork? In financial terms, a for...
Global Social Network broadcasting trends