@CryptoWordsmith 5 November 2020 edited

Cryptocurrency FAQ: What is a hard fork?

There are times when the development team for a cryptocurrency starts to have diverging opinions on what is the best long term vision for the project. If the differences between the two groups cannot be reconciled, one group will separate from the other, and implement changes to the software code that they feel will ultimately strengthen it. In layman's terms, one can think of a hard fork as a backwards-incompatible software upgrade. The issue is that not everyone wants to perform the upgrade, since some feel the upgraded code is inferior to the existing code. As a result, the blockchain splits, creating two separate networks: one with the old rules, and one with the new rules, - **Binance Academy** https://academy.binance.com/en/articles/hard-forks-and-soft-forks A fellow author put it eloquently this way: ...a hard fork creates two separate networks by splitting an existing one. Two ledgers with the same past and different futures, - @MoreGainStrategies

After the hard fork takes place, owners of the pre-forked cryptocurrency are eligible to collect the new cryptocurrency that resulted on a 1:1 basis. The pre-forked cryptocurrency would need to be placed into a crypto wallet that supports the hard fork. Thanks for reading, and stay safe! If you would like to support my work, please hit like 👍 and subscribe! 😊 *Last modified November 6, 2020* Follow me on Twitter: *@CryptoWordsmith* https://twitter.com/CryptoWordsmith **#EarnFreeCrypto** https://read.cash/search?q=%23EarnFreeCrypto **#EarnPassiveIncome** https://read.cash/search?q=%23EarnPassiveIncome Lead image by **loufre** (modified by the author) from **Pixabay**  https://pixabay.com/users/loufre-2697555/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=1756278 https://pixabay.com/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=1756278 It's the perfect time to start earning free crypto while you learn about it!

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