Blockchain Forks for Beginners | Blockchain Central

The video explores blockchain forks, focusing on soft and hard forks. Soft forks are backward-compatible updates, while hard forks result in a blockchain split, creating two incompatible chains. The video uses Bitcoin as an example to explain the process and implications of hard forks, including coin duplication and market effects. It concludes with a summary of the key points and a disclaimer about the video's purpose.

What is the primary function of a blockchain?

• To create digital art

• To store and manage data

• To send emails

• To play video games

What is a key characteristic of a Soft Fork?

• It is not backward compatible

• It splits the blockchain into two

• It requires all users to update immediately

• It is backward compatible

Why might a blockchain undergo a Hard Fork?

• To change the protocol significantly

• To reduce the number of users

• To increase transaction fees

• To improve backward compatibility

What happens to your coins after a Hard Fork?

• They disappear

• They double

• They remain the same

• They are halved

How does the market determine the price of cryptocurrencies after a fork?

• By the original blockchain's popularity

• By government regulation

• By the number of users

• By supply and demand

Which blockchain kept its original name after a fork?

• Bitcoin Cash

• Ethereum Classic

• Bitcoin

• Litecoin

What is a common result of a Hard Fork in terms of blockchain compatibility?

• The blockchains merge into one

• The blockchains become incompatible

• The blockchains remain the same

• The blockchains become more compatible