Bitcoin is already hard enough to absorb as it is. When word started to come out about bitcoin, people had to go through a series of headaches just so they can figure out what bitcoin is.
The first bitcoin enthusiasts were also the first ones who had the guts to go through those certain headaches. Things went lightly for the next couple of months. It did not take long before people started to take more and more interest in bitcoin, and just when people thought that all of their headache days are over, some new concept started entering the spotlight: bitcoin fork.
What In The World Is Bitcoin Fork?
Bitcoin fork is nothing more than a division of one digital currency. It means that from one original digital currency, a new different currency was born.
If a fork is happening in bitcoin, then it can only mean one thing: there has been a new update. This update is far too complicated to be accepted by the current system of bitcoin. This said, a new cryptocurrency has to be created.
Typically, users would stay with the cryptocurrency that they have gotten used to. Other times, people would become curious and will try the new cryptocurrency. Whichever you choose, this only means that the new cryptocurrency will be a new competition for bitcoin.
Why Do Bitcoin Need to Update?
The better question would be: what is wrong with bitcoin?
Developers do not just make updates for no specific reason. Updates are made when there is something that needs fixing in the current system.
The problem with bitcoin is its speed. Some people may think that bitcoin is fast. Although bitcoin is not exactly what you would call slow, it is still becoming so because more and more users are added into the bitcoin world.
The purpose of the bitcoin fork is to create an update that can accommodate more transactions per second.