BCC, which was born on August 1, is not a fork of the Bitcoin network

Bitcoin has successfully activated the SW2X ( Segwit2x ) expansion plan based on the New York Consensus, and the New York Consensus SW2X has achieved a phased victory. At present, the Bitcoin network is running stably and there is no so-called "fork". However, the emergence of BCC has caused some misunderstandings in the community about the Bitcoin network, mistaking BCC for a Bitcoin fork.

The International Bitcoin Roundtable held an emergency meeting on July 24 to clarify the BCC fork issue, reaffirmed its support for the New York Consensus SW2X, and made it clear that the blockchain that has upgraded the SegWit2X protocol (including SW and 2M) is the only blockchain that can use the name "Bitcoin (BTC)". BCC is a competing currency created by copying the Bitcoin blockchain and modifying certain codes.

PZ , the convener of the China Bitcoin Roundtable Forum and the Secretary-General of the Global Litecoin Roundtable Forum, also gave a popular science introduction to BCC as follows:

The Bitcoin network is currently safe and stable, with no forks. BCC, which was born on August 1 , is just a new coin (competitive coin) with its own pursuits and ideas. The birth process of BCC does not conform to the previous definition of forks in the Bitcoin network. The reasons are as follows:

1. The Bitcoin network has experienced forks in history. The reason was that the synchronization of the entire network was difficult (failure), resulting in the failure of the entire network's information to be synchronized on one chain. Two (or more) identical Bitcoin blockchain networks appeared. Both networks had a large number of miners mining. Transactions on two different networks could not be synchronized and communicated with each other, thus creating two parallel chains with the same difficulty. This is called a fork.

2. Why is fork dangerous: Because the two (or more) networks after the fork are parallel, their mining, transaction and other information are not synchronized with the whole network. Therefore, a series of mining, sending and receiving coins and other information on the forked network A will not be synchronized to the forked network B, and vice versa. For example, the RMB in your hand suddenly cannot be used to buy things at the store at your doorstep, because the network is different and even more incompatible. The value of the money in your hand is greatly reduced. Moreover, two identical parallel chains have the possibility of becoming "Bitcoin", which will create huge confusion for the industry chain and the community, and they don't know which chain is the correct Bitcoin network. Therefore, in the past, when a "real fork" appeared in the whole network, all the relevant Bitcoin industry chain-related companies in the whole network would quickly reach a consensus to determine a longest chain recognized by everyone as the Bitcoin blockchain. Other short chains will be abandoned.

3. In the history of Bitcoin, there has indeed been a "real fork", when all mining pools would immediately negotiate and determine which chain to synchronize (usually the longest chain) and abandon the short chain. F2Pool once mined on the abandoned short chain, but finally had to give up and resynchronize the longest chain that reached consensus, resulting in financial losses.

4. This type of coin, BCC, is not the first to appear. Many similar new coins (competitive coins) have appeared on the bitcointalk forum, the oldest and most authoritative forum for Bitcoin. They inherit the existing blockchain of Bitcoin, and everyone who holds Bitcoin naturally owns this new coin. In history, no one (author) has ever said that such a new coin is a fork of Bitcoin. If this type of coin is a fork of Bitcoin, then Bitcoin is forking every day, so the description of the fork of the Bitcoin network is inaccurate. Similarly, people related to BCC also told me that BCC is a competitive coin with its own pursuits and ideas.

In summary , the Bitcoin network is currently safe and stable. The BCC that appeared on August 1 is not a fork of Bitcoin , but just a competing coin. The New York Consensus SW2X will implement a 2M hard fork in the next three months. Once successful, Bitcoin will completely resolve the three-year-long expansion dispute and usher in its second spring.