The Tradeoffs of Bitcoin Soft Fork Upgrades

Despite being known as a protocol that is slow to change, Bitcoin does have its own way to add new functionalities to the network. Soft forks, a type of upgrade that ensures those who don’t use the new software can still participate in the peer-to-peer network, is likely the preferred method to introduce novel features to Bitcoin. However, do soft forks have their downsides? What are the tradeoffs for Bitcoin users?

Track live crypto price of 10000+ coins!

A panel moderated by Ben Perrin, creator of the BTC Sessions YouTube channel, at Bitcoin 2022 set out to explore that question. The conversation, “Soft Forks: Benefits And Tradeoffs,” featured long-time Bitcoin developer and educator Jimmy Song, developer and founder of Bitcoin R&D organization Judica Jeremy Rubin, and thought-provoking Bitcoin blogger Paul Sztorc.

Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: