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 are the two main types of blockchain forks discussed in the video?

Explain the concept of backward compatibility in the context of a soft fork.

What is the significance of decentralized systems in the context of blockchain updates?

Describe the process of executing a hard fork using Bitcoin as an example.

What happens to a user's coins after a hard fork?

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

What challenges arise regarding the naming of new blockchains after a fork?