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What is a ‘hard/soft’ fork?

In software development, a fork is a new branch of code going off in its own direction. Often, it also often represents (in open-source software developed outside of a company) a disagreement in the community that built and maintained the original code.

In crypto, a fork is a disagreement between nodes. The disagreement can be about different things, for example, which blocks are included in the blockchain or what code is being run. A disagreement of this sort causes the blockchain to split into two different parallel chains. There are two types of forks: a ‘soft’ fork and a ‘hard’ fork.

A soft fork often occurs during software upgrades to the protocol. This type of soft fork does not result in a permanent split of the network. A soft fork is a change to the software protocol where only previously valid transaction blocks are made invalid. A soft fork is backwards-compatible, the reason being that the old nodes will recognise the new blocks as being valid. 

A hard fork happens when nodes in the network fail to reach consensus. When this happens, the blockchain will split into two or more branches at the last point of agreement, and then new valid blocks accepted on one fork will be rejected by the other one.

Hard forks should be supported by all members of the crypto community, otherwise it can lead to blockchain replication.




 


BIDS

The bid price is the highest price that a particular buyer is willing to pay for a specific product or service. In the context of financial/crypto markets, it is the value buyers offer for an asset, such as a commodity, security or cryptocurrency.

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ASKS

The asking price is the minimum price that an individual would be willing to sell their asset, or the minimum amount that they want to receive in return for the unit(s) they are parting with.

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MY OPEN ORDERS

Here you can see all of your open orders. To cancel an open order, just click the ‘X’ symbol next to it.

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LIMIT ORDER

Limit order gives you the power to set a specific price at which you would like to buy or sell the desired amount of cryptocurrency.

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MARKET ORDER

A market order is an order type that enables you to buy or sell at the best available market price.

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STOP LOSS LIMIT

A Stop Loss Limit order is designed to limit your loss on a cryptocurrency position. A Stop Loss Limit order can be placed to buy or sell a specific cryptocurrency at your entered price (a limit order) once that cryptocurrency reaches a certain price.

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TAKE PROFIT LIMIT

A take profit limit order is an order put in place by traders to maximize their profits and protect their profits on positions. A take profit limit order allows you (a trader) to set your custom made Buy or Sell order. You have to set two prices - the Trigger Price and the buy/sell Price.

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