Softfork is making previously valid blocks invalid (contraction of the rule set). Hardfork is making previously invalid blocks valid (expansion of the rule set).
You can create a new coin with hardfork and nodes that don’t want to update can stay on the old chain so if the community is split everyone can decide which project to be part of.
You are splitting the community and reducing security (there is less hash power because miners are split between two blockchains)
What is the difference between a soft fork and a hard fork?
A hard fork is an update that makes previously invalid blocks valid.
A soft fork n update that makes previously valid blocks invalid
What are some of the reasons why you would do a hard fork?
You want to speed up the blockchain by allowing smaller blocks.
You want to keep more miners on board.
What are some of the risks with performing a hardfork?
Some miners can get out of sync and refuse to go along with the new rules.
YF forks are forks of the original software that was changed and started anew. Its not entirely the same as hard fork that has the same block history but they do have the same base source code. More similar to Bitcoin and Litecoin. 
Reducing block site would result in a soft fork unless you would also increase block time.
With a softfork you will have only one chain in the end, because the longest chain gets valid and the shorter chain becomes invalid. With a hardfrok you will create another blockchain and split the community, because the old and the new rules are valid and therefor the forked chain will stay.
If you want to have another bockchain, and create another coin, you need to do a hardfork.
There are security issues, because the community gets split, and therefor the hash power will also reduced (less miners).
A hard-fork is where individuals or groups wish to change the protocol such that previously invalid blocks would be valid. i.e. increase the block-size limit, where some do not want to. It generally causes a chain-split, and the creation of a new cryptocurrency.
Hard-forks have been done in order to change various rules of the protocol from which they forked. i.e. BCH and BSV both forked because they wanted bigger blocks.
Hard-fork will split the community, reduce the security of the network(s) by dividing the hash-power, and potentially reduce the value of the original currency.
Soft forks contract the rule set while the Hard forks expand it.
I would do a hard fork , because the update is clear and the user has a choice if he/she wants to be updated or to stay with the same consensus rules.
When performing a hard fork the miners and the hash power split which can decrease the security. Also forks, splits and stale blocks occur more often.
What is the difference between a softfork and a hardfork?
softfork makes a previously valid rule invalid where a hardfork makes a previously invalid rule valid.
What are some of the reasons why you would do a hardfork?
Democratic where a node can choose to stay on the old chain with the old rules or can follow the fork with the new rules. It’s also clear (lacks confusion).
What are some of the risks with performing a hardfork?
Splits the chain, splits the community and splits the hash power.
1-Hard Fork makes previous invalid blocks valid
Soft Fork makes previous valid blocks invalid
2-When there is a change in the consensus rules
3-Less security because of decreased hash poweer
1/ soft: makes previous blocks invalid // hard: makes previous blocks valid
2/ to change previous rules of consensus to more restrictive rules
3/ splitting community ==> diminishing hash power in each new sub-communities ==> diminishing safety on each branch of the fork
A hard fork makes previously invalid blocks valid and a soft fork makes previously valid blocks invalid. A hard fork results in the creation of a new currency where a soft fork doesn’t usually result in a chain split.
Generally the reason you would do a hard fork is to create some sort of improvement on the original blockchain ie block size, security or improve the functionality.
A hard fork can divide a community and should the majority stay with the original blockchain it can make the hard fork a considerably inferior currency also there could be a security risk with the new currency due to having less hash power than the original chain.
ohhhhhhhhh that makes a lot of sense ahah Thank you !
1. What is the difference between a softfork and a hardfork?
Soft fork updates makes previous valid blocks invalid. It is a contraction rule set. Hard fork updates makes previously invalid blocks valid. It is an expansion rule set. In soft fork updates, if the majority of the network (>50%) updates a fork will not be created while in hard fork updates for this to happen all the network (100%) must update. Hard forks often splits the chain and the fork will continue with the updated version and the previous version as two different chains.
2. What are some of the reasons why you would do a hardfork?
A reason to do a hard fork is to increase block size. Where previous blocks which where bigger in size and weren’t accepted by the blockchain, now with the new rule set can be validated. Other reasons can be because members of the community propose a change in the protocol and the rule set and this is implemented.
3. What are some of the risks with performing a hardfork?
Mainly, when a hard fork occurs, the chain splits meaning the hash power splits and this lowers the security because the network for each chain is smaller. There are less nodes to validate the PoW.