It's been a hot summer in the crypto world. We had debates, we had new branches on GitHub with code not ready for production, we had bold statements from public personas (like the one below):
...and now we're just one day from the (in)famous August 1st.
Now, something is gonna give.
We may see a new currency, called Bitcoin Cash, which is basically just a colored coin on top of the same codebase, just like the other hundreds of shitcoins out there, each with its own innovation. Bitcoin Cash innovation seems to be an 8 megabyte block. Well, so be it.
But make no mistake, the main chain will still have to validate Bitcoin transactions. If that chain splits, well, then we'll have an even hotter autumn.
But beyond these conversations, beyond these debates and beyond these potential gains and losses, my personal opinion is that the real benefit of a potential Bitcoin "Fork" is not there. It's not in the technical side of things, although this side counts. It's not in the market movements, although of course, these movements count as well. It's not even in this new Bitcoin Cash thingie that tries to lure people in new territories.
It's in the change itself.
Bitcoin has been stale for a while, in terms of community evolution. Although there were a lot of swings market-wise, behind them you could smell a bit of "status-quo". And changing this status-quo, no matter in which direction is a good thing, because it will trigger mechanisms not yet used.
Sooner or later, Bitcoin, and I'm talking about the community here, had to evolve. Slowly, new actors came into play. Big miners, some crooks, some honest people and a lot of small investors and fans. This huge community, patronizing a $40 billion market has to evolve. And this event will help it in many, yet to be seen ways.
Maybe new alliances will be formed. Maybe new strategies will be devised. Or maybe Bitcoin will finally hit the bottom hard and we'll remember it just as we remember Hi5 today. Nobody knows what will happen, yet.
But the fact that the community evolves, moves, tries new ways to do old things, well, that's the real benefit.
At least in my opinion.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
Truth is nobody knows what will happen.
I think the key is what the fees for moving money via bitcoincash are. If they are considerably lower (thanks to bigger block sizes), then we might see transactions done with BCC rather than BTC.
These experiments are actually exciting (if nerve-racking)!
Bitcoin could be shaken these days but I am quite sure it really will go back to its alltime highs because of the scalability solution has come now. Give it time, it will come back.
"We may see a new currency, called Bitcoin Cash, which is basically just a colored coin on top of the same codebase, just like the other hundreds of shitcoins out there,..." I totally agree with this perspective. As you say, I see it as a lure
Yeap, but you need a bit of experience to understand that. It's a community test: how many people will understand what Bitcoin Cash is and where its place should be (probably not even in the top 100 currencies, as of now).
Maybe this is the best point. But the second best is that you can get a lot of altcoins really cheap right now :P
agree ;)
The blocksize debate has been ridiculous overall. People that are not engineers and have no technical background have weighed in. I have a tech. background and I do not feel qualified to weigh in on the technical minutiae of bitcoin or any other blockchain. I think this is best left to those actively involved and yes some disruption/shake-up is good for bitcoin to evolve. Let's hope it is moving in the right direction, not devolving. I also find the number of sh*tcoins / ico's disconcerting like yourself.
Good perspective. If we want to see Bitcoin rising further to the moon, whether that's 10k or far beyond, we have to expect a whole lot of barely-managed chaos in the interim. How else can we expect so much value to shift into bitcoin? It's only natural that drama comes up.
in my opinion BITCOIN CASH will increase the price of the bitcoin durring The next 24 hours , because people when they will get free bitcoin cash for their bitcoin , they will trade they directly with bitcoin , this will increase the demand on bitcoin and will result in increasing in the price of bitcoin
this was really the best time indeed :D heheh
Been looking for some info on the upcoming forks and this is one of the Best articles i've come across!
Glad its helpful.
I guess drastic changes and leaps will have to be taken to move out of this phase a stability to skyrocket to new highs.
There have been so many huge starts promoting cryptocurrency and I can't wait for what the future holds.
Yes, we're still in the initial stages. Still a lot of room to grow.
There is an outside chance that @stan's Bitshares United could be the winning flavor of Bitcoin in the future. If it becomes a reality, I'm in for some of them!
Chances are it will be implemented on EOS which Bitshares and Steemit will eventually move to, or take the best features of; its all @dan's platforms anyway. EOS is going to be even faster than super fast Graphene which Bitshares and Steemit are currently on. Bitcoin United will be on Bitshares so it will inherit that tech advantage.
Just my personal opinions. I am looking forward to this coming week and then the future of Steemit, Bitshares, EOS and Bitcoin!
There is a lot of good tech in @dan's projects (I might even say that there is a lot of extraordinary tech in his projects, to be honest). It's all about what people want to actually use, at the end of the day. In that soup there's a lot more than tech.
Upvoted for a nice profile picture, like the hat :-). Nice post too, thanks.
Thanks, hat is part of the personal branding. Apparently, it works :)
i think this is a bonus time to enter the market , if you are panic you will lose. otherwise you will gain the opportunity right now. thanks for your nice info @dragosroua, follow you
good info