Complete Look at the Endless Possibilities of Scheduled Bitcoin Cash (BCH) Fork
Complete Look at the Endless Possibilities of Scheduled Bitcoin Cash [BCH] Fork
Thursday, November 15, is a just under two weeks away, and the question as to whether a Bitcoin Cash [BCH] fork is surely to occur as scheduled remains debatable. Here is a quick look at different sides leaders and crypto experts have taken and what this means for Bitcoin Cash followers and its respective blockchain.
The Hard Fork Itself
Recall, the reason BCH was originally scheduled for a fork was because of some developers’ aim towards an upgrade that would permit users to be all on the same page when it comes to the formation of the next block.
This being said, a software upgrade was suggested, and given that investors’ do not support the idea, then BCH will split into another cryptocurrency. The hard vs soft split is referred to the existence of a split. For instance, if BCH gets split into two different cryptocurrencies, we have a hard fork, otherwise, it is referred to a soft fork.
This is definitely an interesting fork, considering that the existence of Bitcoin Cash [BCH] was also a hard fork from the giant, Bitcoin. Let’s take a look at what others within the crypto sphere have to say.
Against The Hard Fork
Twitter is the ideal social media platform to follow several industry leaders within the crypto sphere, as some individuals have commented on this matter. ‘Satoshi’ Craig Wright as many call him (because he identified himself as Satoshi Nakamoto) openly stated that there will not be a split. Here’s his following argument:
In the tweet above, the reference made to ‘ABC’ is actually to the developers behind BCH, Bitcoin ABC. As reported by Finance Magnates, Wright has also expressed disapproval of Bitmain’s partnership with Wormhole because this gave the former the right to burn BCH tokens – which as per the claims made were done to help stabilize its token value.
Clashes Among Crypto Advisors And Experts
Proclaimed, former Wall Street tech expert and crypto fanatic, David Jerry seems to hold the same viewpoint as Wright in terms of whether a split should occur. In response to a recent tweet Jerry made in regard to this problem, Founder Jihan Wu pointed fingers at SBI Holdings for supposedly threatening to attack BCH, “to help CSW control BCH.”
Jerry, who saw the response retaliated and made sure Wu got his message:
No such claim was made. SBI will remain neutral and support the longest chain. If a split occurs then unfortunately BCH cannot be used as a platform for real businesses.
— DJ Chan ⚡️🔑⚡️ (@digitsu) September 6, 2018
Wu does not seem to be the only one in support of the split, as the Founder of Ethereum [ETH], Vitalik is also in favor of it. In particular, he shut down the claims made by Wright by explicitly stating that the split is an opportunity that should be embraced. He also insulted Bitcoin Craig [BCC] token in a tweet that read: “BCC can go take the ticker symbol from the now-defunct cryptocurrency to which it is a fitting successor.”
Hard Fork Means Increased Difficulties For Businesses?
SBI Crypto Solutions’ Department, Jerry Chan allegedly reached out to Finance Magnates to share how a hard fork might have negative implications for businesses that depend on BCH blockchain. In particular, he said:
“The biggest risk in using a public blockchain is the ability of the ledger to split beyond control of the users of the system to prevent.” Building on this point, Chan also noted that the risks tied to a fork, “makes using the blockchain for long term contracts untenable due to the fact that the ledger splits will cause much legal issues for those who have contracts on the ledger.”
He trusts that the BCH community will not be for a hard fork. He further explained that
“the only way this can be assured [no hard fork] is if we as a community always and only support the chain with the longest and most sustained Proof-of-Work applied to it.”
What Others Had To Say
Early-bitcoin investor, Roger Ver told Bloomberg that the split is less likely to happen because it is not “big enough”. Bitcoin.com’s software developer also doesn’t see a split happening as reported by Finance Magnates, arguing that it took nearly years of time before BCH came to form.
Coin Telegraph who also looked at the prominent of a potential BCH fork quoted the Chief Scientist of Bitcoin Unlimited, Peter Rizun saying that Bitcoin ABC should postpone said plans for the fork until enough evidence is collected to reflect actual benefits.
What do you think is going to happen about two weeks from now? Is the hard fork surely to happen, or will it take years just like the Bitcoin fork did? Let us know in the comments below.