[Studying Bitcoin Cash’s Hard Fork Impact] Influence Of BCH Blockchain Split On Mainstream Adoption
In the short run, BCH investors may be benefiting from the upcoming hard fork, although in the long haul things might not be certain. Growth and adoption are two domains that will get affected.
Twice in a year, Bitcoin Cash supports a hard fork for protocol upgrades which generally goes unheeded. Yet, this time the community has failed to come to a consensus and is divided over the future of Bitcoin Cash blockchain. On November 15th, BCH will break in two distinct currencies; Bitcoin ABC and Bitcoin SV. Both ideas attempt to solve very different prospects, yet it is up to miners to decide which chain is better.
Crypto hard forks, regardless of the technical complexities, showcases some vital aspects of the industry. Firstly, they offer something like a free market solution to issue control of development in the required direction. If an association does not favor the means of a coin’s path or vision, they can fork the coin to further their own plan. The market decides if the forked coin gets traction or not.
On the other hand, they also show a more dire aspect of cryptos, which feeds into the fear of the general public who are undecided and uninformed about crypto adoption. Just the fact that it is possible to create a new coin out of thin air shows a red flag for the investors. This can be coupled with the fact that Bitcoin’s scarcity debate is put to question.
It must be evident that the the rising value of BCH is due to voracious investors who want to get in on the creation of new coins. The fact that well-respected figures like Craig Wright and Roger Ver are openly fighting in public, doesn’t help any of their causes and hampers the image of not only the coin but also the entire ecosystem.