Upcoming Bitcoin Hard Fork
Less than four months after a Bitcoin Hard Fork that resulted in a split which’s fallout was the birth of Bitcoin Cash, the network, has scheduled another upcoming Hard Fork in the middle of November.
Proponents of Segwit2x are set to change the limit of the block size in the Bitcoin network from 1 MB to 2 MB. As a matter of fact, this particular fork is much different from the August 1 split.
Core Media decided to seek the opinions of the crypto community about this new fork. We wanted to understand if this hard fork will have any influence on the landscape, and if will be good or bad according to the experts consulted.
With many feeling perturbed, JuicyG of SmartCash made it clear to Core Media that the hard fork may not have any serious impact on the Ecosystem. He said:
“It probably won’t matter much. it’s no different than 400-500 other altcoins out there. Just that they’ve named it Bitcoin something won’t mean anything. There were other coins named Bitcoin something. Bitcoin Dark comes to mind.”
With regards to a previous hard fork, Solarminer was of the opinion that the whole idea of Bitcoin Gold is moronic. “It is actually worse than any other coin. They have the entire bitcoin history to download. Pretty dumb move if you look at it that way,” he strongly asserted.
He understands that the fact that BTG will be using equihash for an algo, even ASIC miners on Bitcoin now won’t mine it. The Blockchain Dev thinks Bitcoin Cash has a better chance since at least it has a vision of using the same miners, simply just changing the block size.
“If there is a big split, then I would bet Ethereum or Litecoin will just start taking over. People can’t deal with uncertainty. But my guess is BTC will stay.”
However, he added that money talks and whatever people buy will be the winner. This emphasis the belief that more coins only heightens the competitive monetary market cryptocurrencies are offering the world today.
On the converse, Kwame Appeah-Adu of the Ghana Blockchain Study Group deems Segwit2x offers a lot of uncertainties. The idea that majority of mining pools are on the side of BTG scares him.
“As at now, no one knows what will be the outcome of this Hard Fork. Whether it would maintain Bitcoin with new rules or a new coin will be created,” he said.
Wait and See?
Is this another wait and see phenomenon? Prior to the August 1 split, there were so many uncertainties in the community. There were differing viewpoints as to whether the Bitcoin Network will survive.
It is heart-warming to observe post-August 1 has witnessed an awe-inspiring growth for Satoshi Nakamoto’s brainchild. Are we heading to doom or it will be another choice being created with this move? It sounds like only November 16 can tell.