Bitcoin Fork -----> Its just the tip of the Iceberg.... (Do Read & Comment Here - It would be a good market research)
Alert : (I will be discussing only the scenarios that are pessimistic about the survival of Bitcoin, there are tons of Optimistics posts already) - Do feel free to comment your views & opinions
The event of Bitcoin splitting into two incompatible versions(Bitcoin & Bitcoin Cash) is just the beginning of an avalanche of events that are about to unfold. Now that BIP91 activation resulted in a fork, let's look at the possible scenarios that could end badly for Bitcoin from now,
Bitcoin tries to implement SegWit2x with 2MB of block size causing another split leading to two more chains. Because let's accept the fact that not everybody is happy with increasing the block size(mainly the nodes). Increasing the block size will increase the storage space required by the nodes to store the ledger because earlier you were getting 1MB/10mins now you will be getting 2MB/10mins (twice increase in size).
The miners who are currently supplying their hash power for the real Bitcoin switch to Bitcoin Cash mining(because that is what they were doing earlier). This would happen because if they feel that the future of Bitcoin is not safe, they might feel the urge to switch to mining Bitcoin Cash. Once the hash power moves the users have no other choice but to move along with the hash power. This will doom Bitcoin.
Do feel free to let me know anything in the comments. I'm very new to blogging, so if you guys like what I have posted as a newbie, do leave an upvote(it means a lot to me :)) or follow me at @vinukarthek.
P.S: I'm not a Bitcoin hater, I am a staunch believer of BTC but just wanted to share my worries about the risks that are in the way for BTC.
The first commenter will get my 100% upvote :). The next 75%, 50% & and so on....
Bitcoin has never been a strong coin. It's just been the most well-known one. It's my hope that it loses support and people move to the better developed ones with full-time teams like Dash or Litecoin.
Your correct Litecoin is pretty good been around for a long time. But Bitcoin is like that one grandfather root which when cut affects all the branches and drags them with it... :D
Upvoted your comment with 100% vote power.. Cheers.. Follow me @vinukarthek and keep commenting :)
What is so special about this comment got 16 likes :D. I can use the same for my posts too ;)
great :)
Thanks :)
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