I have been a supporter of Bitcoin Cash (BCH), and often write on how well I believe the team have done, however I believe the upcoming hard fork could prove detrimental for BCH.
BITCOIN CASH CIVIL WAR
For those who do not know, BCH is due to undergo a hard fork on 15 November which will lead to a split in the Crypto. The split is down to a civil war in the BCH camp with developers Bitcoin ABC and nChain disagreeing with the path BCH should take.
Both sides have highly outspoken advocates in Roger Ver and Craig Wright, who were once friends but now at loggerheads. Ver supports Bitcoin ABC’s path whilst Wright, who leads nChain disagrees and has declared ‘war’ on ABC’s version of BCH.
What will happen to Merchant support?
It is becoming a mess which is in danger of outdoing all the good work BCH has done over the past year. The reason I say this is because BCH have managed to get many merchants on board and actually using the cryptocurrency, something which they proudly boast about. The BCH team and supporters constantly criticise Bitcoin for not being able to show real world use, yet where does this hard fork leave BCH? Which path will merchants choose? Will merchants decide to implement SV or ABC or will this simply push back cryptocurrency adoption in general?
tHE IMPACT ON CRYPTO ADOPTION
Both Ver and Wright have been pushing crypto adoption for years, and yet their inability to end their feud could undo all of their hard work. Governments and institutions have (for the most part) attacked crypto over the past year and this hard fork will only add to fuel to their fire. BCH itself has already added confusion to the general public who have yet to understand what a hard fork is and why we have ‘Two Bitcoins.’ A contentious hard fork to an already hard forked crypto will create even more confusion and doubt on crypto in general.
Bitcoin supporters will be hoping that the BCH civil war provides Bitcoin a real boast in terms of trust as investors and adopters may choose to stick to/go back to the original trusted crypto, despite all of its current shortcomings.
My hope is that the events due to take place on 15 November does not have a negative impact on the crypto market as a whole. I hope merchants and adopters do not now decide against using crypto due to the uncertainty this may cause.
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