Anyone interested in Bitcoin Cash (BCH) is probably aware there’s a contentious hard fork due on 15th November. Lining up are developers and supporters of the Bitcoin ABC protocol, and those of Bitcoin SV. What will happen, and what are the longer-term implications? Using specific questions on the K Site community platform as a guide, BitKan has sought opinions from Asia, and consolidated the sentiments into three main themes. Are they different, or similar to those elsewhere? Read on to find out.
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Do you support Team ABC or Team SV?
Satoshi’s original vision vs. new expansion: Which is better for a global payments system?
Craig Wright’s point of view is to return to (Satoshi) Nakamoto’s original design by expanding and locking the underlying layer protocol to ensure that BCH becomes the basis of the global payment system. ABC’s theory is to constantly explore and learn to add new updates to adapt. In order to become the underlying layer that can support the global payments system, we have to adapt to the needs of the future. This proposal to return to the original design is merely an excuse to overthrow the existing system. – Chu Ming
“I hope that Bitcoin ABC will triumph”
Most of BCH’s supporters have experienced Bitcoin’s expansion. While both sides have different ideals, they mean well for BCH. After the division into separate chains, only time will tell which path is the better one. I hope that the Bitcoin ABC side will triumph over the hard fork. This is to not downplay the efforts of the original contributors to the BCH community. – BCH Enthusiast
What factors will come into play to decide which party will ‘win’ on Nov 15th?
Bitmain’s computational power makes this fork different
Hard forks are a battle of computational power. The side with the largest amount of computational power will win. This BCH fork is different from other forks because of the strong computing power and financial support provided by Bitmain! United we stand, divided we fall. As BCH forks, the future value of the cryptocurrency seems bleak. – Mao Zi
What is the likely impact on the crypto markets after Nov 15th?
Wait and watch market sentiments for the short term
The strength of the forked coin ultimately depends on the computational power behind it. With regards to BCH and its forked coins, it is likely that in the short run, its value may diminish. For short-term funds, it would be better to wait and watch market sentiments. For long-term investors, BCH is likely still undervalued. Personally, I am optimistic about the (version of the) BCH coin supported by Bitmain, and hope that it will continue to maintain its position as the fourth-top cryptocurrency by market capitalization. – Tian Ya Lu
BCH risks attack, value loss, if computational power declines
The relationship between the price of a cryptocurrency and its mining computational power is highly correlated. After a fork, most cryptocurrencies would be faced with a large-scale decline in mining power. If the bear market continues, the price of the two forked cryptocurrencies will continue to fall against the price of BTC, and the mining computational power will continue to fall. Once below a certain threshold, the risk of a potential attack increases. The hard fork places BCH in a dangerous situation after the split. – Shan Dian
What are your own thoughts on the BCH fork and potential split? Let us know here, or better still, download the BitKan mobile app and join K Site to participate directly.
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