The upcoming Bitcoin Cash BCH fork is what everyone is talking about. It is scheduled for tomorrow, 15th November.
Bitcoin came into existence in 2008 when Satoshi Nakamoto released the Bitcoin Whitepaper and the aim was to make a peer-to-peer electronic cash system. In 2009, Satoshi released the code for Bitcoin. Satoshi left the project in 2013 and vanished from the Bitcoin world, not to ever come back again. He handed over the project to a small group of developers.
It is believed Satoshi Nakamoto might have Hard-Forked the original Bitcoin code multiple times in the early years, after which multiple coders and developers joined and started working on the Bitcoin code.
Right after Satoshi vanished, consensus issues started arising between different teams/developers who wanted to implement different upgrades in the current codes. There was no consensus mechanism that can help everyone to agree on an upgrade.
Fast forward to 2015-16-17, we have thousands of developers writing code for Bitcoin, divided into certain teams. Some people wanted " Bigger Blocks" and some people wanted " Lightening Network" for example. The fight between different "features" led to developers divide into teams. In 2017, the first major Bitcoin Hard Fork happened that led to "Bitcoin Cash" and the original blockchain started being referred to "Bitcoin Core" or just "Bitcoin".
On November 15, the forked Bitcoin Cash is being forked again. Two teams being "BitcoinABC" and "BitcoinSV" or Bitcoin Satoshi Vision. the two groups of teams are updating the Bitcoin Cash in a certain way. Craig Wright or Faketoshi leads one team of BitcoinSV, others are on the side of the BitcoinABC side. This split is very similar to the 2017 Hard Fork of the original Bitcoin.
It is presented to the public as a political drama and technical details for the fork, but the main cause of such forks is a lack of a formal governance process to help everyone agree on how to upgrade the software. A governance process can be a formal voting process where everyone can come to a common agreement. It can be similar to the elections. This governance process does not mean that we need a government involved in the process, but it means there has to be a process where everyone can agree on a decision based on a majority vote. This lack of a process for a "final decision" is the key cause of Hard Forks, which are usually portrayed as technical upgrades for normal people or investors, who do not care of all small technical issues.
In 2017 during the Bitcoin Fork, many investors bought BCH in the hype created and gradually lost their investments during the process. A " wait and see" approach can be the best way to profit during the Hard Fork. Small investors should stay safe and not "dump" their BCH for the hype created by media and the two teams. As an individual investor, I consider the second version of BCH as a " bonus ". What do you feel about my thinking process? Your comments are welcome below.
11/17/2018 / 10:56:57 Source: coinnounce