5 Reasons Why the Hard Fork Was Perfect for Bitcoin
It’s been more than a month since Bitcoin underwent a hard fork and gave birth to Bitcoin Cash. At this point, it looks like this new currency is the best thing that’s ever happened to Bitcoin. Here are five reasons why.
1. Post-Hard Fork Bitcoin Price Rally
Ever since the hard fork, the bitcoin price has exploded to new heights, sending the community into a frenzy of excitement. At the peak of the post-fork rally, bitcoin knocked on $5,000’s door.
At press time, the price hovers around $4,000, but technical indicators continue to point towards a bull rally to $5,000.
With the bitcoin price up there, speculators of course looked at the prospects of even higher highs. While some called for more conservative objectives of $5,000, others have predicted $10,000 or higher within a few months or years.
And then there’s John McAfee.
McAfee, cybersecurity expert, former Libertarian presidential candidate, and hardcore Bitcoiner, claimed that he will “eat [his] dick on national television” if bitcoin does not reach $500,000 within three years.
Needless to say, the community went wild upon hearing this declaration:
if not, I will eat my dick on national television.
— John McAfee (@officialmcafee) July 17, 2017
2. Competing Scalability Solutions
With the hard fork, Bitcoin’s development community is finally able to test their competing theories on scalability after a years-long intellectual battle that has left the broader ecosystem fractured.
Instead of hypothetical “what if” arguments on Reddit and Twitter, we can see both on and off-chain scaling solutions at work in the real world, in real time. Now, it’s only a matter of time until we finally see who was right all along.
3. No More Reason for Political Gridlock in the Development Community
With the big block camp creating their own platform for testing on-chain scalability, Bitcoin Core fans no longer has to “defend” the project from political attacks. Therefore, ideally, both of these community factions should be able to work on their own scaling solutions in peace, and the market will choose the best one.
But you don’t really think it will be that easy, do you?
4. Greater Mainstream Coverage
In the days leading up to the hard fork, Bitcoin got an insane amount of coverage across mainstream media. From reports on the speculative boom in the BTC price to genuine discussions about the fork, Bitcoin stepped into the spotlight. And this time, it wasn’t because of an exchange hack.
Even after the fork, when the price exploded, mainstream media outlets continued reporting on the currency’s growth, going as far as to ask if the digital coin was the next big deal in the investment world.
Us Bitcoiners have known the answer to that question for a while now, though:
5. We Got Bitcoin Cash
Say what you will, but the creation of Bitcoin Cash has benefited everyone in the community thus far. Whether you’re happy to be independent of Core, glad to finally rid Core development of “big blockers”, or simply flush with cash after splitting your coins, everyone got something good from this hard fork.
And now, moving forward, we can only hope that the existence of Bitcoin Cash will continue to benefit the crypto ecosystem in some way. After all, Bitcoin itself was founded on the ideas of market competition, open source development, and democratic money.
How did you benefit from Bitcoin Cash? Let us know in the comments below.
Image via Pxleyes
The ‘Bitcoin Cash’ section at Bitsonline is sponsored by Bitcoin Cash. In hopes of bringing cryptocurrency to the masses, Bitcoin Cash has set out to provide a digital currency with on-chain scalability, so everyone can use the blockchain affordably. Learn more at BitcoinCash.org.