Why did the cryptocurrency hard fork fail (Will the forked coins plummet)?
Why did the cryptocurrency hard fork fail? According to a report from Coindesk,
Why did the cryptocurrency hard fork fail? According to a report from Coindesk, Bitcoin core developers have recently stated that they have agreed to allow a hard fork. However, due to the completion of the plan and multiple modifications in the code repository, this means that Bitcoin may not succeed and ultimately become a currency.
Nevertheless, Bitcoin still faces a problem, not because of its value being affected (as Bitcoin’s value is different from other assets), but because its consensus algorithm cannot meet people’s needs – meaning it cannot operate like traditional cryptotechnology.
Therefore, the term “Bitcoin Cash” frequently appears on the Ethereum blockchain.
However, the Bitcoin community has been actively addressing the issue of “block size proof” (Block capacity proof): if the transaction speed in the Bitcoin network is slower than initially anticipated and no one can verify it, it will lead to a drop in Bitcoin prices, resulting in more serious consequences – “this is an attack on blockchain security and decentralization.” In fact, while the Bitcoin protocol still has strong fundamentals, it also has potential security risks, such as miners needing to lock tokens to exchanges to protect their data or undergo self-auditing, etc.
In addition, the “Bitcoin chain” has also been targeted by hackers in recent months. According to Coinmarketcap, approximately 60,000 addresses have lost over $1 million due to illegal activities.
Aside from Bitcoin, there have been two other major hard forks: BCHABC and BSV, each with their own versions. However, these hard forks have not brought any benefits to users.
Technically speaking, this split seems to have only been done to relieve pressure. (CoinDesk)
Will the price of forked coins plummet?
According to media reports, investors have recently been asking if the price of forked coins will plummet. How will the token prices perform after the fork? If so, can the project parties and exchanges reach consensus and obtain corresponding profits? After the fork, the three most circulating tokens in the market – HT, BNB, and BCHABC and BCHSV – will all undergo a hard fork upgrade (currently no community has disclosed this).
According to the official statement, this forked project is called “Bitcoin Cash,” which is the concept of “new economy of blockchain” mentioned in the Bitcoin whitepaper. And these three assets are respectively called digital gold, virtual currency, and are pegged to Bitcoin 1:1.
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