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The upcoming Bitcoin Cash BCH fork is what everyone is talking about. It is scheduled for tomorrow, November 15th.
Bitcoin was born in 2008 when Satoshi Nakamoto published the Bitcoin white paper and the goal was to create a peer-to-peer electronic payment system. In 2009, Satoshi released the code for Bitcoin. Satoshi left the project in 2013 and disappeared from the Bitcoin world, never to return. He delivered the project to a small group of developers.
It is believed that Satoshi Nakamoto could have Hard-Forked the original Bitcoin code several times in the early years, after which more programmers and developers joined and started working on the Bitcoin code.
Problems inside different teams, welcome in cash with Bitcoin
Immediately after the demise of Satoshi, consensus problems arose between different teams / developers who wanted to implement different updates in the current codes. There was no consensus mechanism that could help everyone to agree on an update.
Fast forward to 2015-16-17, we have thousands of developers writing code for Bitcoin, divided into some teams. Some people wanted "Bigger Blocks"And some people wanted"Lightening network"For example, the struggle between different" characteristics "has led developers to split into teams, and in 2017, the first major Bitcoin Hard Fork is success that led to "Bitcoin Cash" and the original blockchain began to refer to "Bitcoin Core" or simply "Bitcoin".
Forking the Fork
On November 15th, the bifurcated Cash bitcoin is bifurcated again. Two teams are "BitcoinABC" and "BitcoinSV" or Bitcoin Satoshi Vision. the two groups of teams are updating Bitcoin Cash in a certain way. Craig Wright or Faketoshi lead a team of BitcoinSV, others are on the side of BitcoinABC. This division is very similar to the Forcella Dura of 2017 of the original Bitcoin.
The real cause for hairpins
It is presented to the public as a political drama and technical details for the fork, but the root cause of such forks is the lack of a formal governance process to help everyone agree on how to update the software. A process of governance can be a formal voting process where everyone can reach a common agreement. It can be similar to the elections. This process of governance does not mean that we need a government involved in the process, but it means that there must be a process where everyone can agree on a decision based on majority voting. This lack of a process for a "final decision" is the root cause of Hard Forks, which are usually represented as technical updates for normal people or investors, who do not care about all the little technical problems.
Profit opportunities during / after the fork
In 2017, during the Bitcoin Fork, many investors bought BCH in the created advertising campaign and gradually lost their investments during the process. TO "wait and see"The approach may be the best way to profit during the Hard Fork." Small investors should stay safe and not "download" their BCH to the hype created by the media and the two teams As an individual investor, I consider the second version of BCH as a "allowance". What do you think of my way of thinking? Your comments are welcome below.
