Brendan Blumer, the co-founder and CEO of Block One, the official publishers of EOS, the smart contracting platform, is of the view that Bitcoin hard forks like Bitcoin Cash and Bitcoin SV fronted by former maximalists, Roger Ver, and Craig Wright, who claims to be the mysterious Satoshi Nakamoto, should be celebrated, not feared. He further added that the illusion that “Bitcoin is just one coin nowadays is a dangerous.”
Bitcoin Cash and Bitcoin SV Rallying
At the time of going to press, coins of virtually all Bitcoin hard forks are soaring, bottoming up and attracting the attention of opportunistic crypto investors.
With such impressive short-bust of gains, Brendan says developers of these offshoots often increase which ultimately helps them achieve their long-term objective.
Hard forks happen when there is a difference amongst developers on which code to implement on the original blockchain, in this case, Bitcoin. A difference can lead to clients opting out and not upgrading their node software causing the network to split into two.Advertisement
Prices Influenced by Hard Forks and Co-founder Coin Allocation
Cryptocurrency price action is sensitive to code changes and with the founders allocating coin/tokens to themselves, their collective ownership exacerbated by difference in development could adversely effect prices of the original coin.
For example, during the last hash war in November 2018, the aftermath saw the creation of Bitcoin Cash and Bitcoin SV which drastically lower prices. Bitcoin Cash prices collapsed from $400, more than halved and bottomed out at $100 before rising to spot prices.
Because of correlation, Bitcoin SV, the new coins benefited and now has a multi-billion valuation even at spot rates. The same could be said about Bitcoin Cash when it split from Bitcoin before rallying to $3,800 at the height of the crypto rally in 2017.
Both coins now have deep liquidity and priced highly. It therefore means Bitcoin holders who held BTC before these coins own highly priced dividends while these offshoots can finance their development and gravitate towards their grand goals as each claim to be better than gold.
Craig Wright Could be Satoshi Nakamoto
Presently, the attention has been shifted to Bitcoin SV (BSV) and Craig Wright.