Bitcoin Forum

Hello guys, how are u, we have witness fork several and I want to know your view, if it was a blessing to Btc or otherwise

BCH maybe not a blessing because it causes lots of trouble for 150k users ! perhaps btc silver will be a good one.

Bitcoin hardforks definitely has a negative impact in terms of price and in hashpower, as some or most miners tend to just go with the more-profitable chain, rather than the chain which works best.

Long term though, I think forks are healthy as it gives more competition and it probably makes the devs work harder, and think of better solutions to the past, current, and future problems of bitcoin. Forks are to be expected due to the decentralized nature of bitcoin.

Any fork that doesn't actually aim to improve the legacy chain with the community's support is not a blessing to Bitcoin. You've seen the uncertainty that the Segwit2x brought, and how Bitcoin enjoyed an all time high after its cancellation. Even more recently, Bitcoin Cash supporters attacked Bitcoin by spamming small transactions, and we're still feeling the effects of it. As far as I can see, the forks have done no good, and even caused harm to Bitcoin and its community. I suppose people getting airdrops and dumping them for more Bitcoin is good though.

If you see the fork as an investor, then you are always going to say that forks have been a blessing because they always made the price go up for a while, and they made it rise from 2k to the actual price, because it made people invest a lot of money in order to get some forked coins for free.
But if you look at it as a real holder, or a bitcoin lover, you are going to realize that all those forks are damaging bitcoin by a lot.. bitcoin cash has stolen a lot of hashpower from bitcoin, because miners are migrating to there.

The fork is more helpful than the coin. It's undeniable. But we all know that forks can't replace bitcoin

as a rule it is always adding some chips to the current network, but it suffers safe from this because over the bitcoin the best minds of the planet have been fighting for 9 years) and forks and alts only have to go this way...

for me fork is a blessing to me because when fork comes the bitcoin will go so high and i will earn more money when bitcoin fork come.

But sometimes it would be good to think "technical" and not only about price movements and potential profits.
If the fork can accelerate transactions, I am supportive at 100%.
Fees too...

Now that the price of Bitcoin is circa $8000, what will happen if more and more people buy Bitcoin and we have a price over $10k or over $20k with more and more transactions everyday? How will Bitcoin chain deal with that?
Upgrade is an emergency, IMO.

it depends on the fork. not all of them are the same and not all are good for bitcoin. i say a fork is only good for bitcoin as long as it is improving it and also as long as a great deal of users want it.
for example in case of bitcoin cash nobody wanted it to happen but it happened anyways regardless of the consensus. that was bad for bitcoin and as you can see the damage it does to bitcoin is palpable now when they steal our hashrate for a day or so and make bitcoin slower.

BTC forks is a chance to earn fast money with short time (like what happen with BCH) but not have future.
you can hold it because it if free but be carful if you want to invest i can say most of those hardfork will back to less than 10 dollar in the next 4 years,
every 4 years more than 2 hardforks happen to bitcoin but within 2 years 50% of them dead or stopped devopled.
so buy bitcoin and sell free forks

Forks are in trend nowadays. They have their own pros and cons such as the free coins they provide after the fork is done. Many exchanges provide free coins way too early than the actual time of fork. Forks provide an opportunity to invest in the coin at an early stage which gives and advantage when the coin rises in future. The cons are that it gives opportunities to hackers to steal your money. There also risks if you keep your money on exchanges. The chain split could result in loss of funds through replay attack. So overall the  cons are much riskier than the pros and so forks are not a blessing but a curse to cryptos.
P.S: I do support forking a coin if it is developing the coin in some way but not otherwise.

this year we had 3 forks!
* Segregated Witness fork.
which was the scaling solution that core developers made. it is also supposed to open up way for easier implementation of things such as Lightning Network (another scaling solution by them). this gained a lot of support and all the miners accepted it when they time came.

* bitcoin cash
which was a useless fork to mostly harm bitcoin and divide the community. nobody supported this fork and because of that it became an altcoin that people pumped and dumped like other altcoins.

* bitcoin gold
which was an altcoin from the start, it even had a big premine which made it look even worse as a real project. it is created for only one purpose and that is to make money. they say it is to decentralize mining but if that was the  aim they would have never added the premine crap.

Forks are mostly done in order to improve the blockchain. However they do not have any special advantage for bitcoin. But yes its a blessing for the bitcoin blockchain. Problem is most of the people follow a conservative approach. Like the bitcoin gold came with an effort to decentralize bitcoin again in order to make it mineable using GPU. But most of the miners rejected it for sake of their own profits. Segwit2x came to reduce transaction fees and once again it was not supported for profits. I think bitcoin is losing its centralized nature due to these things.

Forks are not blessings in any way, however, I see it as an alternative for some users to become their mode of payment if they wanted to. BCH was said to be having quite quicker transactions compared to BTC. I guess the community can always make their Bitcoin as a storage haven and then use BCH or other altcoins whenever they need to transfer funds. So regarding your question, nope it was never a blessing at all.

A lot of conflicting views will be garnered as a result of this and that's just the issue no matter the advantages a lot of people will still not see need for a fork and at the same time a lot of other people will argue to their last breath that for bitcoin to survive, fork remained the best alternative course of action.

For me, regardless of the technicality that is being done underground in the case of forked and not forked coins, I would be more inclined with the part of other than a blessing because of the confusion this is bringing to the market especially for newbies who don't know when it happened and why. Another is that there is no end to this fork as we move on, after the entire nomenclature has been used, we might then get to "bitcoin gold silver", bitcoin diamond gold" etc which is a bunch of joke if you ask me.

Hi, I am new here. I am also very curious about these forks on how it will effect the value of btc. Anyone care to answer please.

Regards,

Hard fork will give the severe effect in the bitcoin value that is actual move will happen on the bitcoin but fortunetely increase of block size takes the bitcoin price bumps up in the chart on August 1st but this time hard fork does not affected that bitcoin since miners fear about bitcoin price and move to BCH mining only we see the sudden dump in the price as well. So Keep holding the bitcoin will be recovered in a one week of time maximum. As far since last year halving bitcoin value always recovered like that only.

These forks are necessary. For the long run, i think hardforks prepare bitcoin to be better, transaction wise. It may not be evident at the moment but in the future we may see a lot more of these hardforks

It depends on what is the goal of the hard fork. If the hard fork will create a new cryptocurrency that aims to be the real Bitcoin then it may harm Bitcoins price and will cause of community being divided into two and people will debate which coin must be supported like what happen recently with Bitcoin and Bitcoin cash. The good thing about hard forks is it may result in an increase in the market cap and the market dominance of Bitcoin because as the day of the fork approaches more and more people buy Bitcoins (demand will increase) to receive more coins from fork coins.

It could be disastrous or it could be helpful to pump the market capitalism of the bitcoin. So we can’t be sure that every fork fork is good or bad. But now a days people has got different specs of the fork. They think that when the fork comes there is always chance of getting free money and thats why they invest a lot of money into it. This actually helps the bitcoin pumping naturally and then market cap reaches to whole new level making the things very great for us. But as you can see the coin which is generated from the bitcoin could lead to negative signals of the bitcoin like the way BCH did in last week. However its different fact that bitcoin can survive anything. :-)

For bitcoin always its not blessing but for people that have bitcoin always is blessing because btc price is going very high in fork period.

I don't see those forks from the original bitcoin chain as a blessing. Those hardforks don't bring any confident advantages.
BCH is just taking bitcoins hashrate because miner switch betwen those 2 chains, aiming the biggest profit.
In addition to that those shitcoins will later be pumped and dumped. Take BCH for example. It got pumped last week, before dropping again.
The same will happen with BTG. Especially with the premining phase of 8k blocks. This results in 100k free BTG for the scammer devs of bitcoin gold.
Those will be pushed on the market after a pump resulting in a big profit for them.. and in a big loss for every user who was naive enough to spend money on such a shitcoin.
IMO this just brings bad reputation to cryptocurrencies over all. At least BTG doesn't use the same mining algorithm as BTC/BCH do.

Fork is never a blessing for bitcoin because it takes away a lot of investment from the main bitcoin to the forked coin weakening its financial health. So a bitcoin lover will never accept fork as a blessing. That may earn your some free money but on the long run, it is stealing money and investors from bitcoin. Let me give you a simple calculation,

Bitcoin market cap: 129 billion USD
Bitcoin cash market cap: 21 billion USD
Bitcoin gold market cap: unknown but estimated at 2 billion USD

So the total market cap of bitcoin could be (129+21+2)= 152 billion USD

At the 152 billion market cap, bitcoin price could have been reached at 8.5k USD but due to the fork, we are still standing at 7.6k USD. So it is a bane to bitcoin and not a boon or blessing.

There is no clear answer to this, in one hand forks are bad because it creates yet another coin with bitcoin on its name, this affects the brand since new investors will not know which one is the original when all of them claim to be the original vision of satoshi, but in the other hand forks are good since competition is increased and the price goes up as a result.

Most of these forks are simply just altcoins in disguise and pump & dump schemes. We will probably see a lot of them in 2018!

This is completely wrong.

Forks are definitely not healthy for Bitcoin. But not in the way you stated. Fork coins are not taking out any investment from Bitcoin. These forks(BCH and BTG) had very less consensus. They were not of the level of bringing a major chain split that would have had impact on price. Right now they are altcoins having their own marketcap and aren't related with Bitcoin price action at all. Segwit2x if had been implemented with majority would have splitted the chain and hence the price. But not BCH or BTG.

I see those forks as a blessing for those people who supports it and wants to earn from bitcoin. Coins that are coming from hard forks are trying to out shine the original coin and are being used by some individuals for their personal interests. Recently we just experienced a sudden deep on Bitcoin's price and a huge increase on the price of BCH then it's price suddenly dropped for almost $800.

Forked coins are just like coins from ICO's but they have the name of bitcoin with them that is why it's price can be manipulated easily by other people.

as my understanding about the fork is to correct the bitcoin as currency so I think is benefit from bitcoin have a fork because for me this is a test trial for bitcoin how they strong as currency.

True and it is unfortunate now in the top 5 of coins according to market cap there are two other coins besides bitcoin calling themselves bitcoin, this is getting ridiculous and as far as we know other opportunistic people are creating their forks as well trying to benefit themselves with this fork mania, I just hope that no other fork reaches such a market cap and if possible that most of them disappear.