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Author Topic: Why is Bitcoin the predominant one among forks?  (Read 4695 times)
eugenedo1206
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October 14, 2017, 12:18:48 PM
 #1

Why is Bitcoin the predominant one among different forks, such as Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X?

Is it because Bitcoin is the most original one? Does it have to do with its price? Or does it have to do with its broad, generic name? Or because it's more widely adopted by many companies? In other words, is there some sort of complicated blockchain technology that will always make the Bitcoin most predominant one among different forks regardless of any circumstances? Is it theoretically possible for forks like Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X to be more predominant than Bitcoin in the future? I don't know much about blockchain technology and I wonder if it's ever related to the fact that Bitcoin's the most predominant one.
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October 14, 2017, 01:07:09 PM
 #2

Theoretically there is nothing preventing forks from becoming more common than Bitcoin.

It's just a matter of market share, merchant acceptance, amount of exchanges...





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October 14, 2017, 01:25:14 PM
 #3

Why is Bitcoin the predominant one among different forks, such as Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X?

Is it because Bitcoin is the most original one? Does it have to do with its price? Or does it have to do with its broad, generic name? Or because it's more widely adopted by many companies? In other words, is there some sort of complicated blockchain technology that will always make the Bitcoin most predominant one among different forks regardless of any circumstances? Is it theoretically possible for forks like Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X to be more predominant than Bitcoin in the future? I don't know much about blockchain technology and I wonder if it's ever related to the fact that Bitcoin's the most predominant one.
I think the main reason why people tend to prefer the original chain over any other fork is because the original chain has survived since 2009 and lived through so many crashes. The forked chains on the other hand are brand new and they're unproven to work properly and survive major crashes. Another big factor is the abbrevation. Whichever chain gets the 'BTC' abbrevation is in my opinion the dominant chain, everything else is an altcoin.

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October 15, 2017, 03:16:42 AM
 #4

People underestimate the "brand value" of legacy Bitcoin. People will always herd to what is proven and accomplishes their needs.

It is very difficult to make people change their habits and, in the case of legacy bitcoin, it also has the best minds in the field working on the code, so there is a positive expectancy in terms of future features, not just security.

And when most forks are mired in controversial motives and led by sketchy characters, that further helps strengthen the original bitcoin.
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October 15, 2017, 03:32:38 AM
 #5

If something better comes along that will become the new "bitcoin". Until then, the chain that's got the most approval is the original one (+BIPs) so that's what a bitcoin really is. These others are just people forking off of a good thing to try and piggyback on the name.














 

 

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October 15, 2017, 10:36:16 AM
 #6

Because changing anything in life takes effort, including the blockchain you are using. Unless there are clear benefits, Bitcoin users will not leave Bitcoin. If they switched for every fork, there would be no purpose of Bitcoin. Users don't want to change their clients from the ones that are most secure,stable and most reviewed, so they stick to Bitcoin Core. Meanwhile Bitcoin Core developers do whatever is possible to avoid hardfork changes, they prefer softforks for stability,security and backward compatibility reasons. It is hard to change what is already established, this is natural way of preserving stability and security in a system, but with big enough benefits Bitcoin could fork, there is just no good reason for that now nor can we see one with certainty for the future.

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October 15, 2017, 12:11:28 PM
 #7

Call it a first mover's advantage. Bitcoin was the first to use the blockchain technology since 2009, and the other coins that have come after it have used different, maybe even better technologies, but the ingrained idea is that bitcoin is the first to have come out of it. Plus, it has survived various attempted attacks, different developers and forks in the past, therefore, it has a time tested and proven track record. If you see many of the altcoins during the boom in 2014, most of them were abandoned by the developers and were used as mere pump and dump coins even by its users. All these reasons make btc the predominant force in the market today.

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October 15, 2017, 08:28:44 PM
 #8

Bitcoin seems to be the most adopted cos it is the oldest among all crypto currency.

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October 16, 2017, 05:07:37 PM
 #9

Why is Bitcoin the predominant one among different forks, such as Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X?

Is it because Bitcoin is the most original one? Does it have to do with its price? Or does it have to do with its broad, generic name? Or because it's more widely adopted by many companies? In other words, is there some sort of complicated blockchain technology that will always make the Bitcoin most predominant one among different forks regardless of any circumstances? Is it theoretically possible for forks like Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X to be more predominant than Bitcoin in the future? I don't know much about blockchain technology and I wonder if it's ever related to the fact that Bitcoin's the most predominant one.

Its been around the longest so its the most trusted. It has the largest support of the miners and users. The other chains are up and coming. They may displace but the network effect is super powerful on a blockchain. Takes a lot of users switch to make it happen

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October 16, 2017, 09:48:14 PM
 #10

The miners are incentivised to follow the most widely adopted chain to maximise their profit so there needs to be a very strong reason to move away from the the original Bitcoin supported by the Core team. The miners and scale of Bitcoin is what gives it security and its wide adoption in many areas just makes it safer and easier to stick with it. It may not always be that way but there would have to be a very compelling reason to switch.
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October 16, 2017, 10:47:12 PM
 #11

Thats a good one. Bitcoin is a brand now. Speculation may drive it further than its real value. It may cost more than more effective networks.
Still i think demand is very high for Bitcoin. Its most stable thing out there, accepted everywhet has a long road ahead.

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October 17, 2017, 03:01:58 AM
 #12

Why is Bitcoin the predominant one among different forks, such as Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X?

Is it because Bitcoin is the most original one? Does it have to do with its price? Or does it have to do with its broad, generic name? Or because it's more widely adopted by many companies? In other words, is there some sort of complicated blockchain technology that will always make the Bitcoin most predominant one among different forks regardless of any circumstances? Is it theoretically possible for forks like Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X to be more predominant than Bitcoin in the future? I don't know much about blockchain technology and I wonder if it's ever related to the fact that Bitcoin's the most predominant one.
Simply put popularity, if there is a coin no one uses then no one is going to fork it because there is no interest on it, but if something is popular people are going to want to influence the direction of the project and when they can’t they fork, this is a dumb example but think of a very famous song and a song that almost no one knows, there are going to be very few covers and versions(forks) of that song, but if the song is popular you are going to find many versions and thousands of covers in youtube.



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October 17, 2017, 05:16:37 AM
 #13

Ethereum was forked before Bitcoin so we can't actually say that BTC is the predominant one. Even if we consider BTC to be the predominant one among the forks, then it is probably because of the vast popularity that uses Bitcoin. Now since it is decentralized currency there are many groups of people who want BTC to work according to them and that is the main reason why BTC is forked from the chain. First the Segwit2x and then the Bitcoin cash, they are just groups of people who wanted to be separated from the chain and wanted BTC to work according to them.

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October 17, 2017, 05:20:30 AM
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Bitcoin forks been mostly majority so far. Like Bitcoin Cash only small number people used. If Bitcoin bad fork in future where split is in half, it loses dominance quicker.
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October 18, 2017, 08:15:54 PM
 #15

In my opinion, reasons are:
1) higher price (and speculation)
2) network externalities

I think we will see many forks next months (about 1 every 2-3 months).
If Ethereum failed to kick out Bitcoin from its throne, I don't think that a fork will do.

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October 19, 2017, 09:18:51 AM
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      Bitcoin is the first among the cryptocurrency and because of its vast popularity many business groups or people, companies are attracted to bitcoin.It is due to the decentralized one the above groups want to work BTC to their own directions that is the main reason BTC is forked from the chain like the segwit2x, bitcoin cash and now the bitcoin gold etc.
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October 22, 2017, 09:14:03 AM
 #17

One of advantage of bitcoin is the popularity has higher value than the others. Because of the higher value so many investor encourage to put their money on the line they feel much safer. So many forks but over the past year or so hard forks have gotten a bad reputation for political reasons by that i see bitcoin is the predominant one than the others.Smiley

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October 23, 2017, 03:53:43 AM
 #18

Why is Bitcoin the predominant one among different forks, such as Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X?

Is it because Bitcoin is the most original one? Does it have to do with its price? Or does it have to do with its broad, generic name? Or because it's more widely adopted by many companies? In other words, is there some sort of complicated blockchain technology that will always make the Bitcoin most predominant one among different forks regardless of any circumstances? Is it theoretically possible for forks like Bitcoin Cash, Bitcoin Gold, Bitcoin SegWit2X to be more predominant than Bitcoin in the future? I don't know much about blockchain technology and I wonder if it's ever related to the fact that Bitcoin's the most predominant one.
I think the main reason why people tend to prefer the original chain over any other fork is because the original chain has survived since 2009 and lived through so many crashes. The forked chains on the other hand are brand new and they're unproven to work properly and survive major crashes. Another big factor is the abbrevation. Whichever chain gets the 'BTC' abbrevation is in my opinion the dominant chain, everything else is an altcoin.
There are many factors that are in play the most important is that the original chain has the most money riding on it so people prefer it simply because there are more profits to be made in there, but some other reason that come to mind is that the original chain traces back its heritage to satoshi and as we know satoshi is revered like a genius in this forum and in any forum related to crypto.



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Kakmakr
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October 23, 2017, 06:39:04 AM
 #19

Bitcoin {BTC} will always be the original idea and the technology that started all other Crypto currencies. Bitcoin is also the most proven network since 2009, with a perfect security history. Some of the most talented developers in the industry has cut their Crypto currency teeth on Bitcoin. {Now they think they are better than Bitcoin and are supporting their own coins in competition of the original coin.}

Bitcoin also have the largest merchant network and adoption rate. It is early days for these Copycat coins. {Bitcoin's been there, Done that and is wearing the T-shirt for many years now} ^smile^

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October 23, 2017, 07:33:21 AM
 #20

It is the community, and consequently the market, who decides which chain is "Bitcoin" and which is the most valuable. But the Segwit2x/btc1 supporters are arguing that the chain with the most hash rate is the real "Bitcoin".

But we will see on November. I believe Segwit2x will be Bitcoin's biggest ordeal.

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