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RE: Daily News, Steemit Facts & Investment Opportunities (21/10/2017)
Though forks may cause much strife within the community and cause FUD for anyone wanting to get into crypto, I believe it is part and parcel of the growth and the evolution of any given cryptocurrency and even eventually, tokens. There will always eventually be differing ideas within an entity, and the entity will soon enough become 2 entities.
The free market will decide for itself which is more relevant and useful, and that's where the money will flow.
Eventually, it is a good thing for the industry as a whole as a another competitor enters the field and throws their ideas into the mix to come out with good solutions!
Well IMO Bitcoin will never be widely accepted in case it keeps splitting up itself over and over again. Majority of people wants to have a stable investment and not one that will change continously.
But in regards to the tech BTC will anyways currently not be able to become a currency. Transactions are too expensive and the processing times too long.
Well in that regard you are right!
It began with the differing opinions within the Bitcoin community in regards to whether Bitcoin should become a widely used currency for regular day-to-day transactions, or for it to be instead, as a valuable asset class, such as gold. I would much rather it be used for a day to day wide-spread use currency as the issue with Bitcoin is it's lack in intrinsic value.
It's intrinsic value however, could have been derived from it's use as a currency. However, since there is such a differing opinion on what Bitcoin should be, why not both?
As such, I see forks as pain but necessary processes the growth and evolution of Bitcoin and cryptocurrencies alike.
Cheers!