Bitcoin King

Bitcoin and the Story of Antifragility #6 - Power to the Users (Bitcoin and the BCH Hard Fork)

By hifi.crypto | HiFi Crypto | 12 Apr 2022

Read now to learn how attempts to force Bitcoin to change against the will of the community have failed in the past and will continue to fail in the future.

Roger was in disbelief. The community that had once revered his opinions so much that they called him “Bitcoin Jesus” had left him in its dust. His proselytizing hadn’t worked, and the market had chosen the Bitcoin he had abandoned.

He believed so strongly that Bitcoin needed to be usable in day-to-day transactions NOW, no matter the costs. So could the community be wrong? Or was it him who had messed up?

He’d know soon enough. The market had a way of figuring those things out.

The above account is a dramatization that is loosely based on reported events surrounding the Bitcoin Cash hard fork and its most well-known supporter, Roger Ver. As such, it should not be taken as factual.

In our last conversation, we focused on aspects of Bitcoin’s decentralization that get far less attention than they’re due: the lack of leaders on the blockchain and its open-source code. Both characteristics contribute to securing Bitcoin’s future by ensuring that users are always able to access Bitcoin however they choose, no matter what attackers may try.

To prove that point, we discussed the smear campaign that was recently launched by Greenpeace and the blockchain company Ripple against Bitcoin and its Proof of Work consensus mechanism. That campaign incorrectly asserted that the Bitcoin blockchain was controlled by a handful of miners, exchanges, and developers who could unilaterally change Bitcoin’s code if they chose.

Although that smear campaign is still playing itself out, I’m highly confident that history will show that the campaign and its backers will have had no ability to forcibly alter the Bitcoin blockchain. Why? Because others have been down that path before and they failed. As the saying goes, history may not repeat itself, but it often rhymes....

Read the full article for free on my website.

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I am an avid Bitcoin enthusiast. I publish the HiFi Crypto Letters, a twice weekly newsletter on Bitcoin, crypto and blockchain:

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