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  1. #1
    The Buzz's Avatar
    The Buzz is offline GPWA Gossip Hound
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    Default Could the Bitcoin split hurt wider adoption of the currency?

    On Tuesday, the Bitcoin blockchain was split, spawning a new asset: Bitcoin Cash. This move aims to improve the cryptocurrency's network capacity and transaction efficiency. However, some are worried it could hurt Bitcoin's long-term chances.

    Vinny Lingham, CEO of Civic, had this to say:
    "My biggest concern with bitcoin being split at this point is just the brand dilution of bitcoin," Lingham said.

    Bitcoin's brand has contributed to its relatively high stability as a cryptocurrency thus far, according to Lingham. "You always had the situation where you knew which bitcoin you wanted," he said.

    "But having a fork at this point, you have two bitcoins."

    And this situation could be confusing for consumers, he said, which might threaten efforts to expand adoption and usage of bitcoin.

    Read more here: https://www.theverge.com/2017/8/1/16...-fork-coinbase

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    This very much concerns me as well. I'm imagining a scenario where vendors accept two types of bitcoin and a consumer just shrugs and swipes a credit card instead

  3. #3
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    I wouldn't necessarily put Bitcoin Cash (BCC) in the same category as Bitcoin (BTC).

    BCC is just an alt coin which is worth a fraction of the value of a BTC.

  4. #4
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    It doesn't concern me at all - with all due respect to Vinny Lingham, CEO of Civic (who?) he's clearly not really in the crypto space.

    Bitcoin as a retail payment for online purchases barely exists at present because of a scaling issue that means we could only do around 3 transactions per second - and confirmation blocks are only mined every 10 minutes on average ... so the wait for confirmation takes between 1 to 50 minutes.

    THAT is not a system that works for retail checkout. EVER.

    The split (which is really a 5% splinter) now means that both sides can pursue a scaling solution that should handle more load, reduce the number of transactions in the mempool, and make the remittance transfer system work within an hour or so.

    As for retail transactions and crypto confirmations? I've not yet seen a system with the speed of credit cards suggested. The best currently is probably Litecoin with blocks every 2.5 minutes .. it's a bitcoin rip-off with 4 times the number of potential coins and 4 times the speed of blocks and with a seemingly less volitile price.

    Litecoin doesn't have the bitcoin badge ... but it's based on the same algo and is probably a better retail solution.

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