Stop Worrying and Embrace The Bitcoin Fork

    • Leonard Butler
  • Bitcoin

November is a crazy month for Bitcoin – It was unclear at first, how things would turn out for investors. Everyone knew they would come out on top, but not to the extent of what we’ve seen.

Segwit 2 Hard Fork, took place, leaving people with a couple choices. And with more than $110 billion dollars sitting on the line, it was hard pressed to see if investors would come out ahead of schedule.

In order for people to make it through this nail-biter of a month, they will have to take a deep breath and step back to observe. The entire process that is currently unfolding is nothing short of beautiful. It is a situation like no one has ever seen in history. The hard forks that have occurred, may have been stressful in the short term – but in the long term, they are going to change the cryptocurrency space.

Why? Because forks commonly are a sign of a beneficial innovation being unveiled. And they often lead to sorting out issues, benefiting everyone, so they can put their differences behind them. They are basically the opportunity for an exit. They also give more possibilities for weaker minorities to attempt changing the minds of the larger, more powerful majority.  Usually, differences are set aside, and everyone is able to come to an agreement that is mutually beneficial. A fork is essentially a 21st-century secession without a bloodbath.  And this is not simply an observation.
A recent essay by Taylor Pearson showed a possible future:

“A society defined by forking. The balance between voice and exit … if you disagree with a decision, you can fork a new blockchain.”

It’s an attractive outlook. As of now, however, real life doesn’t hold so much glamour.

While it’s true that bitcoin cash, bitcoin gold, and Ethereum classic are prime examples of forks in which, regardless of some minor trolling, the common attitude was, “you do you.”

The real controversy came about in regard to Segwit2x. Not only that, but also to Bitcoin XT, Classic and Unlimited – predecessors of it. They have had some more of a zero-total character. They’ve even come close to what can only be called trible warfare. No one stands by the live and let live ideal with this – never admitting defeat.

Strangely enough, there is a case in which enterprise blockchain technology – is exactly where forking would possibly give entities greater ability. An example is Preston Byrne, one of the independent consultants and founders of Tomram LLC. He sees a future in which a majority of the work at law firms will be automated on an open source, blockchain developed technology. In this world, a troubled lawyer would possibly see kinks in his employer’s infrastructure, and decide to replicate the code from the public domain. There will be a possibility to automate several steps, ending the monotony that often occurs in an office setting.

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