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The beginning of a new year brings a lot of projections, proposals and predictions regarding the market. Most people come and assume how the coming year might go, which Blockchain network can bring what changes, which crypto will or should go where sometimes based on their expertise or sometimes just for ‘blind shots’. Not following the usual trend, Ethereum Founder did something different this time. He went back on his tweets, predictions and views in the past regarding Blockchains and their workings, their goods and evil, and reviewed his thoughts if he still thinks the same or not. Is his perspective still the same or changed?
Reviewing his past predictions, views, and thoughts on Twitter, Ethereum founder Vitalik Buterin called Bitcoin Cash ‘mostly a failure’.
When Bitcoin Cash launched, Vitalik praised it and put his words publicly on Twitter. In reply to the supporting tweet he did for Bitcoin Cash in 2017, he said on Twitter, “I was optimistic about Bitcoin Cash specifically, because I agreed with the ig-blocker arguments in the scaling war more than the small-blocker argument,”
He further stated, “Today, I would call BCH mostly a failure. My main takeaway: communities formed around a rebellion, even if they have a good cause, often have a hard time long term, because they value bravery over competence and are united around resistance rather than a coherent way forward.”
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Why is Vitalik Buterin Saying Bitcoin Cash is a failure? First, he praised it but now why is he criticizing it? It can be understood with the story behind Bitcoin Cash. In 2017, Bitcoin Cash launched, which was a fork of the famous Bitcoin Blockchain. Despite being the famous, oldest and most significant market cap Blockchain, Bitcoin lacked many features, and it needed an upgrade in its blockchain network. Some people among the Bitcoin community proposed doing so, beginning with enlarging the Block size on Blockchain. With the large size of Blocks, transaction speed will be fast and hence decrease the transaction fees.
But most people in the community disagreed with the idea. Those who supported the idea made their mind to implement the plan, and eventually, a fork of Bitcoin Blockchain had been decided, which turned out like Bitcoin Cash. Soon after its launch, Bitcoin Cash got a lot of appreciation for its tough decision and bringing the change needed in Bitcoin Blockchain. It was the same as Bitcoin itself in most aspects, but with some upgrades. Bitcoin Cash has seen tremendous highs in its value in the beginning. It even became the third cryptocurrency by market capitalization.
Although things are not going well and good as they were at that time. At present, Bitcoin Cash is not at the stage it is meant to be on. Being a part of Bitcoin Blockchain, it got initial highs, but now there is nothing the same. It is now at 26th rank in terms of market cap.
These reasons could be behind its criticism by Vitalik. Although things might go well in the future, at this time, they are not. Even those in favour of the most wanted Bitcoin Blockchain fork BCH, now seem to take steps back.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
