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The matter of Bitcoin splitting into multiple entities has sparked a debate within the cryptocurrency community. Some say that it is terrible for the digital currency because it undermines its strength. There are also those who say that it is good for Bitcoin to fork into numerous bodies simply because it will allow the strongest to survive.
The expert in question is Karthik Iyer and in a recent interview with Inverse, he said that the Bitcoin fork issue will ultimately be good for it. It will spark competition, and as is the case in the free market, the best will survive.
“These different forks will have a life on their own, they will compete,” Iyer explains. “A thousand flowers will bloom, and whichever system is efficient… I think it will take over.”
Iyer also sees the split as similar to that of the Android OS market. Unlike iOS, this particular mobile operating system is ubiquitous. Each company adapts it and makes the necessary changes to suit their particular devices. If the features are pervasive enough, it will then be absorbed into the great Android OS body.
In the case of Bitcoin, each entity will basically have its own way of promoting the cryptocurrency. Each will have its own style, its own vision, and its own approach. Traders and the public will choose the ones that work for them, and the ones that perform the best will inevitably rise to the top.
As of writing, the price of Bitcoin (BTC) is $7,900 while Bitcoin Cash (BCH) sits at $1,063.79. The former has had an enjoyable year while the latter has been struggling to keep up, so far. In the end, the eventual winner of the race will be the cryptocurrency with the biggest value and the most traders. After the competition has been eliminated, the Bitcoin forks issue will likely either be dead or will become less of a problem.
