Bitcoin Cash could become the dominant Bitcoin, Bitcoin Cash could get dumped for Bitcoin, or both could both find success. Any of these cases are possible.
That isn’t to say all these cases are likely, it is only to say that it isn’t impossible.
NOTE: There is a war going on between Bitcoin and Bitcoin Cash, hence the above question and speculation below.
In fact, there are really only a handful of things that can happen here. So let’s discuss each one:
- Bitcoin wins and Bitcoin Cash loses (a very likely scenario). This will likely require Bitcoin to lure Bitcoin Cash fans back with faster transactions and better rates for miners, or for Bitcoin Cash to drop the ball. Getting people to switch off Bitcoin is unlikely, thus if push comes to shove Bitcoin winning and Bitcoin Cash taking a back seat is likely.
- Bitcoin Cash wins and Bitcoin loses (unlikely in my opinion, but others disagree). This will likely require Bitcoin Core to drop the ball and not address the very real threat at their doorstep. TIP: In this case, either coin might end up being renamed.
- Bitcoin and Bitcoin Cash co-exist (the most likely case in my opinion). One the value store (Bitcoin) and one puts in work over time and proves itself as a useful currency (Bitcoin Cash). This is what is likely to happen if both sides compete and work together in a way that doesn’t destroy themselves or the other coin. I prefer this because everyone is a winner in this case. Honestly, Bitcoin’s rapidly increasing price makes it an odd choice for currency in terms of that metric alone (as currencies should have stable prices). If Bitcoin Cash can work hand-in-hand with Bitcoin and keep a somewhat stable price, this could work very well.
- We all get to have a chuckle when Bitcoin Gold comes along and takes over (this could happen; one could argue its looking better than Bitcoin Cash in its early stages here). This is almost definitely not going to happen (although, you never know).
- We all get to learn a lesson on how you can end up forking yourself when Ether, Litecoin, Ripple, Dash, or another top coin takes the place of both Bitcoins (again, probably not going to happen… probably).
- Epic pump and dumps that happen as a result of the Bitcoin war hurt so many that world governments use it as an excuse to kill crypto, and thus we all lose (we should pray this doesn’t happen). Bitcoin futures trading, GBTC, Coinbase, 401ks, accusations of criminals, cheats, and scam coins. There is too much pressure and crypto is pushed underground. No one cared when Ether killed Ether, because in 2015 the market was stagnant and not doing much. If Bitcoin Cash kills Bitcoin, it could cause a giant panic (as many will hold it into the ground).
A victory at a great cost is a pyrrhic victory. Many of these outcomes are outcomes at great cost to the victor. Meanwhile, the best outcome is clearly the one where both Bitcoins come together (although, that will require Bitcoin Cash to stop trying to commit patricide).
Will the Bitcoins learn a lesson from Apple and Microsoft or Playstation and X-Box? That is, will they realize that competition is healthy and a booming industry is good for all parties?
Or, will they look to Ethereum vs. Ethereum Classic and take the chance that this too will ultimately work out just fine.
Its hard to say, both sides have merit on-paper, but recent events have really called into question people’s intentions. With Bitcoin on the brink of being adopted, it just seems like a strange time to self destruct…
…but like, we are talking about open source internet types (and some of those types have a tendency to push the envelope until they get banned from countries; which is fairly self destructive).
What I mean is that those types come in two flavors, you have the WordPress guys and Wikipedias, the kind that get adopted by the world and embraced, and then you have the Wikileaks and Pirate Bays, your underground heroes who can’t for example set foot in the U.S. (the types who lose everyones money or get picked up by the FBI and make headlines and turn crypto into a bear market, merits aside).
In crypto both these factions are present, and as noted above, they are at war where it is Bitcoin (about to be embraced by the U.S.) vs. Bitcoin Cash (making some questionable moves out-of-the-gate).
Since it doesn’t look like either the “actually finally getting adopted by normies” Bitcoin Core faction nor the “not welcome in the U.S. Roger Ver and friends” Bitcoin Cash faction is backing down, you might want to duck and cover (meaning watch out for epic pump and dumps, attacks on and by miners, social media propaganda, etc; it is war without bullets, it is a war with bits).
Fingers crossed the Bitcoin Cash faction has reconsidered their stance and this goes well for all the new adopters of Bitcoin and for the future of cryptocurrency. There is a ton of places to go wrong here.