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Hal Finney in 2011: Bitcoin cannot be replaced

7u 88 Hal Finney, one of the early Bitcoin developers, predicted the age of hard forks , In an early Bitcointalk discussion, Finney suggested that Bitcoin could not be replaced as this would undermine trust in the new coin.

An old statement from the year 2011 shows the risk of a “restart”, as Finney called the process. In the subsequent discussion, the effects of hard forks on the market as well as the possible viability and credibility were discussed.


Hal Finney on the next bitcoin. pic.twitter.com/QJ8BDSnyFX

– Hernz (@hernzzzzzz) 10. January 2020

In the year 2011, a very lean trade meant that there is no certainty as to whether BTC or another blockchain is related the market price and acceptance would be successful. But the idea that crypto assets would find broad acceptance was already established in the Bitcointalk forums at that time.

However, the discussion somewhat predicted several hard forks. Soon after BTC's innovation, there were some of the first hard forks trying to secure a share of the market. Some of these benefits, like Pandacoin, are almost forgotten today. Within a few years, BTC won a number of “counterfeiting forks” that started from Bitcoin's own Genesis block. Litecoin (LTC) was one of these coins and was indeed a project that proved rewarding for early users. Finney’s prediction didn’t come true because these blockchains are still of some value and have not been undermined from the start.

Bear market destroys the age of the BTC hardforks

Bitcoin Cash (BCH) was the first hard fork to take place in August 2017, mainly due to different opinions on further development , BCH was able to assert itself and reached a high of over $ 3. 400, but never pushed out Bitcoin.

Some forks sank in the dark, so that only the earliest hard forks still have some meaning. The exchanges were tired of having to list the latest fads.

With the ongoing bear market, the age of optimistic altcoin creation and the almost weekly hard fork is over. Bitcoin held its own and remained the leading cryptocurrency, while most hard forks no longer exist.

Proof of text: bitcoinist