With the Bitcoin block size debate still taking place to this very day, discussions about a potential solution are rather easy to come by. But some Bitcoin users are speculating on the possible effects of a hard fork in the code, as it could create an opportunity for people to double their coins. Needless to say, these types of thoughts have no place in the Bitcoin community, but it does provide valuable insights as to why a proper solution is needed.
Banking On Bitcoin Hard Fork Issues
The recent debate on whether or not to hard fork Bitcoin will remain a hot topic of discussion for several more weeks. Hard forking Bitcoin is he most risky path to follow, although it seems to be what is best for the future of this popular digital currency. A soft fork, on the other hand, would only delay the hard fork that might eventually be needed anyway.
At the same time, the risks associated with a potential hard fork should not be underestimated by any means. If users, businesses and mining pools would fail to upgrade in due course, two separate bitcoin blockchains could come to fruition. While the longest chain will always win in the end, there could be a tiny window of opportunity for illicit profits.
Based on a very recent Reddit post, some people are contemplating out loud how they could make a profit if such a situation were to ensue. Greed is a natural emotion and part of human nature, although posts like these will offend quite a few people in the Bitcoin community. Plus, doubling one’s coins is not as easy as some people think it is.
Assuming Bitcoin Core and Bitcoin Classic will “compete” with one another to get the largest blockchain, users could technically double their coins in multiple ways. One of the more obvious solutions is to send funds to one’s own address through the shortest blockchain and then double spend the funds on the longer chain by including a higher transaction fee. Do keep in mind this concept will require slightly more technical know-how to pull this trick off, though.
At the same time, the question should be what will happen with pre-existing Bitcoin balances before the fork would happen. Keeping in mind how those coins are recorded in every future forked blockchain, users could only sit back and see their coins double, triple, or even quadruple over time without doing anything. It is important to keep in mind that not all of these coins will have intrinsic value in the end, though.
In the end, it all comes down to a proper Bitcoin block size solution. While it is good to have multiple proposals on the table, this charade has gone on for long enough. Developers need to get their act together and jointly decide on a course of action, rather than keep opposing each other.
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