At this point even if we don’t buy it or sell it, we know almost everything, or even just the basic of what Bitcoin is, but now there is another platform that seems to be gaining a lot of traction very quickly, and that is Bitcoin cash gecko. But before possibly scaring you about this (since you’ve already read the title), you need to know exactly what it is and thankfully for you we are here to explain you exactly that.
During 2017 Bitcoin went through a very difficult and hard fork (this is a permanent divergence in the blockchain), and this is how we got Bitcoin Cash as we know it today. the simples way to put it, is by saying that it comes from the same developers of Bitcoin, but this are two different coins and tokens when you buy them.
So right know if you are struggling in deciding which of the two will be the one for you, there are a couple of things that you need to know about Bitcoin cash gecko, and this might scare you away, or you’ll just be happy to know about this things.
Split this crypto community:
A lot of people in this community think that the use of this fork (bitcoin cash gecko) will inevitably separate irreparably the bitcoin community since there will be two where you have to choose from and they think that this will disrupt the peace that we had managed to keep in this community.
With the increase of the company because of this new network, the processing power for the miners will have to increase. Since everything will be bigger, this might catch the attention of others and they will have to start making bigger mining pools and because of this there will be more centralization, this is very scary for the miners since these goes against everything that Bitcoin represented in the past.
Value of the coin:
Bitcoin cash gecko plans to give people the ability to use this kind of currency in an everyday manner. But long time Bitcoin users think that these coins have more value than that, and if by using Bitcoin cash gecko people will think that Bitcoin is the same, and the value of it might go down because of this.
Transaction fees lowering:
Because of the fact that the network will have to grow because of this change, the block sizes will be smaller and this might allow more people to enter but it will also make some of the long time miners less inclined to keep working since at the end of the day what they can do at the moment will be less than what they had access to before.
Add transactions to the blocks:
Something that might sound great is the fact that this addition will bring more transactions in this platforms, daily. But a lot of people feel like even if this sounds great it will end up affection the platform in a very bad way.
Doubts in general:
Something that you might have been able to tell according to everything that was mentioned before, is that even when this platform keeps growing and growing, a lot of the users have a lot of doubts in regards to this. It might be because this is all very new but if the people don’t believe in it, it will be different for others to do the same.
Things could get messy:
If this kind of disagreements keep happening between the users of Bitcoin and Bitcoin cash gecko, things could end up getting messy in this community, because if you have one side that resents the other, this will only mean trouble in the future.
Will this be worth it?
The biggest thing that people find dangerous about bitcoin cash gecko is the fact that they are not sure if this will be worth it in the end, this addition comes with a lot of changes and that is scary but perhaps if they have faith in it, it will work out in the end.