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Bitcoin will undermine new coins and can never be replaced, Finney Predicted in 2011

In 2011, during a discussion on BitcoinTalk, Hal Finney speculated about the hard forks of the Bitcoin that, currently, come into its practical shape such as Bitcoin Cash (BCH). He predicted that Bitcoin cannot be placed by any other coin as it would suppress the newly-created coin.

According to Finney, rebooting will help out in the future in the creation of dubious coins. He has foreseen the future of hard forks and talked about the validity and credibility of the hard forks.

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At that time, the Bitcoin was rewarding to the early ones who adopt the BTC: this rewarding would push the developers to build another blockchain (hard fork). However, it was not confirmed at that time whether this newly created cryptocurrency (BTC) would attain its value in the markets.

However, to a large extent, the current adoption of the Bitcoin at large scale was discussed at the forum of Bitcointalk long ago.

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As soon as, bitcoin had attained a central position as a cryptocurrency, some hard forks following the BTC tried to snatch the share market but failed. For example, Pandcoin was created but was rejected by the community. Then a trend of Copycat Forks started and the creation of Litecoin (LTC) is a prominent example of this.

The creation of so much fork coins matched Finney’s prediction but his comment over the undermining of these coins was not successful as a lot of these coins are running successfully and people have invested billion dollars in these crypto projects.

BCH-a bitcoin’s Hard Fork

Since 2011, a lot of altcoins came into existence. Soon after that, people started to hard fork the blockchain of Bitcoin. For example, the Bitcoin Cash (BCH) was the first hard fork built on bitcoin’s protocol. As Finney said, the BCH tried to suppress the Bitcoin and reached to $3,400 but never replace the digital gold.

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Leah Hutton

Leah Hutton has recently joined Tokenhell team as a freelance writer. She has comprehensive knowledge of blockchain and various cryptocurrencies.

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