Will Bitcoin Cash Become the Next Ethereum Classic?

On August 1, 2017, a new blockchain asset called Bitcoin Cash (BCC) was born based on the original Bitcoin chain. It immediately became a hot topic on the streets, with its market value exceeding US$7 billion at one point, becoming the digital currency second only to Bitcoin and Ethereum.

Bitcoin Cash has also experienced roller coaster price fluctuations in this process, which reminds people of Ethereum Classic. Comparing Bitcoin Cash and Ethereum Classic, will Bitcoin Cash become the next Bitcoin Classic?

Their similarities are due to different concepts. They are a new type of blockchain asset generated through a hard fork. After separating from the main chain, they have embarked on an independent development path and have experienced roller coaster-like price fluctuations. They have inherited the legacy of the original chain and have changed less. But there are also many differences:

1. Different backgrounds:

In June 2016, 3.6 million Ethereums were stolen from TheDAO , the world's largest Ethereum project, with a market value of up to 60 million US dollars. This was fatal to the Ethereum community, which had just started at the time. Founder Vitalik Buterin and most of the community thought that they could not just let it go, and the community decided to roll back the Ethereum transaction through online voting. However, a small number of people in the Ethereum community believed that this violated the principle of irreversibility of blockchain and was a violation of the rules, so they continued to develop the original Ethereum chain. Ethereum Classic was born and embarked on the path of independent development.

Bitcoin Cash is the product of the three-year-long Bitcoin expansion dispute. On the one hand, some community members and developers who insist on large blocks are tired of endless debates. Although the community consensus plan New York Consensus has achieved a phased victory, the future is still unclear. Supporters of large blocks hope to move towards an independent development path; on the other hand, the community support rate for large blocks is also very high. Although the BU expansion plan often has bugs, it still has 40% of the computing power support of the entire network. Bitcoin Cash is derived from the BU expansion plan, continuing the original intention of Satoshi Nakamoto to design Bitcoin, and has made certain changes in technology. It is a new type of technical attempt. Against this background, Bitcoin Cash came into being and adapted to the development trend of the times.

2. Different attention and influence

Bitcoin Cash is the predecessor of Bitcoin and the twin brother of Bitcoin, which is the dominant digital currency in the world. After Bitcoin Cash separated from the main chain, it took a different development path from Bitcoin. Bitcoin Cash can be said to have been born with a golden key. As soon as it came out, it received widespread attention from the community and became the focus of community discussion. News was everywhere, and many mainstream trading platforms at home and abroad also chose to support it. After a short adjustment, the price gradually returned to rationality. The market value once ranked among the top three and is still ranked fourth.

Ethereum Classic is the predecessor of Ethereum. Ethereum only became the second largest digital currency in the world this year. In 2016, its popularity and community influence were not very high. The split Ethereum Classic was not favored by the community, and there were very few platforms that launched it. The price plummeted all the way. Ethereum Classic has always had low attention and influence in the community. Its market value has not been in the top ten. It has no chance of community discussion and media attention. After several rounds of explosions, it only ranked ninth in the market.

To sum up, whether in terms of attention and community influence, or the historical background of their creation, Bitcoin Cash and Ethereum Classic are incomparable. The future development of Bitcoin Cash will be even better. If the Bitcoin community is still in constant internal strife, lacks ambition, and refuses to change, Bitcoin Cash has the opportunity to shake Bitcoin's dominant position and replace it.