Bitcoin
At its core, Bitcoin is a database that stores information about transactions. Like other blockchains, it's a ledger that keeps track of all the transactions that occur on the network. It's a simple yet powerful system that has the potential to revolutionize the way we think about money and finance.
Bitcoin is a digital network that allows for the transfer of value without the need for a central authority or middleman. This is a powerful concept, as it allows for a more transparent and secure way to transfer value. The database that Bitcoin uses is also decentralized and not controlled by any single entity, which makes it more resistant to manipulation and censorship. While some people might dismiss this as having no value, I believe there is real potential in this system.
Bitcoin coin doesn't have an impact on the network itself. It's the miners who are responsible for validating the transactions and adding them to the blockchain. This distinction is important because it shows that the value of the network lies in the technology, not in the coin itself.
The value of the Bitcoin network is not derived from the coin itself, but from the underlying technology. The Bitcoin coin is merely a representation of value on the network, but it's the miners who are responsible for maintaining the integrity of the blockchain.
It seems that the main focus of Bitcoin is its monetary element, rather than the underlying technology. If we look at the network itself, we don't see much in terms of functionality. The database mostly stores records of transactions, which is not very valuable information on its own. In addition, the network is relatively slow and expensive to write to. There are other networks that can perform much better than Bitcoin.
On the topic of security, Bitcoin does seem to have some value. Despite some concerns about its scalability and speed, the network itself has never been hacked. This is a testament to the robustness of the technology and the strength of the network. So, even though JPMorgan CEO Jamie Dimon might have his reservations about Bitcoin, its security cannot be denied.
Splitting
Splitting or forking is a concept unique to blockchain technology. When a blockchain is forked, it essentially creates two separate versions of the same network. One version stays the same, while the other is changed in some way. In the case of Bitcoin, there have been several forks that resulted in new cryptocurrencies, such as Bitcoin Cash and Bitcoin SV. These forks were created because of disagreements within the Bitcoin community about how the network should be improved.
The concept of forking is generally viewed as a defense mechanism within the blockchain world. However, it's not a perfect solution, as we can see with the example of Litecoin. Litecoin was forked from Bitcoin, and while it gained some traction, it's not the same as Bitcoin. In fact, Litecoin's creator, Charlie Lee, even described Litecoin as a "silver" to Bitcoin's "gold."
The value of Bitcoin is not determined by the network or the data stored on it. Instead, the value comes from the fact that it is Bitcoin - the original cryptocurrency. Other cryptocurrencies that are forked from Bitcoin don't have the same value, even if they use the same network or database.
Hive
There's more to a database than just financial transactions. A database like Hive can store data that is more valuable than what Bitcoin holds, because financial transactions and news are not as valuable over time. But there is other data that does have lasting value.
A decentralized text database like Hive can be much more useful and valuable than a network like Bitcoin that is mostly storing financial data. A decentralized text database is closer to the basic structure of the internet, and that gives it a greater potential for real-world applications.
Some of the technical aspects of Hive that make it unique and powerful, includes its fast block time and irreversibility. Another are the advanced features like recurrent payments that are built into the core programming. In other words, Hive is more than just a decentralized text database - it's a complete network with advanced features that set it apart from other blockchains.
Splitting
Hive doesn't have the hype and marketing that other cryptocurrencies have. There's no "shiny object" or sense of excitement surrounding Hive, because it came into existence as a result of a fork from Steem. The true value of Hive lies in the technical aspects and real-world applications, not in the perception of investors or the hype that often surrounds new cryptocurrencies.
While the coding and database structure of Hive has some inherent value, that alone is not enough to make it unique or valuable. The fact that it's a fork of another blockchain means that those features are not truly novel. However, the developers behind Hive are continuing to build on that code base, adding new features and functionality over time. These new features are what give Hive its true value.
While the coding and database of Hive may not be revolutionary, the real value of the network comes from the applications and services that are built on top of it. In other words, the true value of Hive comes from the things that are built on the blockchain, not the blockchain itself.
If a fork of Hive results in the majority of the community and applications moving to the new chain, then the forking attempt has failed. However, if the original Hive retains the majority of the community and applications, then the forking attempt has not impacted the value of the original chain.
In conclusion: Forking Hive is essentially a nuclear option because it could lead to a mass exodus of the community and projects from the original chain. However, the real question is where the community and projects will ultimately decide to settle. If they stay with the original chain, then the forking attempt will have failed. On the other hand, if they move to the new chain, the value of the original chain will be significantly impacted.
