A prominent bitcoin supporter and a co-founder of a crypto asset investment company BlockTower Ari David Paul believes that altcoins pose no threat to Bitcoin as they use different Proof-of-Work algorithms; however, forks that interfere with the mining of the SHA-256 algorithm might be dangerous rivals in hash wars.
“It makes sense for bitcoiners to be extremely antagonistic to contentious hard forks like 2x which threaten the BTC security model. It makes no sense to be antagonistic to altcoins that use a different PoW algo or another consensus mechanism.” he wrote in a Twitter thread.
He believes that at this stage altcoins satisfy the demand for certain solutions that are not implemented in the bitcoin network.
“If there are multiple reasonable use cases for cryptocurrency/blockchain and all of these use cases will eventually be built on top of BTC, then altcoins are “safety valves” for the demand for those uses until BTC can deliver them,” he explained.
Meanwhile, hardforks are dangerous as they may bring BTC to collapse, according to Paul. Currently, there are three coins that claim ot be the real Bitcoin – BTC, BCH and BSV. All of them are leading SHA-256-networks Hash Rate. At the time of writing, Bitcoin has the largest and growing hash rate, however, bitcoin may be at risk at the time when miners threatened to split the network and develop a new version of blockchain.
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As is customary in the Cryptocurrencies market, weekend trading results in significant movements. On this occasion, it is the Altcoin segment – and especially Ethereum – that opens Monday’s session with a considerable gain over Friday’s close.
The second-largest cryptocurrency with the current market capitalization of $20.9 billion has broken above critical $190.00 to trade at $194.30 at the time of writing. ETH/USD has gained over 3% on a day-on-day basis and 2.5% since the beginning of the day.
Dash is the 16th largest digital asset with the current market value of $818 million. After a strong growth into the ned of the previous week, the coin has settled at $90.80, trading with a short-term bullish bias.
Ripple’s XRP, the third-largest digital asset with the current market capitalization of $11.3 billion, made its way above $0.2600 barrier to trade at $0.2630 at the time of writing.
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