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Time to Make Bitcoin Code More Exclusive

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  • Darryn Pollock
    ⭐ Features

    Bitcoin is no longer a hobby, it is a business, and it's probably time to make it harder to capitalize on

Time to Make Bitcoin Code More Exclusive
Cover image via u.today

Looking back at the history of Bitcoin and its CypherPunk roots, it is understandable why this peer-to-peer electronic cash system was put on the web for all to see and use as its code falls under an open source MIT License. However, the world and the cryptocurrency world for that matter is also changing, and it is probably time to make the code a little more exclusive.

Blockchain code has been replicated and copied helping spread the ecosystem to a place where it is now widely known and adopted, even in the mainstream. However, it has also led to a boom in the Blockchain economy where hundreds of people are trying to do the same thing, with slight changes.

This has helped with the ICO boom, mostly on the Ethereum Blockchain because of its smart contracts, but there are growing concerns about a forking revolution of Bitcoin coming. Therefore, this indiscriminate forking of Bitcoin needs to be put in line before it does some real damage.

The proposal

The proposal put forward by Bitcoin developer Jose Femenias, suggests the addition of wording on the MIT License that would make it difficult to profit off Bitcoin’s brand after forking from the cryptocurrencies Blockchain.

The license would essentially need an additional rule that states:

“No part of this software can be included in any other project that uses the name Bitcoin as part  of its name and/or its marketing material unless the software produced by that project is fully compatible with the Bitcoin (core) Blockchain.”

It is clear what Femenias is trying to stop and perhaps that is not a bad thing.

Fork mania

Bitcoin has seen a few forks already, with the biggest obviously being Bitcoin Cash whose mandate was to improve Bitcoin’s ability to scale and to push the digital currency back to what Roger Ver calls ‘Satoshi’s vision.’

Regardless of one’s view on Bitcoin Cash, there is an argument that can be made that it was forked for a legitimate reason, not just as a marketing ploy. Or, for those who are a little more pessimistic, they will find it hard to compare Bitcoin Cash to things like Bitcoin Diamond and Bitcoin Interest, which are clear attempts to profit on the original chain and the Bitcoin name.

Need for improvement, not for scams

There is no doubt that Bitcoin, as the oldest and original cryptocurrency, needs to move with the times and is in need of improvements, and forking is one way of doing this. However, the growing trend to pretend to be a Bitcoin improvement just to profit off a name is damaging all around.

The Bitcoin community is wide-eyed and very trigger happy, and thus prone to falling into traps. Bitcoin does not need other scam Bitcoins bringing its name down and tainting all that it has done.

Bitcoin is no longer a hobby, it is a business, and it is a brand that has built its reputation for being something quite special. There is no longer a need for open source code to spread it, rather a need for exclusivity to preserve it.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

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  • Yuri Molchan
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    A crypto trader analyses a crucial fractal on the chart, saying that a possible outcome could be $0.56 for 1 XRP by early December

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Despite the active expansion of the Ripple ecosystem and signing up over 300 new customers on RippleNet this year, the XRP price remains below $0.3.

At press-time, XRP is declining by 2.85 percent and is exchanging hands at $0.24.

XRP price CMC
Image via CoinMarketCap

A win-or-bust XRP forecast

The community has been eager for the price to surge throughout 2019. On Wednesday, U.Today published a story with bullish forecasts regarding the price.

Today, a crypto trader @TheCryptHawk has shared a chart on his Twitter page. It shows a possibility of XRP surging to $0.56 in early December if the fractal depicted on the chart in in play.

If not, the trader says, the price may collapse to $0.17-$0.18 and then – down to $0.12.

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XRP below the $0.25 support

A short while ago, XRP dropped below the $0.25 support level, where the coin had not been in several months. This is happening despite the recent Swell conference, which was expected to push the coin’s price way upward.

The community was expecting a bull run, since last year in November, as many believe, Swell triggered it. As a result, in January 2018 XRP hit its all-time high of over nearly $4.

This year, the loyal XRP community expects a bull run every now and then but all those expectations are in vain so far. This seems strange to many, since Ripple has indeed expanded its network significantly and provided a lot of actual utility cases for XRP.

Optimists are buying on the dip while the price is low (same as many doing when the Bitcoin price drops), hoping to reap their profits later on when XRP skyrockets.

 

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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