A tale of two bitcoins
There has been a lot of talk about the possiblity of the bitcoin network splitting if the internet get spits because of countrys trying to reinvent their own versions of the internet. If the authoritarian governments want to create their own versions and wall it off from the “Free Zone” what happends to the blockchain on both sides? Will it split?
Well, bitcoin has split before. Many times actually.
The all originated from the original bitcoin and trace their history back to Satoshi Nakamoto version in 20009. So what happened witht he orginal? That is still the main one and the one that currently is worth over $5k per coin. The other variants are tiny in comparison and have just small following.
Coins split off and running on their own unconnected network would just become another ‘alt’ coin with likely very little support and possibly not even traded on mainstreem financial markets.
Of course if they are competative and people trust them they might live on in some limited fashion. If development still happens on them – they might survive but they would likely be considered orphans but with smaller miners trying to protect them, the odds that they get a 51% attack is quite high as with the Ethereum Spin off ETC. It is more likely they just die.
As is what happens with the ‘crack down’ by governments like China- Ether the corrupt officials are ‘paid off’ and continue to mine as before, or they move to the freedom zones and continue from Canada, Iceland or other where the cost of cooling is cheap and it keeps on keeping on.
I don’t know if anybody would have predicted this three or more years ago when we started discussing it.