Since the creation of Bitcoin no cryptocurrency or private blockchain has compared to the exponential power of the longest running, immutable, peer-to-peer, distributed ledger.
Also Read: Ethereum Hard Fork Gives Birth to a New ‘Classic’ Coin
The Bitcoin blockchain has been the most popular distributed ledger since its inception in 2009. Over the course of its existence, many altcoins and privatized blockchains have entered the crypto space offering niche applications and bank-2-bank databases that have tried or are trying to take Bitcoin’s place. So far nothing has been offered that compares to the irreversible, trust-free transactions and security provided by proof-of-work mining in the Bitcoin network.
An Immutable Ledger Matters
The latest chapter in the Ethereum community has created some distrust in reliability when the network decided to bail out a third-party application. 85% of the community decided to reverse the DAO attack using a hard fork though it’s possible they could have used an entirely different method to recover the funds as many proponents said something had to be done.
However, now, people will always remember that Ethereum has reversed a smart contract. Meanwhile, Bitcoin has never broken the trust of its user base. There are instances of forking where Bitcoin developers