- A Bitcoin bull Ari David Paul believes that Bitcoin forks are more dangerous than altcoins.
- He refers to hash wars as a threat to Bitcoin.
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.