Recent research has hinted that the price stability of cryptocurrency is being endangered by the software update referred to as “hard forks,” the research also implied that adequate regulations on software updates have a likelihood of stabilizing digital currencies, this was revealed in a press statement released on September 12, 2018.
The study comprised of various researchers under the leadership of a fellow of Oak Ridge Institute Education, Benjamin Trump, who efficiently subjected the state of cryptocurrency “fork” to an investigation in about 800 soft forks and hard forks from bitcoin (BTC).
The Study and Results
The research concluded that the potentials of the virtual currencies are that which is capable of redefining commerce, information exchange as well as several other sectors on a global scale due to its bedrock platform which is blockchain technology, Benjamin Trump stated that the regulation challenges is a significant threat to the stability of the digital currencies. He further said that;
“Disruption of a cryptocurrency’s blockchain in this way might cause people to lose trust in it and its capacity to survive as a reliable vehicle of exchange.”
Another conclusion from the research is captured in Trump’s statement when he made reference to BTC forks and altcoins’ survival. He was quoted saying;
“Hard forks are a threat to maintaining a stable and predictable operating platform that is essential if cryptocurrencies are to be adopted for daily financial transactions.”
Bitcoin in the Mainstream?
Benjamin Trump also made reference to bitcoin being widely accepted in the mainstream, a dream of all crypto enthusiasts. He opined that operators in the BTC sector such as; wallet developer, exchanges, investors, crypto miners would have to develop suitable regulations to effect the change of stability.
There was another research with a similar quest, though it was conducted by Initial Coin Offering (ICO) advisory firm Satis Group in August. The report indicated that bitcoin is full of potentials, enough to take it to a value of $98,00 in the space of five years.