The world of cryptocurrency is no stranger to controversy, and few topics spark more debate than Bitcoin forks. As the blockchain ecosystem evolves, questions about scalability, decentralization, and community consensus remain at the forefront. In a recent live discussion hosted by OKCoin, prominent figures in the crypto space—including Zhao Dong, Jiang Zhuole, Li Yifei (aka “Li Kuang”), Xu Mingxing, and Zhang Zhengwen—shared their perspectives on key developments such as the SegWit2x fork, Bitcoin Cash (BCC), Bitcoin Gold (BTG), and what lies ahead for digital currencies.
Their insights offer a rare glimpse into the mindset of miners, developers, and investors shaping the future of blockchain technology.
The SegWit2x Fork: Will It Succeed?
In late 2017, the proposed SegWit2x hard fork aimed to increase Bitcoin’s block size from 1MB to 2MB, combining Segregated Witness (SegWit) with a block capacity upgrade. While intended as a compromise between small-block and large-block advocates, it faced significant skepticism.
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Li Yifei, co-founder of Bitmain and a major player in Bitcoin mining, expressed limited enthusiasm:
"Chinese miners aren’t deeply invested in SegWit2x. Most follow market incentives—whichever chain offers higher profitability gets their hash power. Many large-block supporters have already shifted focus to Bitcoin Cash."
Ye Peifeng, founder of sosobtc, echoed this sentiment:
"I don’t believe in SegWit2x. Technically, it doesn’t solve long-term scalability. I still back the original Bitcoin (1x)."
Jiang Zhuole, CEO of Litecoin Mining Pool and a top-three global mining entity, highlighted a critical flaw:
"SegWit2x lacks ideological conviction. Unlike Bitcoin Core or Bitcoin Cash, which have passionate communities, SegWit2x was a political compromise without die-hard supporters. Without core developers or strong community backing, its chances of survival are slim."
Zhao Dong, a well-known trader and OTC market maker, added financial realism:
"BCC succeeded because it had real capital and mining support—from Bitmain, Jiang Zhuole, and others. If you’re launching a new chain, you need both money and hash power. SegWit2x doesn’t have that kind of dedicated funding or infrastructure. It’s unlikely to gain traction."
Even Xu Mingxing, the moderator and founder of OKX, acknowledged growing doubts about SegWit2x’s viability amid rising community fragmentation.
Bitcoin Gold (BTG): A Flash in the Pan?
Another contentious topic was Bitcoin Gold (BTG), a fork designed to make mining more accessible by switching to an ASIC-resistant algorithm.
While theoretically appealing, several experts questioned its practicality.
"BTG comes down to who has the money and the hash rate," said Zhao Dong. "I know Liao Xiang personally, but objectively speaking, the project requires massive investment. BCC reportedly spent over $3 million daily during its early days just to secure network stability."
Technical shortcomings further undermined confidence.
Li Yifei criticized BTG’s development team:
"They couldn’t even implement replay protection properly—so much so that they had to bounty hunt for someone to write the code. That raises red flags. A strong core team is essential for any blockchain project’s success."
Ye Peifeng noted low market interest:
"User attention has moved past BTG. Since BCC launched, it’s drawn more attention than even Ethereum at times. BTG hasn’t gained similar momentum."
Even Zhang Zhengwen, founder of NEO, took a pragmatic view:
"I only care when exchanges support deposits. Until then, it’s just code."
Can Bitcoin Cash (BCC) Surpass Bitcoin (BTC)?
One of the most forward-looking discussions centered on whether Bitcoin Cash (BCC) could eventually overtake Bitcoin (BTC) in value and adoption.
Li Yifei believes BTC missed a crucial opportunity:
"Bitcoin should be fast and usable. Right now, high fees and slow confirmations push users toward alternatives. If Core doesn’t act on scaling, BCC could surpass BTC—not by ideology, but by utility."
Ye Peifeng, though loyal to BTC, admitted:
"If the development team doesn’t change course, BCC could win on real-world usability. Faster payments matter for everyday use."
Jiang Zhuole went further:
"I expect BCC to potentially overtake BTC by 2020. Transaction volume on BCC is rising steadily. It’s not going to happen overnight—but growing user adoption will drive long-term value."
He emphasized competition as healthy:
"Having multiple chains allows for experimentation. One may fail, proving a wrong path—but that’s progress for the entire ecosystem."
Zhao Dong offered a philosophical take:
"There can only be one true Bitcoin—the one with the strongest consensus. If BCC achieves greater adoption and liquidity, then it becomes Bitcoin in practice."
He also advocated for functional specialization:
"Bitcoin doesn’t need to do everything. Let it serve as digital gold—a settlement layer for large transactions. For small payments, use off-chain solutions like the Lightning Network."
What New Cryptocurrencies Deserve Attention?
When asked which new coins deserve listing priority on exchanges like OKX, guests shared diverse but telling preferences.
- Li Yifei & Jiang Zhuole: Both favor Bitcoin Cash and mention Dash (Dash) for its innovative masternode governance model.
- Ye Peifeng & Zhang Zhengwen: Strong supporters of NEO, China’s “Ethereum alternative,” citing its smart contract capabilities and domestic developer support.
- Zhao Dong: Highlights NEO for its superior liquidity despite lower market cap—and praises Monero (XMR) for its advanced privacy tech after reviewing its codebase.
- Xu Mingxing: Concludes with confidence in BCC, calling it “solid” and “reliable.”
Frequently Asked Questions (FAQ)
Q: What is a Bitcoin fork?
A: A Bitcoin fork occurs when the blockchain splits into two separate chains due to changes in protocol rules. This can result in two distinct cryptocurrencies—like Bitcoin (BTC) and Bitcoin Cash (BCC).
Q: Why did Bitcoin Cash (BCC) succeed where others failed?
A: BCC succeeded due to strong financial backing, immediate mining support from major players like Bitmain and Litecoin Pool, clear technical differentiation (larger blocks), and early exchange listings ensuring liquidity.
Q: Is SegWit2x still happening?
A: As of late 2017, the SegWit2x initiative was officially canceled due to lack of consensus. No active plans exist to revive it.
Q: Can multiple versions of Bitcoin coexist?
A: Yes—technically. But economically, only one tends to dominate based on network effects, user trust, and liquidity. Markets ultimately decide which chain holds the most value.
Q: Should I hold all forked coins?
A: Holding forked coins can be profitable if they gain exchange support and trading volume. However, many forks fail quickly or are used for scams. Always verify legitimacy before claiming or trading.
Q: How do forks affect my existing Bitcoin?
A: If you held BTC before a fork and stored it in a private wallet (not an exchange), you typically receive an equal amount of the new coin. Exchange policies vary—some credit users, others don’t.
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Final Thoughts: Evolution Through Competition
While debates rage over technical details and ideological purity, one theme unites these industry leaders: competition drives innovation.
Whether it’s BTC clinging to decentralization, BCC pushing for scalability, or projects like BTG experimenting with fairness in mining—the ecosystem benefits from diversity.
As Jiang Zhuole put it:
"Even if one chain fails, we learn something valuable. That’s how progress happens."
Ultimately, the market—not developers or influencers—decides which version of Bitcoin thrives.
For investors and users alike, staying informed is key.
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Disclaimer: The views expressed in this article are based on a public discussion among industry participants and do not constitute financial advice or endorsement by the publisher.