Nov 23, 2018 04:40 UTC
Nov 23, 2018 at 04:55 UTC
Bitcoin Cash Fork War: Are we Going to Use Two Different Versions of BCH?
Bitcoin Cash Fork commenced on 15th November. However, we are still undecided, which of the two competing tokens would be the next Bitcoin cash. The Hard fork resulted in the formation of two sub-tokens of BCH, namely Bitcoin Cash ABC (Adjustable Blockchain Size) based on the main framework of BCH and Bitcoin Cash SV (Satoshi’s Version) a slightly altered roadmap.
Investors and traders across the Crypto World were expecting that either of the two would back down in a day or two. But, both the currencies have been trading, and 800 blocks have been approximately mined, and no one seems to see the end of the tunnel as of now. That means traders need to memorize more details of the two and also check which exchanges are trading which token.
Why Such Confusion Around the Hard Fork
Traditional HardFork result into a better version of the original coin, however, this was not the case when BCH went into HardFork. There were two parties staking claims for the new currency with different roadmaps. BCH-ABC backed by Bitcoin.com took the usual path and brought a few changes on the main framework which is the traditional way for any new Hard Fork.
Bitcoin SV, on the other hand, was backed by Craig Wright, often referred to as ‘faketoshi’ because of his claims to be the man behind the Bitcoin. BCH SV completely alters the main script for BCH and implements Satoshi’s version, which allows it to increase the size of blocks from 32MB to 128MB.
Majority of the crypto community supports BCH ABC, and many exchanges made this known as they listed only BCH ABC for trading after the Fork. There are many other like Binance and Poloniex which offers both the token for trading unless one turns out to be the clear winner, which would be the final version. However, Craig Wright is one cocky mortal who never backs down from confronting and threatening people. Even before the Fork was due on 15th, he warned the exchanges and traders against boycotting his product. Otherwise, he might create trouble for the community through binary trading.
All is not well with Bitcoin SV (BCH SV)
After the Fork on 15th, the trade begun for both the potential Bitcoin Cash, and BCH ABC held a higher ground over BCH SV. Be it some blocks mined or when you compare the hash power of the two, BCH ABC beat its foul-mouthed rival by a considerable margin. BCH ABC has traded under $300 from its inception, while BCH SV always maintained a figure below $100. If you look at stats, Bitcoin ABC is a winner, however in reality miners loose in both the scenarios.
Apart from losing the race to take the lead in the game, BCH SV might face delisting from major exchanges as two cases of self-recognition of Block came to light. In a decentralized system like blockchain, its next to impossible to be able to recognize own blocks. Now it is to be seen whether the BCH SV gets a total boycott or they find their way around it.