It’s official: Bitcoin Cash has split into two. We have already shared the prequel to BCH fork earlier so by now you probably know what the drama is all about.
The Sides in War
BCH semi-annual hard fork was scheduled for November 15th but things didn’t go according to the plan. The team failed to agree on some major upcoming changes and divided into two fighting groups.
BCH ABC supported by Roger Ver and Jihan Wu suggested minor changes that would mostly cut the costs of executing transactions.
BCH SV (Satoshi Vision) represented by controversial Dr. Craig Wright was up to some serious upgrades that included increasing the block size up to 128MB for solving the scalability issue once and for all.
The fork took place according to the schedule as miners from both teams initiated the process: ABC block was the first to be found closely followed by SV that created their own chain just a few minutes later.
Apparently, BCH ABC supporter Jihan Wu was not intending to take advantage of his mining powers, saying:
“I have no intention to start a hash war with [Craig Wright], because if I do — by relocating hash power from BTC mining to BCH mining — BTC price will dump below yearly support; it may even breach $5,000. But since [Craig Wright] is relentless, I am all in to fight till death!”
However, Roger Ver was ready to use his Bitcoin.com mining pool and redirect hash power. And the total BTC hashrate in a course of several days did rise significantly and that definitely had a negative impact on Bitcoin hashrate.
Could this explain the recent devastating market situation?
“This trend has been already noticed before so at the end of the day, it was not a total surprise. Bitcoin Cash fork could simply trigger the whole thing.”
The most popular exchanges had frozen BCH transactions for a while waiting for the result of this endless crypto drama. The confronting sides turned out to be way too stubborn and continued the competition. But ABC was clearly taking a leading position. Eventually, Binance decided it’s time to take some actions and opened the trades for both BCH ABC and BCH SV. Other major exchanges supported only BCH ABC as an obvious leader and started handing BCH tickers over to Bitcoin Cash ABC.
The victory of ABC didn’t come as a surprise to many of the experts. Charlie Lee, the Founder of Litecoin, commented on this:
“The thing, why is there so much drama when miners should be the ones deciding. There shouldn’t be any drama right…whoever has the most hashrate wins.”
So what’s gonna happen to BCH in the end? Although Craig Wright is willing to fight until the last breath, the best-case scenario for Bitcoin Cash Satoshi Vision will be a further development as an independent currency. But if they fail to deliver, BCH SV will simply fall into oblivion.